“The fact that some people were paying student loans and they didn’t have to make their monthly payment added to that additional saving,” Miller said. “But I would argue that it wasn’t a mammoth or huge component of that. What was more important was the government programs that put money in people’s pockets.”
News Archives | Page 5 of 11 | Center for Business and Economic Research
We need more product’: Housing demand challenges Clark County
“Clark County is seeing a demographic shift with its large influx of new residents, a rise in high-income, college-educated workers moving in, which kicked off during the COVID-19 pandemic.”
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.”
UNLV Newsmakers 2023: Summer
“Center for Business and Economic Research director Andrew Woods spoke to Voice of America about the impact of falling birth rates on the economy.”
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.”
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.”
UNLV study confirms Las Vegas’ status as a top destination for sports
“Venues like Allegiant Stadium help drive that output, and it stands to reason that future arenas will do the same.”
Births are falling in the United States
“A recent report from the Centers for Disease Control and Prevention reveals that birth rates in the United States have dropped significantly. And as Adriana Arévalo explains to us, analysts warn about the economic consequences.”
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.”