Las Vegas Battles the Slowing Economy

Las Vegas is a much different market than any other in the country.  Though it is in the center of the desert, the city has managed to become a global brand attracting visitors, home builders, residents, media, entertainment of all kinds, and both domestic and foreign investment.  Las Vegas condos have been a hot commodity for second home buyers, investors and local residents for many years now.  Some of the largest mixed use resort, hotel, and condo developments in the world are currently under construction.  Unfortunately, Las Vegas has fallen victim to the downturn on the housing market and has even been hit harder than other cities.  Any city that attracts so much speculation and investors looking to turn a quick profit will come under greater pressure when the market slows.  The same thing happened in Miami.  And like Miami, Las Vegas is and will continue to be a highly sought after place to live, work, and play.  So for the long run, things can only improve for Las Vegas.

One of the historic buoys that has kept Las Vegas afloat during economic downturns is actually increasing new construction on the strip.  New resort development has been known to pump the economy up and provide the staple items necessary for a city to survive tough times.  The most important staple item being jobs!  The construction of new Las Vegas condos and massive resort communities drastically increases employment opportunities first in construction, the service industry, entertainment, retail, etc.  All of the job opportunities then translate into an overall population increase in the Valley further fueling the economy.

For example, MGM Mirage is opening the $7.8 billion CityCenter development on the southern end of the Strip between Bellagio and Monte Carlo. The massive site will include 4,000 hotel rooms, hotels, and hundreds of new Las Vegas condos and luxury condominiums.  The complex will have retail, entertainment and dining facilities as well.  CityCenter is considered the largest development of its kind in the United States.  The project alone is supplying approximately 12,000 jobs to the area!

For most cities, economic downturn could not be answered by an increase in new commercial and residential construction…quite the opposite.  But for a city fueled by so much tourism, business travel, and entertainment new construction and job growth can not only be supported, but it can be the answer to surviving the slower times.