Extreme Takeoffs and Soft Landings
Economic Forecast 2024
Welcome to 2024. Following three years of economic extremes, from historic high unemployment and business lockdowns to the pandemic-caused bust and stimulus-caused boom, it’s been a ride.
The Governor’s Economic Advisory Council, launched in tumultuous 2020, is lead by Bob Potts, deputy director, Governor’s Office of Economic Development (GOED). The council collects data from regional, tax, labor, and tourism economists, and university and executive branch economists.
“If you were to summarize everything down to one statement it would be expectation for growth to continue leveling off in 2024 without turning negative,” said Potts.
John Restrepo, principal, RCG Economics, concurs. “We don’t anticipate any recession or downturn in 2024, but we do anticipate a slowing of growth. Job growth is going to slow. We think the population growth is going to slow, both in northern and southern Nevada, but more to long-term historical levels than anything dramatically bad.”
“The expectation going into 2024 is that the Nevada economy will remain relatively stable coming off of strong performances following the height of the pandemic,” said Brian Gordon, principal, Applied Analysis.
Northern Nevada should continue to thrive with continued diversification; southern Nevada will see major events, and major investments coming online. “That doesn’t mean that everything is going to look exactly like it does today,” Gordon added.
