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The Greenspun Media Group has provided the following Las Vegas economic update:

The visitor count for September was nearly 3.3 million, bringing the annual total to 29.6 million, up about 1% over last year.  The Las Vegas Convention and Visitors Authority reported a 22% increase in average daily room rates for the month, and convention attendance of over 397,000.
air traffic
   According to the Clark County Department of Aviation, 3.9 million passengers came through McCarran International Airport in September.  The year-to-date count is 36 million, up 4.6% over last year and on pace to set a new record.             
   Projections recently announced by Boyd Group anticipate that McCarran International Airport will be the third-fastest-growing major airport in the U.S. over the next five years, behind only Washington, D.C. and Milwaukee.  Boyd expects McCarran to have a 15.5% increase in enplanements to 27.3 million through the year 2013, largely fueled by upcoming megaresort openings such as MGM Mirage’s CityCenter and Boyd Gaming’s Echelon.  Projections were based on population, economic factors, airline service trends and other local elements.
gaming
   Gaming revenue for the state of Nevada totaled $1.058 billion in September, an increase of 7.5% over the same month last year.  The Nevada Gaming Control Board reported a monthly Clark County gaming win of $879 million, up nearly 9%.
population & market growth

   Nearly 5,200 people moved to Clark County in October, bringing the 2007 total to more than 62,000, according to the Nevada Department of Motor Vehicles.            
   Recently released statistics from the Clark County demographer show a 2.7% in population growth for the county from July 2006 to July 2007.  During that time frame Mesquite grew 6.6%, North Las Vegas grew 4.2%, Henderson grew 3.7%, Boulder City grew 2.4% and Las Vegas grew 1.9%.  In comparison, U.S. Census statistics show a national population growth rate of less than 1% from 2005 to 2006.

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business & employment
   According to the Department of Employment, Training and Rehabilitation, the Nevada unemployment rate for September was 5.1%, with Las Vegas at 5.2%.  The rate in California jumped to 5.5% in August, and the national rate in September rose to 4.7%.  Since last year the labor force in Las Vegas has grown 4.5% while total employment is up 3.4%.            
   Applied Analysis reported a 10% increase in office space during the third quarter compared to 2006, putting the current inventory level at 44.1 million square feet.  Another 3 million square feet are currently under construction.  Colliers International and Restrepo Consulting Group reported 3.1 million square feet of industrial space under construction during the quarter, with another 5.6 million square feet planned.                        
housing & real estate
   SalesTraq reported 1,328 new home closings in September, bringing the 2007 total to more than 15,000.  The median price of a new home dipped slightly to $312,639, however the number of active subdivisions is up 6.6% over 2006.  New mid/hi-rise condo closings more than doubled to 144 for the month. 
   There were 1,466 existing home closings in September at a median price of $263,075.  So far this year there have been over 19,000 resale closings in the market.
   RealFacts reported increasing apartment rents in all 20 major Western markets it surveys for the month of September, including Las Vegas and Reno.  The average rent in Las Vegas reached $881 for the month, a 2.2% increase over 2006.
   The Greater Las Vegas Association of Realtors reported 49 sales of luxury homes so far in 2007 for over $3 million, and another 17 sales over $5 million.
retail
   Per the Nevada Department of Taxation, the state had taxable sales of over $3.9 million in August, and Clark County reported sales of nearly $2.9 million.  Clark County experienced increases in heavy and civil engineering construction (18%), hotels and motels (15%) and clothing and accessory stores (10%).

Posted: November 21st, 2007 under Las Vegas Real Estate, Las Vegas Real Estate News, Las Vegas Investment Real Estate.
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