Jeremy Aguero, the Leading Economic Analyst of Applied Analysis
recently spoke to a group of Realtors to give some insight on
The Future of the Las Vegas Economy and Housing Market.
Here at some quick Highlights...
Before we discuss the future we look at the past.
Employment was Up, Wages Up, Tourism Up, Conventions Up, Housing Up
You get the idea, All was Good. And then...
Friday March 13th, Las Vegas Turned Off. School Closings and Casinos Shutting Down.
428,000 suddenly on Unemployment ( Highest in the Nation )
Looking ahead, you can see where that number has since dropped to 125,000
We have all known how this has affected ourselves, friends and family.
The Government jumped in and did what they could.
An Interesting Statistic shows that 84% of Americans consider their
Financial Health to be the Same or Better than 1 year ago.
39% believe it's good time to spend Money on Leisure Travel.
How many destinations are there in Florida?
663 Miles of Beaches, 10 Major Theme Parks and countless Old Folk Homes.
Las Vegas beats out Hawaii and California.
By the end of 2022, they are projecting Leisure Visitation to be 90% of 2019
Convention Numbers will take a bit longer top get back to "Normal"
Quotes, "91% of Prospective Conventioneers are "Burned Out" on Zoom Meetings"
"77% are Longing to return to Las Vegas for Trade Shows"
This Recovery and Rebuilding of Las Vegas Tourism is a Big Part of
what is going to keep the Las Vegas Housing Market Strong.
Along with Several other factors.
On average, 130 People move to Las Vegas Every Day.
We are #3 Fastest Growing States behind Idaho and Arizona.
Almost Half of the People Moving to Las Vegas are from California.
Most come here for Jobs, but the next largest group move here to Retire.
Henderson, Paradise, Spring Valley and N Las Vegas are Top Cities in USA.
Currently there are more than $17 Billion on 59 Projects in Clark County.
Including $4.3B on Resort World, $1.6B on MSG Sphere & $1.2B Google Data Center
The Question probably should be,
"Where are all these People that are moving here going to live?"
New Home Builders have Not been able to keep up with our current growth.
Over the last 4 years, New Home Builders have only built 10,000 New Homes each year.
With Home Prices going Up as fast as they have,
People are concerned we are heading for another Housing Bubble.
Home Owners now have Equity in their Homes.
Housing Prices over the past 20 years, through the Boom and the Bubble,
have averaged a moderate 4% Rate of Growth. Sustainable...
Vegas is definitely on its way back.
If you would like to View the entire Presentation, Click HERE
