In Business Las Vegas April Economy At A Glance

Economy at a Glance

Economy at a Glance 

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     Greenspun Media Group recently acquired Recruiting Nevada, a local Internet company that publishes Nevada's largest network of employment Web sites.  For the past two years, Home News Community Newspapers of Nevada has partnered with Recruiting Nevada on a quarterly basis through the Opportunity Boulevard Career Fair.  This strategic acquisition will immediately introduce new career opportunities to a significantly larger audience of job seekers while also offering employers increased response rates as Recruiting Nevada's online presence extends to Greenspun Media Group's local, regional and national group of award-winning publications.  Recruiting Nevada delivers the most cost-effective, results-oriented recruitment advertising solution for Nevada employers and is working to solve the state's critical workforce shortages from a supply-demand perspective. RecruitingNevada.com is a nucleus job board attracting the largest audience of local and relocating jobseekers to Nevada.  This new addition uniquely positions GMG to take advantage of the two growing areas of online employment classifieds including niche job boards and regional or local job boards.

tourism

      Las Vegas welcomed just over 3.1 million visitors in February, up 3.1% from last year, according to the Las Vegas Convention and Visitors Authority.  The year-to-date visitor count is at more than 6.2 million, a 1.2% increase over the same period last year.  Convention attendance increased 15.8% for the month.
     The LVCVA recently released its 2007 Visitor Profile Study, which noted that 81% of last year's visitors were repeat visitors to Las Vegas.  The average number of nights stayed was 3.5, and 84% of visitors gambled while in town.  The average trip gambling budget was nearly $556.  54% of last year's visitors traveled here via ground transportation and 46% traveled by air.

air traffic

     Nearly 3.6 million passengers came through McCarran International Airport in February, a 3.4% increase over last year.  According to the Clark County Department of Aviation, more than 7.1 million passengers have been processed through McCarran so far this year.

gaming

     The Nevada Gaming Control Board reported a state gaming win of nearly $1.015 billion in February.  Gaming taxes collected by the state on casino revenues reached more than $53 million, up about 3% from last year.  Clark County gaming revenues reached $866 million for the month.
population & market growth 

     Nearly 5,400 new movers came to Clark County in March, according to the Nevada Department of Motor Vehicles.  The year-to-date count is now at more than 16,300.
     As a result of our continued influx of newcomers, 97% of our estimated 2 million Southern Nevada residents were not born here, according to the 2008 Las Vegas Perspective.  The retiree population increased 5.2% in the past year to more than 300,000.  Hispanics and Latinos now represent 26% of Clark County's population and 40% of the School District's total enrollment.  The report also mentioned that the median household income for the area now stands at $53,704, with 69% of households owning their home.

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business & employment 

     Nevada's seasonally adjusted unemployment rate held steady at 5.5% in February.  According to the Nevada Department of Employment, Training and Rehabilitation, the Las Vegas area experienced an unadjusted unemployment rate of 5.4% for the month, down from 5.7% in January.  Current statistics show the national rate at 4.8% and California's rate at 5.9% (January), both seasonally adjusted.            
     The Nevada Film Office reported $103.3 million in revenue from film production in 2007, marking the eighth consecutive year the state has exceeded $100 million in film-production revenue.  Revenue from feature films increased from $14.3 million in 2006 to $25 million in 2007.  Television was responsible for more than half of the revenue, including series, reality programs and specials.

housing & real estate 

     The latest numbers from SalesTraq show 867 new home closings for February, bringing the year-to-date total to 1,709.  The median price of a new home was $283,315, more than $10,000 higher than January.  There were 901 existing home closings in February, for a total of 1,874 for the year.  The median price of a resale home was $250,000, also $10,000 higher than last month.  Total listings on the MLS continued to decline in February to 22,837, the lowest level in twelve months.
     According to Robert Charles Lesser & Co., an independent real estate advisory firm, Las Vegas is home to three of the top ten best-selling master-planned communities in the country.  Last year Mountain's Edge, a 3,500-acre development in the southwestern part of the valley, sold 1,740 new homes, enough for a number one ranking.  Providence, located in the Lone Mountain area, came in at number five with 726 homes sold.  Summerlin ranked number eight with 583 net units sold.

retail

     According to the Nevada Department of Taxation, the state's taxable sales reached $3.52 billion in January, with collections from sales and use taxes at $264 million.  Sales in Clark County totaled $2.67 billion for the month.  Clark County posted increases in rental and leasing services, telecommunications, health and personal care stores, and eating and drinking places.

 
 
 

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Real Estate Brokerage: Josh Geidel-Director of Recruiting-Realty World Luxury Homes
Josh Geidel
Las Vegas, NV
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Josh Geidel-Director of Recruiting-Realty World Luxury Homes

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