As we look back at 2015 and look forward to 2016, the Las Vegas community has seen growth and can look forward to even more growth in 2016. From a record number of visitors to a decreasing unemployment rate, Las Vegas is starting to see a stable market. According to a Las Vegas Now article, "Experts say Nevada was one of the states hit the hardest by the recession, but it's also bouncing back a lot faster than other states."
2015 REVIEW
Airline Passenger Volume: McCarran International Airport reported a 6% increase in passenger volume totals over the previous year 2014. Over 45 million passengers traveled through McCarran. The airport's biggest year occurred in 2007, when 47.7 million passengers used the airport. Check out the recent report from McCarran for 2014 and 2015 here.
Unemployment Rate: In 2015, the unemployment rate for Las Vegas continued to decrease, according to the independent website Department of Numbers. Although Las Vegas is still behind the national unemployment rate, the Las Vegas rate continues to decrease at a steady pace. In February 2015, the Las Vegas unemployment rate was 7.2% and finished 2015 at 6.3%.
Visitation: According to a Las Vegas Convention and Visitors Authority article, Las Vegas broke a tourism record with over 42 million people visiting the city in 2015 (see table below). In 2014, Las Vegas topped over 40 million visitors for the first time. LVCVA recognized that the increased convention attendance and increase in non-stop flights played a role in helping reach 42 million passengers. "Tourism is the lifeblood of the Southern Nevada economy and the Las Vegas Valley generating more than $50 billion annually and supporting 366,000 local jobs, which represents 43 percent of employment within Clark County."
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2016 OUTLOOK
Economy: According to a Las Vegas Now article, "[experts] feel confident about Nevada's economy growth. Especially, since taxable sales are also doing well, and tourism continues to go up." Las Vegas has a bright outlook for 2016. "We're almost back to the peak in a lot of variables, said Stephen Miller, Center for Business and Economic Research at UNLV. "We probably will pass through that peak in 2016." Miller also predicts a healthy job growth. "The unemployment rate has come down more slowly than some would have hoped, but it's been coming down," Miller said. "It's almost back to where it was before the great recession.
Real Estate: Along with the economy, the real estate market has also reached a stable point. The median home price continues to hold at $220,000 and the interest rates have been fairly low, making it a great time to purchase a home. New home construction is also seeing an increase. According to a recent Vegas Inc article, "Las Vegas homebuilders sold more houses last year than in 2014 and geared up for a rising volume of construction, a new report shows. Builders closed 698 new-home sales in Clark County last month, bringing the final 2015 tally to 6,802. That’s up 13 percent from 2014, according to Las Vegas-based Home Builders Research.
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Shawn & Kyle Cunningham
Cunningham Group at RE/MAX AdvantageSource: Cgvegas.com
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