UNLV’s Center for Business and Economic Research on Monday issued its latest economic data and it suggests continued growth locally in the coming months.
The center, called CBER, said its Southern Nevada Index of Leading Indicators rose by 0.36 percent in March, “continuing on its trend of a slow recovery.”
“The local, regional and national components all contributed to this growth and allow us to forecast continued economic growth until late summer,” the UNLV center said.
Beginning with its February report, the index was changed to drop data from the gaming industry, building permits, taxable sales, gasoline sales, visitor volume and convention attendance.
CBER said those data sources are important but don’t necessarily predict future economic activity.
The index now consists of economic conditions in the neighboring states of Arizona and California, McCarran International Airport passenger data and the Standard & Poor’s 500 stock market index.
A big driver in the March Southern Nevada Index of Leading Indicators was the stock market, which produced a gain of 3.21 percent last month in the S&P 500 Index.
Monday’s report follows issuance of new data showing that while the Las Vegas-area unemployment rate fell in February to 12.2 percent, that was because of people leaving the job market as opposed to the creation of jobs locally.
Employment levels were down locally from January and flat from a year ago, state statistics show.
So while the employment sector of the economy has most recently declined, the Las Vegas economy overall is expected to grow, thanks to increases in gaming win and tourist visitation.