The Las Vegas Global Economic Alliance’s 2018 outlook says the forecast for southern Nevada’s economy is sunny.
Nevada continues to rely heavily on a strong tourist economy. McCarran is on pace for record passenger volumes this year.
“Employment has been a big winner; visitor volume is up, taxable sales are up, almost any variable you look at,” said Dr. Stephen Miller, UNLV Economics Professor.
Dr. Miller says the economy is growing at about half the rate it was before the recession, but it’s not a bad thing.
“It’s a sustainable growth rate, the growth rate before the crash was not sustainable,” Dr. Miller said.
However, manufacturing and logistics are growing at a much faster pace.
“That sector of the industry is growing faster than other sectors of the industry and helping us diversify our economy,” said Jeremy Aguero, Applied Analysis.
On the manufacturing side, companies like ”general design and construction” completed multi-million dollar expansions or opened new facilities.
In the past 12 months, southern Nevada has added over 7 million square feet of warehouse space, and much of that is going to fulfillment centers for Amazon. Fanatics and bed, bath and beyond.
Since 2011, manufacturing and logistics have grown two and a half times faster in Nevada than in the rest of the country.
Aguero says that’s thanks to investments in I-15, I-11, Mccarran airport and the Union Pacific Railroad.
“That’s a huge amount of activity that goes on in terms of the amount we have invested to allow not only us to move around, or visitors to get here, but also allow a lot of goods to find their way into our community and also find their way out,” Aguero said.
And with the companies testing drone delivery systems, along with developing the technology behind the Hyperloop cargo and passenger transport systems, economists say there’s no sign of an economic slowdown anytime soon.