Las Vegas Growth

It seems that "growth" is Las Vegas' middle name. Growth is measured in a variety of ways. The following information is useful in understanding what issues are involved with the growth of Las Vegas.

11/16 BLM to auction several parcels in North Las Vegas The prime parcel was appraised at $195,000 an acre, but industry professionals say it may go for about $275,000 or $295,000 per acre. Smith, Hubble. "$637.5 million in land set for auction" Las Vegas Review Journal 11/16/2005 D1+.

Rancho Drive could gradually be converted into a high-speed, nonstop link between the northwest and central Las Vegas Valley. 200,000 cars and trucks travel on Rancho every day. That number is expected to grow to 300,000 within 5 years. Sofradzija, Omar. "Rancho Conversion on Table" Las Vegas Review Journal 11 November 2005: 2B.

North Las Vegas is the nation's second-fastest growing city of more than 100,000 The city has 73 actively selling subdivisions, and it is capturing 25 percent of all foot traffic through model homes in the Las Vegas Valley. John Restrepo of Restrepo Consulting Group said the North Las Vegas will expand from 163,000 residents in 2004 to 265,000 residents by 2010. Land availability is an important reason for the growth, in addition to the nation-leading job creation of the Las Vegas valley. He also said that the industrial vacancy rate is at "virtually full occupancy." Robison, Jennifer. "Growth Not Only Priority of NLV" Las Vegas Review Journal 27 August 2005: D1+.

Las Vegas had 46,170 small businesses in 1998, in 2003 we had 73,163. This is more than all other states in the nation, at a 58.5% growth rate. Birken, Danielle. "Companies Find Success in Southern Nevada." In Business Las Vegas 4/29/2005

Air freight company boosts local presence Pilot Air Freight specializes in bringing specialized construction materials to town. Their 7,500 sq ft facility will be expaned to 15,000 by November. Jim Best, their president, is trying to relocate their main distribution center for the midwest here in Las Vegas instead of Southern California. Velotta, Richard N. "Heavy Lifting." In Business Las Vegas 4/29/2005 1+.

Las Vegas Housing Market Experiences Record Sales There were 28,773 new home sales in 2004, a 14.5 percent increase over the previous year, reports SalesTraq, a residential tracking firm. It marks a new residential sales record for the Las Vegas Valley. 1/24/2005 In Business Las Vegas

Golden State Economist Heaps Praise on Nevada Laffer praised the historic performance of the Nevada economy saying: "You guys have kept us honest ... or maybe more honest than we would otherwise have been." He rounded out his speech with two warnings. The tax rates have to be kept low and stable, meaning that the 2003 tax increases should be repealed and that growth had to be managed in order to keep housing prices reasonable or that could hurt economic growth. And, of course, neighbors do matter. 1/24/2005 In Business Las Vegas

Construction Strong But Affordability at Issue Affordable rental housing will most likely start to become a bigger issue in 2005, with a loss of apartment inventory and an expected rise in rental rates. "I think basically, if you look at the economy of Las Vegas, all of the projections, with the casinos coming on board and the jobs and the unemployment rate, all those economic signs look extremely good," said Pam Banaszak, vice president of sales and marketing for Lennar Corp., a large valley homebuilder. 1/7/2005 In Business Las Vegas

Las Vegas Plans for Baseball Stadium "Let's get baseball," Goodman told representatives of The Related Cos. from the dais Wednesday as the council voted to approve an exclusive negotiating agreement for development of the downtown Union Park parcel. "Major League Baseball will come to Las Vegas." 1/6/2005

Business Keeps Hopping for Las Vegas Beer Distributors In October, Nevada beer distributors imported 6,017,902 gallons of beer into the state, according to Nevada Department of Taxation records. Of that amount, Southern Wine & Spirits imported 698,827 gallons of beer through its Las Vegas and Sparks distribution facilities for the month of October. Palmer said convenience stores have grown to be the company's biggest customers over the past 14 years because of the area's population growth. 1/7/2005

Economy Will Have Trouble Surpassing 2004 While the prospects for 2005 look good -- spectacular by the standards of most U.S. cities -- they could look modest compared with the city's stellar run over the past decade. "I think 2005 will be a very good year," he said. "But probably not quite as good as 2004. If we didn't have to compare ourselves to 2004, candidly, I think (2005) is going to be one of the better years we have enjoyed in Nevada." Schwer predicted continued growth in 2005 with employment expected to expand by 4.6 percent, bringing the number of local jobs to 835,029. 1/7/2005 In Business Las Vegas

Real Estate Industry Enjoys a Boom Year in 2004 Highlights include: Doubled Land Prices, Home Sales Reach Record Highs, William Lyon Builds First Master Planned Community in Pahrump, Focus Property Group Breaks Ground on "Providence" Las Vegas Business Press 1/3/2005

Mayors Discuss Growth The two biggest issues facing Southern Nevada are growth and property taxes, Clark County Commissioner Rory Reid said Thursday. The county established a growth task force to find out what Las Vegas residents want the community to look like in four to five years, Reid said. Las Vegas Review Journal 1/16/2005

States Sales Soar Again in October October was the 11th consecutive month in which businesses' sale showed double-digit increases compared with the same month the previous year. The sales tax increase report comes after an announcement earlier this week that businesses had added 50,000 jobs in the last year and the unemployment rate was 3.7 percent, one of the lowest in state history. 12/24/2004 Las Vegas Review Journal

10 People Per Hour Moving to Nevada So many people are moving to Nevada, the Census Bureau says, that growth here could slow by 25 percent and we'd still be the nation's fastest-growing state. According to the bureau's annual population estimates scheduled for release today, the Silver State led the nation in the rate of growth for the 18th year in a row. 12/23/2004 Las Vegas Review Journal

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

Las Vegas Still Leads Nation in Home Value Growth Las Vegas led the nation in housing appreciation during the third quarter at 53.7 percent, its second consecutive quarter of putting up the highest home price gains as reported by the National Association of Realtors. New-home sales have risen for seven consecutive quarters in Las Vegas and could top 28,000 this year, said Larry Murphy, president of SalesTraq, a local housing research firm. 12/11/2004

New Nursing School Could Help Ease Skilled Labor Shortage In addition to providing one more alternative to nursing students seeking out Southern Nevada for their schooling, USN's program will also allow them to begin their nursing careers earlier, offering a little more weight on the nurse's end of the notoriously imbalanced nurse-patient teeter-totter. 12/13/2004

Nevada Construction Market to See a Slight Drop There has been $4.28 billion worth of single family construction in Southern Nevada through October 2004, a 21 percent increase over last year. However, 30-year fixed mortgage rates are expected to climb to 6.5 percent in 2005 and 7.1 percent by 2006. That coupled with skyrocketing property values and a 30 percent increase in concrete and steel prices will result a 7 percent drop in single family homebuilding in 2005, Brewis says. 12/13/2004

Reno and Las Vegas Rank High in Economic Study The Reno-Sparks area ranks among the top 10 percent of U.S. metropolitan areas in a new study assessing economic strength. Fruth measured rate and consistency of growth among 23 data sectors to rank metro areas. Las Vegas ranked 43rd. 12/9/2004

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

Construction Slowing in Southern Nevada New home and commercial building permits fell sharply in October compared with the same month a year ago, and fewer new residents moved to Las Vegas. Still, the Southern Nevada Index of Leading Economic Indicators posted a substantial gain in November, ending three months of decline. 12/9/2004

Census Data Back Nevada's Business Friendly Reputation Nevada's reputation as a business-friendly state got another boost Tuesday with the release of new Census Bureau data showing it had the highest growth rate for small "nonemployer" businesses in 2002. 12/1/2004

World Market Center Furniture Showcase is Ahead of Schedule Construction of the first phase of the $1 billion furniture showcase near downtown Las Vegas is nearly two months ahead of schedule. Samson expects tenants will take possession in May, about two months before the center holds its first market on-site and at the Las Vegas Convention Center. 11/19/2004

TRAFFIC SIGNALS: County Hopes to Speed Installation Traffic specialists will turn to the Legislature to give Clark County more control over installing signals at dangerous intersections and the authority to monitor motorists with traffic cameras. 11/17/2004

Las Vegas Ranks High on Job Growth It was the second year in a row that Las Vegas finished secod in the 200-city index, which is based on a job creation survey that measures nine categories involving long-term and short-term employment, high-tech industry output and wage growth. 11/19/2004

Las Vegas Stays Second in Job Report Study shows salary growth not keeping pace with job progress. Las Vegas remained at No. 2 on the Milken Institute's list of best-performing cities based on the ability to create and sustain jobs, according to a report to be released today. 11/17/2004

 

Las Vegas Real Estate Options:

Need additional information? Go to Current News and Articles or Finances

Featured Home

Sellers Resources