Report suggests recovery for Las Vegas - 8 News NOW

New economic report suggests Las Vegas on road to recovery

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LAS VEGAS - A new report suggests the valley is on the road to recovery. The 2014 Las Vegas Perspective shows a modest but steady growth in our local economy compared with previous years.

Construction - housing and commercial - is one of the sectors with the most growth since the recession. Construction jobs were up 9 percent in 2013, and that number is holding strong into this year.

Even though Nevada has one of the highest unemployment rates in the country, Applied Analysis principal Jeremy Aguero says the local job market is regaining strength.

"As we're looking forward to 2014, I think we're looking for sustained employment growth. That's what's really important, and the governor has been talking a lot about some of these new companies that are moving in," he said.

Some of those companies will move into the Centennial Hills Center near North Durango Drive and Grand Montecito Parkway. Construction resumes on the project Wednesday. Approximately 50 construction workers will finish the medical offices that were left uncompleted in 2008.

The medical offices are expected to be completed by June. Michael Young is one of the property owners. He says some units have already been sold.

"2012, 2013 was really the first year that I would say deals started getting done, and this year, it seems like all of a sudden, people have come back to life," he said.

The latest numbers show consumer confidence is at a six-year high. Some sectors, such as tourism, are close to reaching pre-recession levels. In 2013, Las Vegas broke a record with 40 million visitors.

Another factor contributing to the valley's economic recovery is population growth.

Centennial Hills and the southwest part of the valley are seeing the fastest population growth. More housing developments are going up in those two areas than in other parts of the valley.

More than two million people live in Clark County. That's an increase of 2.7 percent from 2012, making Clark County one of the fastest growing counties in the nation.

Aguero says retirees and Latinos are contributing to the population spike.

"The Hispanic sector of our economy continues to grow at a disproportionately fast pace, both in terms of youth and overall population," he said.

According to the latest U.S. Census numbers, one third of the population in Clark County is Latino, and their families are growing. Many Latinos are moving to the valley to take advantage of the new construction and hospitality jobs.

The 2014 Las Vegas Perspective report also asked residents if they thought our local economy will continue to grow. More than 46-percent said, "Yes." That is twice as many who answered, "Yes" in 2010.

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