In The News: Center for Business and Economic Research
In 11 years, North Las Vegas went from the brink of bankruptcy to a rapidly growing economy with millions of square feet of industrial and commercial space and big plans for more. In one of his final interviews as North Las Vegas city manager, Ryann Juden, the key architect of the city's resurgence, talked about how the municipality turned around the economy and his plans for the coming years.
In 11 years, North Las Vegas went from near bankruptcy to having a fast-growing economy with millions of square feet of industrial and retail space and big plans for more. In one of his final interviews as North Las Vegas city manager, Ryann Juden, the key architect of the city’s resurgence, spoke about how the municipality turned the economy around and its plans for the coming years.
UNLV research shows a decline from the pandemic surge of Californians moving to Nevada.
According to figures from the Las Vegas Realtors trade group, the median price for an existing home in Southern Nevada is $465,000, up 9% from the same time a year ago and nearing an all-time high of $482,000. As high as our home prices here seem, Stephen Miller, a professor of economics at UNLV, says homes are actually a bargain here compared to many other cities in the western United States.
Just as international migration soared in other states, it dropped precipitously in Nevada. Clark County, home to the tourist-magnet city of Las Vegas, saw a decrease of 58%, the biggest among counties where a half-million or more people live, Census Bureau figures show.
Casi 158 mil personas se reubicaron en Nevada desde California desde 2020, lo que representa el 43 por ciento de todos los nuevos residentes del Estado de Plata durante los últimos cuatro años, según datos del Departamento de VehÃculos Motorizados de Nevada (DMV).
Nearly 158,000 people relocated to Nevada from California since 2020, making up 43 percent of all new residents to the Silver State during the past four years, according to data from the Nevada Department of Motor Vehicles.
Andrew Woods is a problem solver with a proven track record in economic development and policy. Out of college and living in Washington, D.C., he started his career working in politics with the goal of bringing change to underserved communities. He eventually ended up in Carson City working for the Nevada State Treasurer, where he was involved in several interest projects, ballot initiatives and was able to start his own company to help elect candidates to public office.
The pandemic hit Nevada hard, but it eventually eased and the state came back to life economically, just not as fast as the rest of the country. Though our unemployment rate is one of the highest in the country, it’s still around 5%, which economists have long said amounts to full employment. What’s hurting is inflation combined with a very low rate of wage growth.
Tope is one of the thousands of job seekers who exemplify Nevada’s changing labor force and how it reflects U.S. officials’ larger goals to tamp out inflation without causing a recession. Economists and decision-makers at the Federal Reserve are watching the labor market for clues.
In Part I of this article, I showed how economic growth has slowly declined in all major industrialized economies. I did my review based on 20 countries from around the world, including Australia and Japan, but the GDP growth problem is most pervasive in Europe.
When President Biden flies into Nevada on Monday and to Arizona the following day, he’s likely to compliment the West’s natural beauty, pay homage to the unmatched political power of the Culinary Workers Union and nod to local Democratic elected officials.