Experts: Las Vegas economy making a strong comeback - 8 News NOW

Experts: Las Vegas economy making a strong comeback

Posted: Updated:
LAS VEGAS — Experts say the southern Nevada economy is on the rebound, and predict that employment will return to pre-recession levels by early 2016.

Those were among the findings released Tuesday in a report by the University of Nevada, Las Vegas' Center for Business and Economic Research. The center's semiannual report says this year's recovery should be stronger than last year's, and 2015 should bring even faster improvements.

The academics have crunched all the numbers, and a positive recovery is the big takeaway, according to UNLV economist Dr. Stephen Brown.

"We're seeing no signs of slowing down in Nevada," Brown said.

Leisure and hospitality is southern Nevada's bread-and-butter industry and Brown says there are strong gains in the gaming industry; however, it is not as good as it once was.

"The revenue is coming back, too. It's just not where it was historically," Brown said.

Researchers say the growth is spread out across a variety of industries, reflecting more economic diversity that will make the state more resilient to market downturns. UNLV also reports other sectors like real estate and construction are doing better.

"The good is that we're seeing recovery throughout most of the economy," Brown said.

Las Vegas fell down on its luck in 2007 and the bruises from the Great Recession are still showing

"The bad is that we still have a long ways to go before we have an economy that's back where it was in 2007 and 2008," Brown said.

Housing still needs healing. Nevada is the worst state with homeowners underwater in the country. Trade, transportation and utilities are lagging in job growth, economists say.

If turmoil in the Middle East doesn't get worse, and an oil crisis is averted, economists say the Las Vegas economy is at the beginning of a roll. As long as the tourists come back to check out the best Las Vegas has to offer

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.