August A Month Of Recovery For Las Vegas, Index Shows

23.09.2003, Lesen Sie hier den Bericht über «August A Month Of Recovery For Las Vegas, Index Shows».

August was the month Las Vegas got back to where it was before Sept. 11, 2001, an economic analyst said Friday. Visitor volume, airport passengers and gaming revenue -- key indicators for Las Vegas' tourism industry -- have recovered to levels from two years ago. "Not only that, but you've got to point to the stock market," said Jeremy Aguero, principal of Applied Analysis in Las Vegas. "The Dow is approaching 9,700. That's a big number. And you have to point to gaming stocks. We've seen increased profitability with fewer employees." A robust jump in gross gaming revenue in June pushed the Southern Nevada Index of Leading Economic Indicators to 128.72 in August, up from 128.17 in July and 127.36 a year ago. Gaming revenue increased by 16.7 percent in June, the month of data used for the index, and grew by another 4.5 percent in July, the latest month of available figures. Visitor volume, passenger traffic at McCarran International Airport and taxable sales were also heavy contributors to the rising index.

The index, compiled by the Center for Business and Economic Research at the University of Nevada, Las Vegas, is a six-month forecast from the month of the data. The accompanying Review-Journal chart reflects several of the index's categories, along with other data such as new residents and employment and housing numbers. All in all, optimism in the forecast is in line with the overall U.S. economy expanding at a steady, but measured rate, said Keith Schwer, director of the UNLV research center. "The tide is coming in and we're just riding the tide and moving along like others," he said Friday. "We're having employment growth higher than the national average." Total employment in Southern Nevada grew 2 percent from a year ago to 800,500, much of it fueled by construction jobs. The unemployment rate dropped to 5.3 percent, unchanged from a year ago. "The thing we're still concerned about is we're not seeing the employment growth we need to see to keep up with population growth," Aguero said.

New residents were counted at 8,643 in August, up 2.9 percent from the same month a year ago, based on out-of-state driver's licenses turned into the Department of Motor Vehicles. The pace has grown from the 5,000 to 6,000 who were migrating here in the 1990s. Schwer said job growth is still positive here, which is better than the rest of the nation. "In the short turn, the next six to 12 months, positives are greater than the negatives," he said. "We've had the economy bottom out, that is, the decline was really in 2001 and we've had fairly slow expansion but it's been very slight," he added. Aguero said it's true employment growth has been sluggish, but generally speaking, there's been an increase in overall economic activity, particularly construction.

That's partly attributed to the continuing housing boom in Las Vegas. July statistics from Home Builders Research, a firm tracking the local housing market, showed a 30.2 percent increase in sales of existing homes, an 18.8 increase in sales of new homes and a 26.7 percent increase in new home building permits.

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