Vegas development reflects optimism for the future
With an estimated $8 billion in development set for the Las Vegas Strip and Downtown Vegas, construction is “at the forefront of the regional recovery,” according to a recent report from Union Gaming.
Before the recession, construction accounted for more than 150,000 jobs in Southern Nevada, and the CityCenter development alone employed 7,000 construction workers. By 2012, the market had shrunk to a mere 50,000 jobs, Union Gaming reported. Today that level has risen to approximately 62,000 jobs, well below the peak figures. Construction accounts for less than 5 percent of jobs in Southern Nevada, but analysts expect the rebound to continue.
Jobs are also being added in the leisure and hospitality segment, which now leads with more 31 percent of jobs. “This sector will continue to grow and keep pace with rising overall Las Vegas Strip visitation,” Union wrote. Year-to-date through May, Southern Nevada has added 26,300 new jobs, up 3.1 percent over the same period last year.
“The state has recovered approximately half of the jobs lost during the recession,” according to the report. And at 3.8 percent job growth statewide, Nevada is ahead of the national curve, growing at almost twice the national average.
