\nSouthern Nevada\u2019s economy will continue to strengthen through 2014 as tourism, gaming, construction and the housing industries plod toward pre-recession levels.<\/p>\n
\tCurrent trends indicate the region is continuing its fourth year of recovery from the economic downturn that hurt Nevada worse than any other state, said Stephen Brown, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas.<\/p>\n
\tBrown delivered UNLV\u2019s midyear economic outlook seminar Tuesday at The Venetian.<\/p>\n
\t\u201cThe good news,\u201d Brown said, \u201cis that the Southern Nevada economy is improving and at an accelerating rate. But the great news is that the growth is widespread across Southern Nevada\u2019s industries.\u201d<\/p>\n
\tBrown said the U.S. economy is on the cusp of acceleration and Nevada is returning to its long-term trends, which generally have been healthier than the rest of the nation.<\/p>\n
\tVisitor volume and gaming revenue are climbing at rates of less than 3 percent with Strip resorts supporting the bulk of the growth.<\/p>\n
\tIn 2013, Southern Nevada visitation fell less than a half percent from 2012\u2019s record level. This year, volume is on a record pace and is expected to eclipse 40 million people for the first time. March, Brown noted, was Southern Nevada\u2019s best-ever tourism month.<\/p>\n
\tBrown is forecasting a 0.9 percent increase in visitor volume in 2014 and 2 percent more in 2015.<\/p>\n
\tGaming numbers also are slowly picking up.<\/p>\n
\tStill well below the $1.1 billion in average monthly gross gaming revenue levels of late 2007, amounts have slowly climbed from a low point in 2010 to a more than $900 million monthly average in 2014.<\/p>\n
\tBrown noted that tourism and gaming continues to be driven by the Strip.<\/p>\n
\t\u201cIt\u2019s been established that the closer you are to the Las Vegas Strip, the bigger the share you\u2019re getting,\u201d he said. \u201cAs you move away from the Strip to other parts of Las Vegas, to other parts of Clark County and all of Nevada, the growth isn\u2019t quite as strong.\u201d<\/p>\n
\tBrown, who attributes slow growth in gaming revenue to increased industry competition nationwide, is forecasting a 3.2 percent increase in revenue in 2014 and 3.7 percent in 2015.<\/p>\n
\tAfter a collapse in housing construction from 2007 to 2010 and languishing levels through 2012, the rate of new housing permits issued in Clark County is finally starting to rebound.<\/p>\n
\tBrown also said vacancy rates in retail, office and industrial real estate have begun to fall with retail and industrial space at just over 11 percent and office vacancies at 22.7 percent.<\/p>\n
\tHousing prices are on the rise with Las Vegas prices up 44.8 percent since hitting bottom in early 2012. A lack of single-family housing supply is pushing up housing prices.<\/p>\n
\tNevada still has the highest percentage of homeowners that are underwater on their mortgages, but the number is slowly declining. In 2014\u2019s first quarter, 29.4 percent of Nevada homeowners had negative equity, an improvement from the 45.4 percent in the first quarter of 2013.<\/p>\n
\tNevada\u2019s unemployment roller-coaster ride is continuing and currently is on an upswing.<\/p>\n
\tFrom January 1990 to December 2007, Nevada led the nation in job growth. But in 2008, 43 states lost jobs and Nevada suffered the worst decline. In 2009, 49 states had job losses and, again, Nevada led. In 2010, 47 states added jobs \u2014 but Nevada was one of three states that saw a decline, the worst in the nation.<\/p>\n
\tIn 2011, an upswing began with Nevada 35th among 49 states that saw job growth. In 2012, 48 states added jobs and Nevada ranked 13th in growth. In 2013, 49 states added jobs and Nevada trailed only North Dakota with its growth rate.<\/p>\n
\tBrown said Nevada is off to a good start in 2014, adding 19,800 jobs in the first four months of the year, a 5.1 percent increase.<\/p>\n
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