Las Vegas real estate market report

Truth two: If a community’s economy is growing including its work force, so grows its real estate.

 We have a huge building boom in Las Vegas, we have more cranes in the sky than a Montana marsh.  They are everywhere.  Then add to that all the small commercial, commercial and mid-rise residential being built.  YES, single family residential building is SEVERLY OFF, but the rest of the building industry is booming! Our economy is still growing.  But for the moment our work force is really not growing.

In the casino industry with the closures of so many properties here in Las Vegas we have actually shrunk the inventory of hotel rooms available and the number of workers it takes to staff the properties that are left.  The last major casino openings were the Red Rock and the Wynn.  We have seen the closing of Stardust, New Frontier, Boardwalk, staff reduction at the Tropicana and several smaller properties have shut to make way for the new Super properties of the future. So the number of Casino jobs have actually been reduced.

The residential home building industry has had to shrink because of soft demand as the number of resale houses have increased.  As a result the total number of jobs in residential construction has fallen over 40%.

But surprisingly in spite of these two negative numbers other job categories in the area have been increasing leading to a total unemployment rate of just .01% higher than the national average.  But for the next 3 to 6 months we should see these numbers begin to climb as the people that were laid off find employment in other job sectors and as the Palazzo Casino/hotel opens at the end of this year.  This should have an impact on our economy much like the Wynn did upon its opening.

The Las Vegas Convention and Visitors’ Authority says that by 2010 we will have added an additional 40,000 rooms to the valley resulting in a need for an additional 70,000 jobs.  Now understand that includes the bagger at the grocery store where some of these new hotel people will shop.  They aren’t all going to be standing in the hotel halls waiting to help the guest.

So what we are experiencing for the moment is almost flat employment as the people that have been laid off find new work in the jobs that are being created in the valley.  But all this is about to change as you can see.

Please com back for part 3.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

This entry was posted on Thursday, August 16th, 2007 at 9:41 am and is filed under Las Vegas condo report, Las Vegas condo sales, Las Vegas home sales, Las Vegas homes for sale, Las Vegas real estate market, Las Vegas real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.