The local economy of Southern Nevada is in the deepest recession the United States has seen since the Great Depression, according to UNLV economist Mary Riddel, director of Center Business and Economic Research.
Virtually every sector of the local economy, particularly tourism and construction, shed jobs this year, pushing unemployment rate to 13 percent.
Visitor volume declined for the second straight year and those who come here are gambling less and leaving sooner.
The forecast calls for a 5.2 percent decline in employment for 2010, a 3.6 percent dip in gaming revenue and 3.8 percent loss of personal income. Hotel room inventory and visitor volume are expected to increase 2.7 percent. Housing permits and population growth will remain relatively flat.
One bright spot for Southern Nevada is the return of housing affordability. Median prices are well below the national average, which could stimulate some increase in population, particularly among retirees.
Prices have fallen below the Case-Shiller Home Price Index trend line, but that doesn't mean they can't fall further. Riddell says " I still think home prices will decline in Southern Nevada. I think there's still space to adjust."
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