Las Vegas Sun Newsthe economy:
Southern Nevada economy ‘has turned the corner,’ according to report
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30 December 2011
3:49 p.m.
Southern Nevada is bouncing back from the recession and could receive an added push as the national economy continues to gain strength, according to a series of monthly indices released today by UNLV’s Center for Business and Economic Research, or CBER.
The center’s Clark County Business Activity index was up 2.99 percent in October when compared with October 2010, with a significant boost coming from a 10.4 percent jump in gaming revenues. The improvement was largely attributed to visitor volume recovering to nearly the level it reached in 2007, when a record 39 million tourists came here.
"Uncertainty remains, but it appears the Southern Nevada economy has turned the corner," CBER Assistant Director Bob Potts wrote in the report.
Earlier this month, CBER Director Stephen Brown told an audience of 300 business and community leaders gathered for a twice-yearly breakfast meeting at The M Resort that “today’s tourists look a little bit different than the ones we saw in 2007,” explaining that Southern Nevada tourists have been staying longer while gambling less.
The research center’s Clark County Tourism Index posted solid growth in October, according to the new CBER report. The index was up by 7.26 percent from the previous month and 6.25 percent above October last year. All three indicators that make up the index are higher than a year earlier. In addition to the rise in gaming revenues, passenger counts grew by 4.5 percent and occupancy rates increased 2.4 percent.
“The Tourism Index now stands at its highest value since July 2008, which provides encouraging evidence that our tourist-based economy is coming out of recession,” Potts reported.
Taxable sales were up 9.3 percent over the same period, although they were down 1.7 percent in October as compared with September. Employment climbed a modest 1.3 percent during the 12-month period ended in October, according to the report.
“In short, key indicators of economic activity in Southern Nevada are improving,” Potts wrote.
Despite the modest improvement, the construction sector continued its five-year collapse, although the rate of decline has slowed, a direct reflection of the huge decline in regional construction.
Since October 2010, construction employment fell 6.8 percent, commercial permits by 10.0 percent and residential permits by 44.7 percent.
“There were only 220 residential and 18 commercial permits pulled in October, which does not represent much activity in a county the size of Clark,” Potts said in the report. “Until excess inventories built during the real estate bubble years are absorbed, Southern Nevada construction activity will remain low.”
More than 70,000 construction jobs have been lost in the region since 2006, when the construction sector was the region’s No. 2 employer, trailing only the gaming and lodging sector.
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Good news for Las Vegas. However, it will take years if ever, when it comes back to where it used to be.
It's been proven that tourist come to Las Vegas not for gambling but for the good times they get for their money.
We've been successful in attracting conventioneers. Let's build more family oriented attractions.
And with all the hotels, the money, and the high powered people we have in Las Vegas, (The Adelsons, Wynns, Reids), why can't we get a professional sports team? Or if we can't get a home team in Las Vegas, maybe we can pursue a regular professional bowl game.
Let's sell Las Vegas not as a "Sin City" but what it is for, "Fun City".
Family oriented attractions? Were you here in the Nineties? No thank you.
Las Vegas needs to move as far away from pedestrian "family" attractions as possible. We need to become the world leader in libertine and libertarian adult freedom. Family oriented Vegas was and always shall be a dismal failure. Las Vegas must embrace its roots as an adult playground.
Legalize everything. Viva Las Vegas!
This is the 146th "turned corner" story I have read since 2008. We keep getting them because they benefit the government trough feeders, vested financial interests, con-artists and others with whom Dave Berns circulates.
James, you're right. Unfortunately your comment will go over the heads of Mr. Berns and the ideologically-based Sun, which believes that government, union, and religious goons are responsible for everything good in society. Until our society deals with the feces created by three groups alone, all real "turned corners" lead into the toilet. Las Vegas will only really prosper when it understands its unique self.
Stephen Brown and Brookings to accelerate its decline by "PLANNING" Las Vegas into a "real city" like????? Which, by the way, is the US city doing well, Mr. Brown? None of these people have any trust in the decision making of individual consumers or in individual thoughts, period, especially the one you expressed.
Well, at least you got it into print--even if no one else understands the value of "freedom"! That is one step forward. Ed Uehling
Mr. Berns is just reporting what CBER reported, not making 'predictions'. Attacking him personally serves no purpose. The article states, 'uncertainty remains'. Which, is simple language for, 'It might go back down'. The Vegas economy is based on tourism now, not tourism and construction. The fact that tourism numbers are up bodes well for Vegas. The fact that casino revenues are up bodes well for Vegas. Those are hard numbers, not 'guesses' on the economy. Combine those numbers with the information that Disney World recently had to close it's parking lots because they were full means that the tourism aspect of the economy is on the upswing. Which is precisely what Vegas needs to see.
Changing Vegas into something else, while noble in intent, isn't going to happen. Gambling is a multi multi billion dollar business. Why try to change it? As the economy goes, so goes Vegas. It's a reality of Vegas that won't ever change. Las Vegas is never going to be a 'Family' entertainment spot. It's a place for adults to spend time alone. A vacation spot to go WITHOUT the kids. Trying to make it a family entertainment venue is akin to Disney and Six Flags taking down the rides and putting up casinos and bars. That's not going to happen, they don't mix.
Let's just look at the article for what it is. Two very important indicators of the Vegas economy show improvement. That.....is good news.
As long as Vegas has casinos, conventions and surrounding bordellos, advancing as a "family" destination is working against the grain. "Family friendly" yes, but do we really want to compete with the likes of Knott's Berry Farm and Disneyland. Then what would be the incentive to drive from LA to LV.
Conversely, we do not need to slide into the abyss of sleaze. Adult merely means "for adults". Upscale restaurants without screaming children, unique shopping and entertainment experiences. And hotel rooms that reflect a true adult get away.
Vegas is what Vegas is... let's embrace this reality and exploit it!!
Great place to raise a Family too, been here since 1959, all my kids were raised here. A secret the rest of the World knows nothing about, I love Las Vegas...................
Forget about turning corners-it's not gonna happen. There's nothing unique about Las Vegas anymore except being able to bet on sports. These days-virtually everyone has a casino within 50 miles of their own home. Noone needs Vegas anymore. The days of Vegas having a gambling monopoly are long gone & never coming back.
well I would say the "sin city" atmosphere hasn't worked too well either! We used to always take our family to Vegas in the "90's" and spent lots of cash and had a blast. We never felt unsafe, and we certainly didn't have to avoid the strip for fear that pornography would be shoved down our throats.
Say what you will, and I'm sure all the porn purveyors are going to fight tooth and nail to keep it alive and well in vegas, but obviously the way Vegas is being promoted is not working. Its time to find a happy medium. Keep parts of the city for adults, but also have parts of the city that are family friendly, safe and promote good clean fun. It can be done, many cities are doing it already and don;t have the financial problems that Vegas is having.
Edmund: I appreciate your taking the time to read the story and write a comment. I also understand your frustration with any and all economic projections. We will continue to write about such reports, but I will also continue to write about people who are out of work, underemployed, hungry, homeless, trapped in a home they will never pay off or just simply frightened about the future. I will work to paint a picture of the challenges we all face in this economy and signs of a recovery or a continued slump. Don't hesitate to call me out for shoddy and erroneous reporting. I read every comment written beneath the stories I write, and they help shape my approach to future stories. I only ask one thing in return, let's find a language and tone that permit us to communicate with each other rather than attack, belittle and ignore. That serves none of us well.
Respectfully,
Dave
Dave Burns I don't think your optimism is well founded. Unemployment and housing are not going a way. Lack of Quality education is not going a way. We have big problems and co's are not coming here because ( Taxes, Quality education) Construction is not coming back. There is no new construction and the construction jobs that are available are renovations. This paints a bleak but true picture. It will take many years( 15-25) for things to really get better.
Chaz: I'm certain you understand that I didn't produce CBER's latest report. I simply wrote about it.
Dave