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The university’s Center for Business and Economic Research, or CBER, found that Nevada has experienced what it calls a “broke-V” recovery, according to its fall economic outlook report.
“We are not in a recession yet,” Andrew Woods, director of CBER, said in a news release. “But an economic slowdown is in the cards for 2023.”
https://news3lv.com/news/local/unlv-report-las-vegas-economy-slowing-down-but-no-recession-in-sight
As for why the housing market may experience a downturn, Andrew Woods, the director of CBER, pointed to the rapid rise in home prices following the brief pandemic recession.
“You should remember housing prices between 2020 and 2022 went up first 27 percent, and then they went up 17 percent,” Woods said during the Outlook presentation. “That’s pretty incredible. So the model’s looking at that and saying, ‘That’s maybe not sustainable for the moment and there’s a little bit of a correction.”
Stephen M. Miller, director of research at the UNLV Center for Business and Economic Research, notes that Las Vegas relies heavily on travel and tourism to support economic activity.
The climb back from the shutdown, however, occurred in starts and stops of several months’ duration, Miller said.
He notes that a new player in the local tourism economy is “sports entertainment.”
Stephen Miller, research director at UNLV’s Center for Business and Economic Research, said the August inflation report showed that a lot hasn’t changed in the economy.
“I don’t think there’s been really much of a change, the Fed is in charge,” Miller said. “And they’re going to reduce inflation, come hell or high water. It’s a short term cost in that the cost of not doing it now is that the longer term cost will be higher.”
UNLV economics professor, Stephen Miller, says Nevada’s jobless rate seems historically typical under the current circumstances, but the bigger picture is puzzling. “At least nationally, a 3.7% unemployment rate is really unusual. Unusually low,” Miller said. His concern going forward could hinge on what the Federal Reserve needs to do to curb inflation.
https://news3lv.com/news/local/inflation-looms-over-nevada-job-recovery
Miller told 8 News Now this development really has the power to affect those looking to cash out their 401k, while also facing a higher cost of living.
“They are going to be hurt by this, not because of the stock market,” Miller said. “But rather because the Feds are going to be controlling inflation through aggressive policies.”
“Other people were not coming back to the labor market because their kids were going to school remotely or they were afraid of COVID because they work in a sector that requires face-to-face contact,” Miller said. “Las Vegas, we’re heavily into face-to-face contact industries. Restaurants, bars, casinos all require face-to-face contact and now we’re slowly adjusting.”
https://www.reviewjournal.com/business/nevadas-job-market-restructuring-economists-say-2638681/
Seth Schorr, a committee member and CEO of Fifth Street Gaming, said at a UNLV-hosted panel last month that there’s more room for esports to grow as the city welcomes more sports entertainment.
“When we started the esports narrative in 2015, we weren’t a sports city and it so happens that now we are,” said Schorr. “So, esports being an extension of what Las Vegas is now — we are no longer a one-trick pony but many tricks. We are now in a sports city and esports is a perfect evolution of that.”
According to a study by UNLV researchers, Southern Nevada’s population is expected to grow to an estimated 3.39 million by 2060.
UNLV’s Center for Business and Economic Research says the current population of 2.23 million residents will grow by a rate of 1.8% in 2022, adding approximately 41,900 people.
A new forecast from UNLV’s Center for Business and Economic Research (CBER) shows substantial growth in Clark County’s population through 2060. “We’re forecasting roughly 700,000 more people living in Southern Nevada in the next 18 years,” said CBER Director Andrew Woods.