Las Vegas economy on a roll, but long-term concerns exist, speaker says

Southern Nevada’s system has been connected a large rebound, with stimulus wealth and pent-up request for leisure and question helping substance a grounds play of gross and gaming triumph on the Strip corridor.

But with skyrocketing lodging costs, a occupation marketplace that has yet to afloat retrieve since the 2020 COVID-19 shutdowns, and national stimulus funds that volition yet adust up, determination are plentifulness of concerns astir Southern Nevada’s semipermanent outlook.

The national stimulus wealth has helped not conscionable buoy Nevada’s tourism and leisure-focused economy, but besides nonstop it to levels ne'er seen before. The $3.46 cardinal successful gaming triumph recorded crossed the authorities from March done June was the highest ever recorded for a calendar quarter successful Nevada’s history.

“We’ve spent our mode to prosperity,” Jeremy Aguero, main expert astatine Applied Analysis, said during a presumption Friday astatine the Las Vegas Global Economic Alliance’s 41st yearly Las Vegas Perspective event.

That wealth and continued request volition apt assistance transportation the system done each of 2022, Aguero said. And what happens erstwhile that wealth is utilized up, helium asked.

“A bigger economical cliff is being created by our effect policies,” Aguero said. “At immoderate point, the measure is going to travel due.”

Nevada — particularly the Las Vegas Valley — was deed hard by the economical shutdown due to the fact that of its tourism and leisure-reliant economy. The unemployment complaint for Las Vegas successful April 2020 topped 33 percent. That fig has shrunk importantly to astir 9.5 percent arsenic of this June, but Aguero said that much than 100,000 jobs person not yet returned.

Like they did aft the Great Recession, eyes are turning toward economical diverseness arsenic a mode to perchance blunt the stroke of different economical slowdown. But Aguero noted that immoderate factors wrong the vale itself could marque that difficult, specified arsenic the area’s shrinking magnitude of developable concern existent estate.

“We are moving retired of concern space, and that volition hamstring our quality to diversify arsenic an system overall,” Aguero said.

In summation to Aguero, Bo Bernhard, vice president of economical improvement astatine UNLV and futurist Erica Orange, enforcement vice president and main operating serviceman of The Future Hunters, besides presented during the event.

Bernhard sees plentifulness of opportunities for Las Vegas to diversify its workforce, starting with the hometown university.

He pointed particularly to 122-acre UNLV Harry Reid Research and Technology Park successful the southwest vale that serves arsenic an incubator to pull startup and tech companies and spur concern improvement and economical growth.

“What we’re gathering retired determination connected astir 100 acres is an innovation ecosystem built to last, built to beryllium a cavalry and built to assistance innovate our mode retired of this peculiar historical moment,” Bernhard said.

Contact Colton Lochhead astatine clochhead@reviewjournal.com. Follow @ColtonLochhead connected Twitter.