This past month, the UNLV Center for Business and Economic Research (CBER) hosted its 31st annual Economic Outlook, bringing together business, government and community leaders from a variety of backgrounds and industries to discuss relevant economic topics and release CBER’s forecasts for the coming two years. If you missed our event, here are some takeaways:

•  CBER does not forecast a recession in the U.S. or Southern Nevada in the near future.
• CBER is closely watching for potential signs of a slowing economy. This past summer, a cooling job market, a shift in consumption patterns and declining consumer sentiment offered caution. Our concern eased as growth in consumer spending, complemented with strong investment by businesses, picked up heading into the holiday season.
• Unfortunately, concerns about affordability and household debt are unlikely to ease in 2025.

Our latest forecast predicts that Las Vegas will reach 41.3 million visitors by the end of 2024, up from 40.8 million just last year. Clark County’s population will continue to grow, CBER forecasts an additional 387,000 new residents by 2030 (about 106 new residents every day). How Southern Nevada keeps up with this growth will matter — CBER predicts home prices in Las Vegas will continue to increase by 4.9 percent with two or three interest rate cuts in 2025.

Economists came together at an event hosted by UNLV’s Center for Business and Economic Research (CBER) to talk about what’s in store for Southern Nevada’s economy in 2024. They held their Economic Outlook event at Fontainebleau Las Vegas where they shared their thoughts on how the economy might change in the next few years. They pointed out that some areas might face tough times, while others will see gradual shifts.

A UNLV economics professor released a report this week suggesting Las Vegas’ visitor volume, gaming revenue, and hotel occupancy will decline in 2025 and 2026 due to a softening of the nation’s economy.

According to Stephen Miller, director of research for the Center for Business and Economic Research, the Nevada economy and its tourism sector “will hit some bumps in the road” next year and the year after. CBER projects some retrenchment of economic activity or slower growth over the next two years, “absent any large economic shocks from within or outside the system.”
While Miller doesn’t see a recession on the horizon, a softening within the economy impacts Las Vegas.

Nevada tourism is likely to decline over the next two years, and Las Vegas gaming revenue along with it. So says a recent report out of the Center for Business and Economic Research (CBER) at the University of Nevada Las Vegas (UNLV).

One of the report’s authors, Dr. Stephen Miller, says the report considers several factors that, taken together, should produce a downturn compared to the period from 2022 to 2024.

However, he does not believe that the expansion of legal gambling in other parts of the United States is one of those factors. Although new retail casinos are popping up in numerous other states, it isn’t the availability of local gaming options keeping visitors away from Sin City.

If there’s anything the election taught us, or maybe reminded us, rather, it’s that the economy is the most important issue for voters.

In a national survey by the public opinion research company, Gallup, in October of 2024, it found that amidst 22 other issues, 90% of respondents said a presidential candidate’s position on the economy was a “very important” influence on their vote.

Just last week, UNLV’s Center for Business and Economic Research held its annual Outlook Event at the Fontainebleau in Las Vegas to highlight interesting economic data and trends in Southern Nevada, as well as the nation.

Where is Southern Nevada’s economy right now? Is it feeling the pain of inflation? What about jobs, housing, and its effort towards economic diversification? Where will Nevada’s economy be four years from now?

Southern Nevada’s short and long-term economic prospects may be characterized by efforts to develop existing industries and diversify into new ones, economic leaders forecasted on Wednesday.

Economists and business leaders discussed the immediate and long-term possibilities for Southern Nevada’s economy during the 2024 Economic Outlook, an event hosted by UNLV’s Center for Business and Economic Research. During the Wednesday panel discussion at Fontainebleau, UNLV and other thought leaders said they did not believe there was a recession risk in the immediate future, but noted that low-income and high-income consumers were experiencing the economy differently.

Sandip Bhagat, chief investment officer at Whittier Trust, said macroeconomic trends such as the country’s GDP and future GDP projects suggest the country is achieving a “soft landing,” the economic policy of tamping down the high inflation of the post-COVID period without causing large increases in unemployment. But he noted that some lower-end consumers still face economic pains from high prices in food, energy and rent.

Nevada’s tourism economy could hit some “bumps in the road” over the next few years, according to UNLV’s Center for Business and Economic Research’s yearly economic outlook report released Wednesday.

Las Vegas has seen an increase in visitors, gaming revenue and hotel occupancy rates in rebounding from the economic crisis brought on by COVID-19 closures in 2020, but all three areas are projected to fall in the region over the next two years, the group’s research projects.

The report projects that Southern Nevada’s visitor traffic will decrease by 5.8% in 2025 and 6.9% in 2026. And for gross gaming revenue, decreases by 5.4% in 2025 and 4.6% in 2026 are anticipated.

Locals and voters across the country made it clear the economy is the number one issue facing us all. This was the main topic of discussion at the annual Outlook Event hosted by UNLV’s Center for Business and Economic Research.

Wednesday, local business leaders and economists gathered for a panel discussion at Fontainebleau, outlining the trends we’re seeing in Southern Nevada.

While the price of gas, groceries, and interest rates slowly drop, experts say our future looks bright. Let’s look at a breakdown of the top economic drivers here in the valley that we should all be watching in 2025.

For starters, local economists project healthcare to be the second biggest industry here in Southern Nevada by the next presidential election. Not surprising, the Las Vegas Medical District has seen substantial growth in recent years — including at UNLV’s Kirk Kerkorian School of Medicine which opened back in 2017.

The person leading the country for the next four years won’t immediately affect the path of gaming and tourism in Las Vegas, said Andrew Woods, director of the Center for Business and Economic Research at UNLV. Woods, unlike Belarmino, is an economist.

“In the short run, there’s not much (a president can) do that impacts tourism,” Woods said. “But in the long run fiscal policy, monetary policy, how they respond to national crisesis really important to the strength of our economy.”

Woods emphasized that there wasn’t a specific candidate he was endorsing in his professional capacity because he believes it’s important to strictly analyze the policies and their effects.

“Historically, we’ve had great economies under Democrats and Republicans. We’ve had terrible economies under Democrats and Republicans,” Woods said. “I think it’s important that we separate the two.”

A 2023 research paper from the UNLV’s Center for Business and Economic Research found the city’s major sports teams have boosted the economy by drawing in more visitors and creating “new valuable jobs” in sports education and other sports-related sectors.

While it’s not necessarily helping diversify Nevada’s tourism-dependent economy, UNLV’s Center for Business and Economic Research director Andrew Woods said it has helped develop that sector.

“It’s clear to us that it’s been good for the economy,” he said. “We are still dependent on leisure and hospitality’s success, but (sports) continues to make leisure and hospitality successful.”