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Nevada Business Indicators – August 2023

“The third estimate of U.S. real gross domestic product (GDP) for 2023Q1 grew by an annualized 2.0 percent, revised up by 0.7 percent from the second estimate reported last month. The real GDP’s upward revision mainly reflected stronger-consumer spending in services and exports, partly offset by downward revisions in business investment and federal government spending.

Nevada posted somewhat weak economic signals. Seasonally adjusted statewide employment added 1,500 jobs in May. The unemployment rate, however, remained unchanged at 5.4 percent, the highest unemployment of all states and DC. April taxable sales declined by 0.8 percent year-over-year. May gaming revenue also experienced a loss of 0.8 percent from last year, while total air passengers continued to increase strongly by 7.9 percent over the same period.”

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Las Vegas turns to breweries to boost Arts District

“Focusing on placing several similar businesses in an area of a city to create a reputation and to spur further development isn’t a new idea, said Andrew Woods, director of UNLV’s Center for Business and Economic Research.

“It’s another incentive or branding opportunity for the city to bring people to the Arts District, and as they have more professional types moving to the area because you’re building up your medical campus nearby (anchored by UNLV Kirk Kerkorian School of Medicine), you’re giving an outlet for residents to enjoy themselves,” he said.”

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College Educated Workers Moving to Las Vegas

UNLV’s Center for Business and Economic Research (CBER) has been taking an in-depth look at the scars left by the pandemic on our workforce for over a year. What initially caught our eye was that Nevada experienced the third-largest decrease in labor-force participation after the pandemic, according to the Bureau of Labor Statistics, behind only Maine and Maryland. We went from 20th in the nation for labor-force participation to 32nd, which we estimate is about 88,889 missing workers in Nevada and 57,474 missing workers in Clark County.”

When Las Vegas is healthy, Boulder City is healthy as well

“Researchers conservatively forecast a 12.4% increase in employment within performing arts, spectator sports, and related industries from 2022 to 2030. This equates to approximately 2,944 permanent jobs, indicating a promising future for job seekers and individuals interested in career paths in the sports economy.”

Taxable sales increase in Clark County, but not everywhere

“It’s not surprising that Nevada would see a boost in taxable sales, even if a majority of its counties see a decline, because of the out-sized economic impact of Clark County, according to Stephen Miller, research director at UNLV’s Center for Business and Economic Research. He estimates Clark County makes up 75 percent of the state’s economy and the March taxable sales report shows Clark County made up 72.8 percent of taxable sales in Nevada.”

UNLV Study Showcases Thriving Sports Economy in Las Vegas

“A new study done by UNLV Center for Business and Economic Research, plus UNLV Sports Innovation shows just how big of an impact sports teams have already had in Las Vegas.”

“Researchers estimate that sports in the valley generated $1.8 billion in economic activity from out-of-town visitors in 2022 alone.”