An index that measures the Southern Nevada economy took a step backward after a large increase a month ago.
The Southern Nevada Index of Leading Economic Indicators slipped by 0.74 percent in April after the March index grew by 1.02 percent – what was the highest increase in the index in its 30 years. The index measures economic activity through February and is intended to give a snapshot of what the economy will do over the next four months.
Previously, officials were cautious with one month of data but said the big gain might suggest there would be some job growth in the second half of 2011. The latest numbers suggest that might have been overly optimistic.
That’s more in line in what business leaders said in a recent survey conducted by the Center for Business and Economic Research at UNLV. They said they were slightly more optimistic about the economy but less optimistic about job growth.
The index, which measures activity through February, recorded a 25 percent decline in convention attendance, 7.7 percent drop in visitor volume and 3.5 percent decline in taxable sales.
The value of commercial construction permits fell 64 percent and residential construction permits fell by 47 percent.