Diversifying the Las Vegas economy post pandemic By: Joe Moeller Posted at 8:10 PM, Jul 07, 2023 and last updated 8:10 PM, Jul 07, 2023 LAS VEGAS (KTNV) — With the economy on everyone's mind... there's encouraging news if you're looking for a job. But while new jobs are being created here and across the country... experts say interest rates are likely to rise again costing all of us more. The Bureau of Labor Statistics shows 209,000 jobs were added in June. That is slightly lower than what some expected. Meanwhile, payroll company ADP reports 497,000 jobs were added last month. That is much higher than expected. While job growth in Las Vegas has rebounded since the pandemic, economists continue to warn about the need for us to diversify away from leisure and hospitality. We spoke to one man who says moving his business from New York to Las Vegas was a gamble that paid off. Paolo Tiramani is the CEO of Boxabl. The company makes small homes that can be packaged up and sent around the world. "We are two years old, we have built 200 homes we are building [...]

Why inflation runs hottest in the Mountain West Savannah MaherMay 9, 2023 Heard on: The Bureau of Labor Statistics releases the latest consumer price index Wednesday, a monthly read on inflation. But that headline number will only tell part of the story, because how much more people are spending on food, housing, energy and everything else depends on where they live. One region where inflation’s been running extra hot? The Mountain West. That includes the upper Rocky Mountain states of Montana and Wyoming, all the way down into Arizona and New Mexico. Annual inflation peaked at over 10% last year in that part of the country. It was running at an annual rate of 6% in March, a whole percentage point higher than the national average. The cost of housing accounts for a third of the CPI. So, it adds up that the index is running hottest in the Mountain West. “It’s cuckoo here,” said Megan Lawson, an economist with Headwaters Economics who lives in Bozeman, Montana. “Unaffordable housing touches every aspect of the economy and life in these communities.” Lawson said a lot of people have used the newfound flexibility of [...]

Lombardo’s desire for public land sales could boost warehouse economy BY: DANA GENTRY - FRIDAY FEBRUARY 10, 2023 5:00 AM Gov. Joe Lombardo’s support for the sale of federal lands to developers would increase the state’s economic resilience and decrease its reliance on tourism, say proponents. It would also likely cement Southern Nevada’s place in the warehouse boom. “I would like to see us, in coordination with our congressional delegation, promote a more predictable approach to the timely release of federal lands,” Lombardo said in his State of the State address last month. “The disposition of federally managed lands within, and adjacent to, city and county boundaries is a critical component to economic development and affordable housing.” But with mortgage interest rates depressing new home sales, demand for residential land is down. “Prices have gone up so dramatically. So there’s a little bit of hesitancy with builders,” says land consultant John Restrepo. “The strongest demand is for industrial.” Restrepo says the hoopla that accompanied once-raucous federal land auctions has dissipated, in part because parcels are often subpar in terms of location, size, access, and infrastructure. In 2020, Restrepo identified 19,088 acres in [...]

Published February 1, 2023 at 5:51 PM PST There are projections of a looming national recession and yet Andrew Woods of UNLV’s Center for Business and Economic Research projects that Clark County’s population is projected to grow this year by 52,000 people. Woods told KNPR State of Nevada Host Joe Schoenmann today that 2022 was a story about the resiliency of the American consumer, and 2023 will be about the resiliency of American business. “We have higher wages, higher business rates, we have cooling demand. We have gluts in surplus. Before we had supply chain snarls,” Woods said. “I think it’s going to be about how does business react to this new economy? We don’t forecast a recession… at this time but we do forecast a cooling of demand and cooling of the economy over the next two years.” Woods noted that the U.S. economy will continue to grow during this period, which saw 2.1 percent growth in 2022 when compared with 2021 levels. He forecasts a 1 percent economic growth rate this year. In October, state employment grew by 7,500 jobs, Woods added, noting that “we have more jobs [...]

LAS VEGAS (KSNV) — The Henderson Chamber of Commerce hosted its "InSight" event Wednesday night. It's an annual event that looks at economic trends and developments and sees what's coming for Henderson. Topics included inflation, housing, consolidated tax projections, interest, and unemployment rates. Newly elected Henderson Mayor Michelle Romero says she is optimistic about this year's outlook. "Henderson's economy is doing very well. We have made an effort to diversify our economy to find different employers and different types of jobs so that any time we have an economic downturn, we're able to weather it a little better than maybe some of our other counterparts," Romero said. There were also special guest appearances from economic experts John Restrepo and Mike Pequeen. SEE THE ORIGINAL ARTICLE

Buying a home is one of the biggest purchases most people will make in their lives. Over the last few years, people have been paying a premium for homes in Nevada —many times bidding way more than the asking price; sometimes having to get into a lottery just for the chance to make a bid. Then the Federal Reserve raised interest rates as a way to fight inflation. The cost of getting a home mortgage rose, and home prices have fallen. According to the National Association of Realtors, sales have fallen by about 35% since last year. So now, prices are going down and housing stock has increased. Lee Barrett is the 2023 president of Las Vegas Realtors. He’s said that buyer confidence is going down, despite dropping home prices. “I hate to say a perfect storm,” he told State of Nevada host Joe Schoenmann on Thursday. “But it’s an opportunity that they’re not looking at. The sophisticated buyer will pay attention to this market; the person that’s concerned and afraid will miss out because as the prices drop, there’s going to be opportunity there.” In 2012, the median [...]

The news says that adult use of marijuana has reached 46 percent, and 68 percent of Americans think it’s time to have marijuana federally legalized (according to Gallup experts). More and more states are legalizing medical and recreational cannabis, so alignment with federal laws is on the agenda. When will the Senate vote on the MORE act 2022? In March, the Senate unanimously approved the Cannabidiol and Marijuana Research Expansion Act. This is an important step toward legalization. Should marijuana be legalized federally legal As of 2022, there is no federal decriminalization of marijuana. Legal weed is available locally in the United States – 19 states and the District of Columbia allow recreational use, 19 states only allow medical marijuana. Why should marijuana be legalized federally? Here are a few reasons: Tax revenue. Using Colorado as an example, total weed revenue collections from 2014 to 2021 were $105.6 billion. And analysts at New Frontier predict that when marijuana is legalized federally by the Senate, the Treasury will receive an additional $105.5 billion in federal excise tax revenue. Budget savings. The American Civil Liberties Union noted back in 2013 the [...]

Governor Sisolak's Infrastructure Summit Friday, September 30 | 9 AM - 5 PM | Las Vegas Convention Center, South Hall (3150 Paradise Road, Las Vegas, NV) We are so excited to have you join us this Friday, September 30, for Governor Sisolak's Infrastructure Summit! We wanted to share a few logistical items with you. Please review this message as it has several important details for the event. Below please find the program and schedule for the day. Sign-In for the Summit will open at 8:00 a.m. We kindly ask that you arrive by 8:30 a.m. at the very latest, as Governor Sisolak will open the Summit promptly at 9:00 a.m. Please find below a map and parking information for the Summit. Parking is available in either Silver Lot 3 or Bronze Lot 1. Please enter through the west entrance at South Hall and take the escalator up to the second floor for check-in. We are excited to have an official hashtag for the event, and we hope that you will join the conversation on social media by using #NVInfrastructureSummit. Thank you and we look forward to seeing you on Friday!

Western Real Estate Business magazine, Western Multifamily & Affordable Housing Business magazine, and the InterFace Conference Group are pleased to announce the InterFace Las Vegas Multifamily Conference will be held in person on October 3rd, from 12:20 to 4:30 p.m., at the Green Valley Ranch Resort. Network with decision-makers in the Las Vegas apartment market and hear from leading multifamily developers/owners/investors, brokers and lenders/financial intermediaries. Engaging panel discussions will cover the impact of the pandemic on the multifamily market in Nevada, the economic outlook, the development pipeline, and which submarkets hold the greatest potential in the near term. The event will attract attendees from throughout the Nevada area, including owners, investors, developers, managers, buyers and lenders who are active in Class A, B and C multifamily properties. The conference will explore the latest trends in investment, development, leasing, and operations, as well as economic and demographic trends that impact the multifamily market in Las Vegas. InterFace Conference Group will also be hosting the InterFace Las Vegas Industrial conference on the morning of October 3rd at 7:30am – 11:30am. MORE INFO AND REGISTRATION

Western Real Estate Business and the InterFace Conference Group are pleased to announce the annual InterFace Las Vegas Industrial conference will take place in person on October 3rd, from 7:30 - 11:30 a.m., at Green Valley Ranch Resort. The event will include those who are buying, selling, developing, redeveloping, leasing, or financing industrial properties in Nevada. Speakers at the conference will discuss the latest trends in industrial development and investment, as well as how evolving logistics patterns are impacting the industrial market in the Las Vegas area. The logistics industry and distribution facilities continue to evolve to meet the increasing demand for online shopping and to adjust to pressures from supply chain disruptions. Meanwhile, new technology continues to drive changes in real estate intended for manufacturing companies. Where are the opportunities for industrial space developers, investors and occupiers in the Las Vegas market? Hear insights from local market leaders and network with industry decision-makers. The event will attract attendees from throughout Nevada and surrounding western states, including owners, investors, developers, managers, buyers and lenders who are active in industrial real estate properties. If you are active in industrial real estate in Las Vegas, mark your calendar to attend! InterFace Conference Group will also [...]