Local Economic statistics and forecast

Somer Hollingsworth, President and CEO of the Nevada Development AuthorityI attended a membership luncheon for our local Realtor Association, the GLVAR last week and I want to share some of the facts presented by Somer Hollingsworth, (Also a Native Las Vegan) President of the Nevada Development Authority about state and local economic activity:

  • No local or state income tax
  • No business income tax
  • No estate tax
  • 95% of companies hire locally
  • Between 200,000-250,000 miles of fiber optic cable in the ground
  • Cheapest operating cost in the US for a corporate headquarters
  • 96,000 people (net) moved here in 2006
  • Median family income up 66% from 1996-2006
  • Value of a home up 168% in ten years
  • Over 38 million visitors in 2006, up 31% in ten years
  • Convention business up 95% in ten years
  • Room inventory 132,000, up 42%
  • Over $40 Billion in new construction in the next five years

This is data validates my opinion that the Las Vegas economy is thriving and despite the critics, the demand for housing and real estate in general is strong but will greatly increase in the next few years!  I stongly feel that we will see the start of the recovery in the housing market in 2008 and demand will gradually grow over the next couple of years!  So what are you waiting for, get off the sidelines and take advantage of these lower prices, foreclosures and builder incentives- they will not last forever!             

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4 Responses

  1. I see the value of a home in Las Vegas is up 168% over the last ten years. Do you have stats for the past one or two years? Thank-you.

  2. Those are some amazing stats. I can see Las Vegas as a place to invest as they will have serious amounts of people moving in the next few years.

  3. Here is another one for you Vinny- there are 40,000 new rooms in various stages of planning and construction coming on line in Las Vegas in the next 3-5 years and each room translates to 7 new jobs in the economy and that does not include new jobs from any other sources! Read my next article about the pending housing shortage in Las Vegas!

    Thanks for the great comment!

  4. very interesting.
    i’m adding in RSS Reader

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