Las Vegas Business Growth

 

 

Business growth reflects population increases and can help you determine which areas to purchase or sell a home.  The following news articles are from the Las Vegas Review Journal, unless otherwise noted.  You can view the topics by category, by location, or the entire list beginning with the most recent entry.

 

Las Vegas is a Manufacturing Magnet "Last year there were only two states that showed any manufacturing growth, and we led the way," Hollingsworth said, noting that one-third of the 60 companies his agency recruited to Southern Nevada between July 1, 2003, and June 31 were manufacturing companies. Steve Straub, operations manager for the Management Assistance Partnership, a resource service for local businesses, added: "Two to three manufacturers move to the valley every month. Eighty percent of them are running away from California. They range in size from 10 to 12 employees to 450 employees, producing all sorts of products." 1/16/2005 Las Vegas Review Journal

Furniture Maker Setting up Shop in Henderson Encore Home Entertainment, which makes furniture for home electronics systems, is setting up shop this week in a 181,000 sq ft plant in Henderson after leaving Commerce, Ca. 12/23/2004 In Business Las Vegas

Broad Range of Companies Drives Growth in Las Vegas This year say everything from a shrimp farm and hardware distribution center move into Mesquite and an on-line shoe store and an automotive parts manufacturer gather in the Las Vegas Valley. In the fiscal year 2003-04, which ended in June, the Nevada Development Authority reported 60 companies that relocated to Nevada. Those companies collectively will employ 1,877 workers with an annual payroll of $83.9 million. Of those 60 companies, 32 came from California. 12/23/2004 In Business Las Vegas

The District Gets Building of the Year Award 12/20/2004 Las Vegas Business Press

Poly America Finds Home in Henderson In 1994, Poly-America Inc. purchased about 45 acres in Henderson for its Poly-West manufacturing plant. The land, on Conestoga Way near U.S. 95 and Nevada State Drive, was seen as an ideal location for a plant since it had access to the Union Pacific rail line and the nearby highway. 12/10/2004 In Business Las Vegas

No Personal Income Tax in Las Vegas Helps Lure Businesses A survey of 30 metropolitan areas in the West and central United States ranked Las Vegas as the eighth most inexpensive city for a technical company employing 125 workers and occupying a 35,000-square-foot Class A office space. "Locations like Las Vegas are on the radar screen," Boyd said. "It's not the old days where someone would work for the same company their entire career. No longer do companies say jump and the employees say how high. The human resource departments need to convince people the move is good for them, (and) personal income tax is the number one incentive." 12/9/2004

Nevada Ranked Second in U.S. for Entrepreneurial Climate; California Comes in Last Nevada's strong economic climate conntinues to be recognied by leading organizations across the country. 12/2004 Las Vegas Chamber of Commerce

Local Brokers Say Commercial Development Slowing "I think if they want to continue to grow the industrial base and secure future development, to bring new companies into the valley, they need to set aside industrial land," said Kirk Boylston, regional director of Los Angeles-based EJM Development. John Restrepo, principal of Restrepo Consulting Group, said Las Vegas is going to see more mixed-use development in the suburbs, an "integration" of higher density land uses to maximize economic benefits and counteract sprawl. 11/12/2004

Job Growth = Appreciation November 2004 In strong markets, households are reaping double-digit appreciation: 52 percent in Las Vegas and 38 percent in Anaheim, Calif., for example. The appreciation figures mask a country growing increasingly divided between households enjoying strong appreciation gains and those largely without. People are following the jobs, and home price appreciation is following the people.

 

Lake Las Vegas Proposes Island- 55 acres of multi-story buildings modeled after southern Spain's Andalucia region. The island is expected to feature tightly grouped, multistory buildings linked by narrow streets and footpaths. Nelson said The Island at Lake Las Vegas would be connected to the "mainland" by two bridges that will carry traffic high over the water, allowing sailboats, electric water taxis and one of the lake's two yachts to pass underneath. The bulk of the island will be set aside for residential development, with housing units ranging in size from 400-square-foot studio condominiums to 5,000-square-foot, multimillion-dollar penthouses.

MGM Mirage to Build Metropolis on the Las Vegas Strip MGM Mirage development will bring 12,000 jobs. The project is dramatic in scale and, over time, will be developed into a master-planned urban complex. Construction of the first phase will take about 42 months, with an anticipated opening in 2010. The second phase is expected to entail about 2,500 residential units. "We're very pro-growth. I don't think we fear it. It hasn't been boom and bust, it's been boom and slow down, boom and slow down." 11/10/2004

Delay of Sale for 2,300 Acres of Federal Land in North Las Vegas The preservation effort came after botanists surveying the area found the Las Vegas bearpoppy, which is protected under state law as critically endangered, and a newly identified variety of Las Vegas buckwheat, which the government is considering protecting under the Endangered Species Act. 11/9/2004

Mitsubishi Electric and Electronics USA Sets up Shop in North Las Vegas The Forum Shops at Caesars Palace has the rare honor of being one of the few places in North America that has a set of spiral escalators, or "spirals" as the company that made them calls them. That company, Mitsubishi Electric & Electronics USA, liked the place so much that they have decided to create a permanent sales and consulting office in the valley. 11/1/2004 Las Vegas Business Press

Office Market Strengthens During the 2004 Third Quarter Consumer confidence from a strengthening economy has helped fuel employment growth and business expansions throughout the Las Vegas Valley, creating a robust office market. Las Vegas Business Press 11/1/2004

Office Building Planned for Downtown Henderson The Henderson Redevelopment Agency on Oct. 19 approved The Pinnacle, a three-story, 12,000-square-foot office building at 203 S. Water St., across from the Henderson Convention Center. 11/1/2004

County Job Growth Ranks Among Highest in Nation Clark County had the second highes job growth of the nation's largest counties from March 2003 to March 2004, according to the Labor Department. 10/29/2004 In Business Las Vegas

Additional Expansion Planned for Valley Hospital In order for Valley to keep growing in an area that is surrounded by University Medical Center, the Clark County Health District, physicians' offices and other buildings, some things must go to make room for the new and expanded services. 10/29/2004

Growing Demand Gauged for Seniors Housing The seniors home industry is registering improved performance, fueled by the national economic recovery, a market expert from Marcus & Millichap brokerage said. November 2, 2004 Las Vegas Review Journal

New City Hall Proposed on 61 acres Downtown A proposal under discussion in private meetings regarding the 61-acre Union Park land west of downtown would call for the construction of a new, larger city hall there, as well as the conversion of the current city hall a few blocks away into condominiums for people such as teachers and nurses. November 2, 2004

Price of Land Likely to Send Rental Rates Up- Industrial Land Prices Increase Threefold in Southwest LV  October 12, 2004  Las Vegas Review Journal

Tax Revenue Surpasses Projections 9/30/2004 States economy produces $145 million more in additional revenue than estimated

Building permits

High Rises- News and Information

High Rise Boom Possible for Vegas There's plenty to buzz about with 50 high-rise projects, totaling 82 towers, announced or on the drawing boards. With 50 high-rise projects planned, even a 50 percent success rate would represent a high-rise boom by Las Vegas standards. If all are built it would double the number of existing high-rise towers.

North Las Vegas Draws Industrial Interests Owning, rather than renting, a building has become a more popular choice among office users in Las Vegas over the past year, as low interest rates made it possible and the prospect of growing equity in the valley made it a win-win scenario. 7/23/2004

New Hospital in Henderson HCA purchased 41.27 acres just north of I-215 at Stephanie Street and the proposed Wigwam Parkway. Nashville, Tenn.-based HCA also owns Mountain View, Sunrise and Southern Hills hospitals in the Las Vegas area. The hospital will be accompanied by a medical office building and outpatient surgery center, which are scheduled to begin construction after the first of the year, said Brian Robinson, president and chief executive of Sunrise Hospital and market president for HCA's Las Vegas-area. 7/23/2004

MJ Dean Builds the New Panorama High Rise Tower MJ Dean Builds the New Panorama High Rise Tower Situated on 10 acres, the first phase of the Panorama Towers consists of a 32-story, 250-unit condominium building. The Panorama Towers are scheduled for completion in 2006. 7/26/2004

Perini Builds the $400 million Krystle Sands Condo-Hotel A new $400 million, 600-unit condominium-hotel called Krystle Sands is planned to be built at Riviera and Las Vegas Boulevards. Each condominium comes fully furnished. Their motto is "to own a peice of the Strip." The 510-ft tall Krystle Sands will offer several amenities.

Red-Hot Housing Market Could Reach Record Sales Figures There were 13,964 new single detached homes sold this year through June, a year-to-year increase of 25.6 percent. That puts the industry on a course to sell nearly 29,000 new homes for 2004, which would shatter last year's record by 3,770 homes. Homebuilders have also secured 20,315 building permits for the year through June, a year-to-year increase of 67 percent. 7/26/2004

Owners Tap into HUD Opportunities HUD provided $1 billion in fiscal year 2003 in government contracts. The agency reported that 53% of those funds were awarded to small businessess. In Business Las Vegas 7/16/2004

Office Building Takes Shape at Aliante American Nevada Co. has started construction on the first of three office buildings at Aliante, a master-planned community in North Las Vegas. Las Vegas Review Journal 8/21/2004

Vegas Market, Still Hot and Steady 7/2004 "Bottom falls out of Vegas Real Estate Market" is not a headline that you are likely to see any time soon even with the interest rates creeping up ever so slighty.

Markets Performed Well in Second Quarter He said driving the growth and absorption of the office and industrial markets is the valley's population boom and continued growth in the housing market. Absorption is a measure of the amount of office space leased over a period of time. Net absorption is a measure of the total square feet leased over a period of time taking into consideration office space vacated during the same period. In Business Las Vegas in July 16-22 edition 2004

High Rise Building in Las Vegas

Sales of condominiums increase by 90 percent The condominium market in Las Vegas has exploded with a number of luxury high-rise projects under development and the recent trend toward converting apartment complexes into condominiums. Las Vegas Review Journal 7/13/04

Taxable Home Values on Rise Assessor wants 6 percent cap on yearly increase     When property tax notices hit valley mailboxes later this month, the average homeowner can expect an 8 percent increase above last year's bill due to rapidly rising home values throughout the county, but the real sticker shock is expected to come over the next two years.  Las Vegas Review Journal 7/2/2004 Go to News & Articles about Taxes Home Page

"Unusual" Law Can Leave Owners Out to Dry With the abundance of vacation homes and empty rentals in the Las Vegas Valley, it's not improbable that someone unwelcome might move into a house unnoticed, or even rent or "sell" the property without permission.  In Business Las Vegas 6/25/04

Home Prices Peaking: Affordability at Issue Prices for resale and new homes continue to soar in the Las Vegas Valley, and a local housing expert said the days of entry-level home buying appear to be gone.  In Business Las Vegas 6/25/04-7/1/2004

Not Much Interest Even if the Fed Increases Rates, Observers Say LV Businesses Unlikely to Feel Much Effect. Las Vegas Review Journal 6/27/04

McCarran Records its Busiest May Ever More than 3.57 million passengers pass through airport in month, data show.  Las Vegas Review Journal 6/26/04

Condo Conversions Help Drive Apartment Prices Up Apartment properties in Las Vegas are growing in value as the trend toward condominium conversions gains momentum and the predominantly blue-collar work force is slowly squeezed out of the housing market, a real estate broker said. 6/8/2004

Juliet Cos. Developing new Business Park Juliet Cos., a Las Vegas Valley condominium developer, is expanding its commercial real estate portfolio with the 110-acre master-planned Blue Diamond Business Center and 65-acre Blue Diamond Crossing.

Developers Pick Las Vegas, dub project "Lifestyle Center" Two major developers will unveil plans Sunday for a 1.2 million-square-foot "lifestyle center" featuring a multiplex cinema and a 200-room boutique hotel on 100 acres fronting the Strip along the site of the former Vacation Village.

Venture Capitalists Say Southern Nevada Wonderful Place to Be Las Vegas Review Journal 5/1/04- Nearly $25 million in venture capital was distributed to Southern Nevada technology companies over the past 12 months, and one source expects just as much to be invested over the next 12 months.

NEVADA ECONOMY: Taxable sales grow statewide CARSON CITY -- Statewide taxable sales saw another month of double-digit growth in April, with food and drink and car purchases helping push the economic indicator up by 14.2 percent over April 2003.  Las Vegas Review Journal 6/26/04

Women-owned businesses thrive in Nevada, data show Las Vegas Review Journal 5/1/04- Nevada ranks first nationally in the growth of women-owned businesses, according to a Center for Women's Business Research analysis of previously unpublished Census Data. 5/1/2004

Las Vegas to get new VA Medical Center Veterans Affairs Secretary Anthony Principi on Friday announced Southern Nevada veterans' long-awaited new medical center is on the way.

Las Vegas Apartment Sales Soar Multi-unit housing sales soared to new highs during the first quarter, reports Michael Belnick, a market specialist with Re/Max Central Commercial. There were 197 apartment complexes sold with a combined 5,439 units in the first quarter, up from 134 units or 3,012 total units in 2003. 5/10/2004

LV Apartment Vacancy Down in 2003 Apartment vacancy in Las Vegas declined to 7.6 percent at the end of last year, compared with 9.2 percent in January 2003, according to a report from CB Richard Ellis. 2/28/2004

Hilton Hotels to Build 38 story Timeshare Hilton Hotels Copr. recently unveiled plans to build a $126 million, 38 story tower at ist Grand Vacation timeshare complex at the southwest corner of Sahara and Las Vegas Blvd.  Las Vegas Business Press May 10, 2004.

Developers plan mall with residential units Olympia Group and Simon Property Group have announced they will jointly develop a million-square-foot mall with residential units above retail shops on Las Vegas Boulevard South between Cactus and Starr avenues. 5/23/2004

VA Unveils New Hospital in NLV The site for the complex is bordered by the Las Vegas Beltway, Pecos Rd, Lamb Blvd and Centennial Pkwy. Construction is expected to start in the summer of 2006. 9/28/2004

 

Have any Questions or want to chat about any news? Call (702) 524-8130