Market Conditions
Las Vegas Population Growth and Economy Slowing
By

According to the Las Vegas Review Journal, the population growth of Las Vegas is slowing.  This slowing is a result of the rise in the cost of living and the cost of housing.

About 6,000 new residents are moving to Las Vegas every month as opposed to previous months where 7,000-8,000 moved to town in 2005-06.

                                          Last Month           Year Ago            % change

New Residents                    6,168                    7,024                 -12.2

Total Employment               942,000               923,000                  2.1

New home sales                 1,872                    3,618                  -48.3

New home Permits              1,347                   2,191                  -38.5

Median new home price     $323,990           $334,674                  -3.2 

Existing home sales            2,422                    4,271                  -43.3

Taxable sales                    $3.05 bil.              $3.17 bil.                 -3.8

Gaming revenue                $968.4mil.         $962.6 mil.                 -0.6 

Visitor volume                     3.77 mil.               3.75 mil.                -.06

McCarran passengers        4.16 mil.               3.89 mil.                  6.9

Keith Schwer, Director of the Center for Business and Economic Research at University of Nevada, Las Vegas, attributed the slowdown in population growth to a natural swing in business activity and to the escalation in housing costs.  "Compared to Wichita (Kan. and Omaha (Neb.) it's not as enticing as it once was.  Keep in mind the economy is good in the rest of the nation except for Michigan".