“Dr. Stephen Miller, predicts 1 million more people in the valley in the next 40 years.”
News Archives | Page 7 of 14 | Center for Business and Economic Research
Competition for Las Vegas hospitality employees
“For every six workers, we got 10 jobs out there open,” Miller said during a virtual June 2023 interview with 8 News Now. “The basic one: pay them more. But benefits, a more pleasant work environment – all those things count now more than they did before.”
Miller also indicates that the extra unemployment compensation delivered during part of the COVID-19 pandemic has given some a comfort to not return to jobs they do not want to work. Many are looking for positions that offer ample PTO, abilities for certain off days and work life quality improvements.”
Is Las Vegas finally ready to become an industrial powerhouse?
“Additionally, roughly 115 people are moving to Clark County every day, according to a new report from UNLV’s Center for Business and Economic Research. The county is expected to gain 42,066 residents this year alone. Andrew Woods, the center’s director, contends that Nevada’s future workforce is largely going to be coming from outside of the state. Las Vegas is competing with other secondary U.S. cities, including Phoenix, Salt Lake City, Denver and Austin, to lure highly skilled workers, he said. This will be the challenge for Apex as it competes nationally with other cities’ growing industrial sectors.”
Can enough apartments be constructed to solve Las Vegas’ housing woes?
“UNLV’s Center for Business and Economic Research projects the valley will continue to grow year over year for the foreseeable future, adding 42,066 residents in 2023 alone. And National Low Income Housing Coalition estimates the valley is already short close to 84,000 low-income rental units, a number that has been steadily rising the past few years.”
Vegas No. 1 for homeowners looking to move, report says
“New population estimates from UNLV’s Center for Business and Economic Research show that 115 people are moving to Clark County every day. In fact, the county is expected to gain 42,066 residents this year. This would be the biggest population surge the county has seen since 2020, when 50,885 people were added to the population, according to the UNLV report, which also projects Clark County could welcome 56,000 new residents in 2026. Andrew Woods, director of the UNLV center, said Redfin’s analysis of the Las Vegas Valley as a top place to move is in line with what he is seeing for the area right now.”
Las Vegas is growing, but still has water and housing issues to face
“We’ve been running the forecast, since about 1997; we do this on behalf of the water authority and for Calrk County. We’re looking on behalf of the Water Authority and Clark County. You know, when we’re looking at these numbers, we’re looking at factors. So yeah, land and water is one of those factors. Also, we look at jobs, the portability, and then the types we do this, and forecast and why we’re forecasting that we’ll hit around 3 million people. Right now, at by 2050, but that number’s bumped around last year; it was by 2040. The reason why we do that our water authority, any authority in local government and at the state can basically get ahead of the population growth and build out. Infrastructure, policy. Make sure that we can save, in this case, reduce water usage and continue to support a growing population in the growing visitor population.”
Clark County continues to face challenges with housing demand
“One notable demographic shift in Clark County is the increase in high-income, college-educated workers relocating to the area. This trend began during the COVID-19 pandemic, Quoting Andrew Woods, the director of UNLV’s Center for Business and Economic Research and an author of the annual report on population estimates for the county. Woods explains that college-educated workers now make up a significant portion of the county’s new residents, with a 5 percent increase from pre-pandemic numbers.”
Student loan repayments are a spoke in the economic wheel
“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.”
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.”