Nevada has been in the news a lot lately for problematic reasons related to the mortgage industry and residential real estate issues. But after a long drought it again has something to cheer about. It once more is the fastest-growing state in the union, after being edged out last year by Arizona. The official growth rate is 2.9% for the calendar year closing out July 1, bringing its total population to over 2.56 million, as was reported by the Census Bureau.

The trend is expected to follow the same path in the coming years. Clark County, home to Las Vegas, holds well over 70% of the state's population and is its growth engine. Currently there are several mega resorts and condominium projects under construction or will soon break ground on or near the Strip that will add thousands of jobs and bring more people to the valley, according to UNLV's Center for Business and Economic Research.

In the national growth picture Arizona claimed second place with 2.8% rate, leaving it only a half step behind Nevada, so the race is close. Western states continued to show their attraction power as Utah and Idaho took the next two spots on the list.

Las Vegas housing market has been suffering lately from overbuilding and this favorable population growth trend will undoubtedly provide a catalyst to pull it out of the morass. As builders are cutting back the supply is diminishing and new arrivals will help improve the demand side which then will bring more balance to the equation. And perhaps even start putting upward pressure on prices.