A group of business leaders, academics and politicians doubts there will be a quick recovery for Las Vegas’s economy and suggested the future won’t be bright for Southern Nevada unless a greater emphasis is placed on diversification.
More than 10 percent of Nevada’s homes received at least one foreclosure filing in 2009, keeping the state in its No. 1 ranking for the nation for the third consecutive year, according to statistics released by a foreclosure-tracking firm.
Despite second-highest number on record, officials say downturn is far from over
Friday, Jan. 8, 2010
The Southern Nevada housing market showed signs of recovery in 2009 by recording the second-highest number of home sales in the region’s history. The 46,879 sales of single-family homes, condos and townhomes tops 28,618 in 2008.
Simply blame it on Miami. That was the essence of a Miami Herald article last week comparing the overbuilt South Florida and Las Vegas condominium markets and trying to ascertain which will recover first.
French retailer opening new store this month at CityCenter's Crystals
Thursday, Jan. 7, 2010
The country is emerging from its worst economic downturn since the 1930s and Las Vegas remains mired in a recession, but a high-end French retailer hasn’t felt that impact along the Strip and is even eyeing expansion plans for the market.
Meltdown has forced many to learn smarter practices
Monday, Jan. 4, 2010
Having endured the brutal recession of 2009, Las Vegas businesses have learned a thing or two. Companies have learned how to manage hiring practices and determine how many people they need to do certain jobs.
The median price of new homes sold in November in the Las Vegas area dropped under $200,000 for the first time in six years and builders sold the largest number this year, a local research firm reported.
Las Vegas may have more in common with Pittsburgh and Detroit than many people realize, says Mary Riddel, a UNLV economist and the interim director of the Center for Business and Economic Research.
Southern Nevada business leaders remain pessimistic about the short-term outlook for Las Vegas’ economy and last month suggested any recovery will take a long time.
High unemployment and cautious consumer spending are expected to dampen retail sales in Las Vegas once the holiday counts are completed at the end of January, retail analysts said.
Negotiations are continuing for a cash infusion into troubled Silver State Schools Credit Union, but a plan won’t be finalized until next week at the earliest, the CEO said today.
Vacancy rate for office and industrial buildings rises in fourth quarter
Thursday, Dec. 31, 2009
The vacancy rate for office and industrial buildings rose in the fourth quarter, but the retail market halted its slide for the first time in three years, according to a report released this week by CB Richard Ellis.
State’s largest credit union could be profitable next year, CEO says
Tuesday, Dec. 29, 2009
The reinstated chief executive of Silver State Schools Credit Union said Monday that the credit union is poised to expand by issuing more loans once it finalizes a deal to receive a cash infusion this week. In an interview with the Las Vegas Sun, Dave Rhamy said the Las Vegas-based credit union — Nevada’s largest with 79,000 members — isn’t in danger of failing, is losing less money and should return to profitability in 2010.
New rules after attempted bombing apply to passengers from abroad
Monday, Dec. 28, 2009
An attempted Christmas Day bombing of a U.S. passenger jet has increased security at McCarran International and other airports, but new travel restrictions apply solely to those coming from abroad.
The Nevada Financial Institutions Division and a private insurer are working with ailing Silver State Schools Credit Union to bolster its finances, officials said Thursday.
High unemployment and cautious consumer spending is expected to damper retail sales in Las Vegas once the holiday counts are completed at the end of the month, retail analysts said.
Figures show nearly 600 new homes sold in November
Tuesday, Dec. 22, 2009
The median price of new homes sold in November dropped under $200,000 for the first time in six years and builders sold the highest number this year, according to statistics released today.
Dave Rhamy, longtime leader of Silver State Schools Credit Union, steps down
Sunday, Dec. 20, 2009
Silver State Schools Credit Union, Nevada's largest credit union, this weekend announced the resignation of longtime Chief Executive Officer and President Dave Rhamy.
Holiday parties are a chance to relax and have fun during tough economic times, but lawyers warn companies should take steps to keep workers in line and limit liability.
Christian Hale came to the United States for a career in casino management, but the English native traded it for the law and is quickly making a mark by helping those in need.
First-time homebuyers comprise a large percentage of sales in the Las Vegas housing market, and claiming their windfall from the federal government has kept tax preparers a little busier than normal in the offseason.
A day after a UNLV report painted a pessimistic picture about the Las Vegas economy, a local analyst pointed to signs of improvement and at least some hope. During a video conference today, Jeremy Aguero, a principal at Applied Analysis, said “we are bullish and hopeful on the opening of CityCenter."
CityCenter won’t be a panacea for the Las Vegas economy, which will actually be in worse shape next year because of nearly 8,000 new hotel rooms and condominiums on the Strip, according to a report released today by researchers at UNLV.
Keith Schwer, director of UNLV’s Center for Business and Economic Research, was known for cheerleading the importance of economic diversification in the region. He died of cancer last week.
Southern Nevada’s economy lags behind the rest of the nation, but it appears to be stabilizing even though there is no inkling of when a recovery will occur.
Las Vegas home prices have stabilized in recent months, but 12 ZIP codes in the valley reported more than a 50 percent drop in prices during the third quarter compared with 2008’s third quarter, according to a real estate information firm.
Researcher: Economy starting 'to level off' after steep decline
Tuesday, Dec. 8, 2009
Southern Nevada’s economy lags behind the rest of the nation, but it appears to be stabilizing even though there’s no inkling of when a recovery will occur.
The traditional holiday sales slowdown of homes and condos took place in November while prices edged up slightly again, according to statistics released this morning by the Greater Las Vegas Association of Realtors.
The Las Vegas commercial real estate market next year will mirror this year’s because job growth won’t return until 2011 and foreclosures will depress rents, according to a local brokerage.
Keith Schwer, the director of the Center for Business and Economic Research at UNLV known for cheerleading economic diversification in the region, died today of cancer.
Twelve Las Vegas Valley ZIP codes reported more than a 50 percent drop in prices in the sale of all homes during the third quarter, according to a real estate information firm.
First-time buyers also among those purchasing local homes in October
Wednesday, Dec. 2, 2009
Investors made their biggest push yet to buy foreclosure homes in Las Vegas. San Diego-based MDA DataQuick, a real estate information service, reported investors bought 41.2 percent of Las Vegas area homes in October, the highest amount for any month this decade.
Although some are touting CityCenter’s opening as a boon to the local economy, a mortgage expert says it will also signal the beginning of another wave of home foreclosures.