Nevada Why Area including Las Vegas

Nevada is the seventh largest state by area and is made up of mostly desert areas, with over 80 percent of the state’s land owned by the U.S. federal government under various civilian and military jurisdictions. As of 2006, there were about 2.6 million residents, with over 86 percent residing in the metropolitan areas around Las Vegas and Reno. Read more >> Located in the western region of the U.S., Nevada is also known as the Silver State due to large numbers of silver deposits that were discovered and mined there. It is almost entirely within the Basin and Range Province and as such is broken up by many north-south mountain ranges.

Highlights:

• According to the Census Bureau’s 2007 estimates, Nevada has an estimated population of 2,565,382 residents, an increase of 3.5 percent over 2006 and 20.8 percent since 2000.
• Between 1990 and 2000, Nevada’s population grew 66.3 percent, not including seasonal residents during the winter months, while the U.S. population grew by 13.1 percent.
• Per capital personal income in 2005 was $46,108, the 11th highest in the U.S.
• Between 2004 and 2014, 525,317 jobs will be added, which equates to a 42.7 percent increase as forecast by the Occupational Employment Statistics (OES)
  

Las Vegas

Las Vegas is the most populous city in the state of Nevada and is a major internationally renowned resort city for the gaming industry, shopping and entertainment. The absence of any state individual or corporate income tax and simple incorporation requirements have attracted businesses and people alike. Read more >> Las Vegas is also known as the Entertainment Capital of the World and is famous for a number of large casino resorts. In fact, Las Vegas is the brightest city on Earth as seen from space. As the 28th most populous city in the U.S., Las Vegas is one of the most populous cities in the American west with approximately 558,880 residents as of July 2007. Las Vegas has an arid climate that offers residents and visitors abundant year-round sunshine and very little rainfall. City officials have worked hard to diversify its economy from tourism by attracting light manufacturing, banking and other commercial interests.

Economic Strength | Job Creation | Population Trends Highlights

• 2006 census data places the population of the Las Vegas Metropolitan Statistical Area at 1,777,539 people and the region is one of the fastest growing in the U.S.
• The tourism industry will continue to benefit from the weak U.S. dollar and is expected to attract 43 million visitors by 2010, up nearly 10 percent from 2007.
• In 2006, Las Vegas was ranked fourth out of 200 large metro areas for relative five-year job growth and 18th for the prior 12-month period with a 3.2 percent increase.
• Historically, recessionary periods in Las Vegas have been relatively short-lived and in general Las Vegas is expected to rebound by late 2008.
• The completion of an estimated 46,000 new hotel rooms in 2009 will create more than 115,000 jobs.
• Las Vegas has a high concentration of “growth industry” technology companies in the electronic gaming and telecommunications industries. 
• Development of the 77-acre, mixed-use CityCenter will provide a boost to the metro’s construction sector. By summer, builders were expected to hire an additional 1,400 workers for the project and upon completion in 2009 CityCenter will create 12,000 jobs.

The Las Vegas Real Estate Market - Multifamily

• Between March 2007 and March 2008, the average rent rose one percent. Average rents rose 2.8 percent in Q1 2008 over Q1 2007 and are positioned to rise by 2.0 – 2.5 percent in 2009.
• Out-of-state and international buyers will continue to target apartment properties in Las Vegas, attracted by the city’s long-term growth prospects.
• The average vacancy rate rose to 7.8 percent in Q1 2008, compared to the 2007 rate of 5.1 percent.  It is forecast to drop in 2009 due stronger employment and an absence of new apartments entering the market should help drive down the average vacancy rate to 6.3 percent.
• Multifamily permits declined by 46 percent in Q1 2008 from Q1 2007.