“For 2024, I think steady as she goes in terms of how businesses continue to make rational choices in a world where interest rates and the cost of doing business, the cost of money, stay high for the foreseeable future,” said Andrew Woods, director, UNLV Center for Business & Economic Research. “We’ve been talking about this for over a year and we don’t see a recession.”

Woods expects 2024 to be interesting, especially if interest rates do what they’re supposed to do and cool demand without tipping the economy into a recession. As money and credit conditions become tighter, “We’re going to find out quickly, as Warren Buffet famously said, ‘Who’s swimming naked as the tide goes out.’ We’ll find out which businesses don’t have as sound of books or profitability as they seem to put out there to the public.”

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“Professional sports have indeed provided a boost to the Las Vegas economy. But, as in the case of F1, is the economic benefit worth the price locals have to pay?

We turn to the director of UNLV’s Center for Business and Economic Research for answers, in this edition of FOX5 Experts.

We estimated about $1.8 billion, and that was just last year, so we see it growing, but we also have questions, just like the public does, about, you know, how much of this can you quantify, what assumptions are being made about that impact,” said Andrew Woods, the director of the program.”

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“Andrew Woods, director of the Center for Business and Economic Research, acknowledges the need for balanced development. As Las Vegas rapidly approaches a population of three million residents and attracts nearly 50 million visitors each year, questions arise about the city’s infrastructure and its ability to accommodate larger events. Woods emphasizes the importance of ensuring that these developments benefit both the community and the visitors.”

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”We estimated about $1.8 billion, and that was just last year, so we see it growing, but we also have questions, just like the public does, about, you know, how much of this can you quantify, what assumptions are being made about that impact,” said Andrew Woods, the director of the program.

“Certainly, we do think sports is helping reinforce our leisure and hospitality industry, which accounts for one-in-four jobs and one-in-three dollars generated in southern Nevada, we do believe that impact is real”

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“I am excited to work with the president, provost, and our CPI partners to advance cannabis policy discussions, education, compliance, and research implications as the impacts of cannabis legalization continue to unfold and take shape,” said Durrett, who joined the university as the institute’s director in August 2023.

In addition to Durrett, CPI at UNLV advisory board members include Chris Heavey (executive vice president and provost), Dr. Marc J. Kahn (dean of the Kirk Kerkorian School of Medicine), Robert Ulmer (dean of the Greenspun College of Urban Affairs), David Hatchett (interim vice president for research), Leah Chan Grinvald (dean of the William S. Boyd School of Law), Andrew Woods (director of the Center for Business and Economic Research), Clark County Commissioner Tick Segerblom, and cannabis cultivation business owner and operator Judah Zakalik.”

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“Ten years ago, leagues didn’t even want to look at us twice,” said Andrew Woods, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas. “Now it feels like we’re the belle of the ball.”

Las Vegas a sports metropolis? It’s a potentially lucrative development that could spell expansion and a broader economic base for the city; however, it comes with growing pains.”

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“Stephen M. Miller (Economics; Center for Business and Economic Research) published “Estimating U.S. housing price network connectedness: Evidence from dynamic Elastic Net, Lasso, and ridge vector autoregressive models” in the International Review of Economics and Finance with David Gabauer, Academy of Data Science in Finance, Vienna, Austria and Institute of Corporate Finance, Johannes Kepler University, Linz, Austria; Rangan Gupta, Department of Economics, University of Pretoria, Pretoria, South Africa; and Hardik A. Marfatia, Department of Economics, Northeastern Illinois University, Chicago.”

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“Downtown Las Vegas’ recovery from the COVID-19 pandemic was more resilient than other American cities, but some economists say the region will need to diversify to keep up growth in the long term.

Economists discussed the resiliency of American downtowns — and how Las Vegas compares — during a panel at UNLV’s Center for Business and Economic Research’s Fall Outlook event.”

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“Business, industry and government leaders gathered Tuesday at the Strip View Pavilion at the Thomas & Mack Center for UNLV’s Center for Business and Economic Research Fall Economic Outlook, where they heard about economic trends in Southern Nevada and nationwide, as well as how Las Vegas landed the No. 1 spot on the continent for downtown recovery from COVID-19.”

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