In recent years many have written off Southern Nevada, and mainly Las Vegas, due to the effect the recession had on our town. From 2007 to 2012 foreclosures and short sales dominated our real estate market while home values plummeted. To add insult to injury, the job market took quite a beating with many companies either laying off or going out of business resulting in many people losing their jobs and the ability to pay bills, especially mortgages.
Fast forward to 2015 and Las Vegas has shown increasing signs of not only recovery but real growth. The Las Vegas Global Economic Alliance, which is Southern Nevada's economic development organization, helped facilitate jobs and assisted some 33 companies to expand or relocate to our city.
Since coming out of the recession, which itself lead the city to re-think economic diversity, the community of Las Vegas wants to know what is next. The efforts so far have produced a small but positive growth in jobs, capital investment and industry diversification that has helped decrease unemployment. We have seen encouraging expansion in technology ecosystems, unmanned aircraft systems, logistics and manufacturing.
While all the gains made are positive, there is still much work to be done to truly bring our city's industries economic diversification. This would mean jobs and the city's livelihood are not solely dependent on one specific business (e.g. Detroit). The goal then would be the creation of new industries and improve community institutions which in turn would bring us safe, quality neighborhoods. Parents who have well paying jobs and children who have access to quality education and learning will enhance our city and lives.
Even though we have more mountains to climb, it would seem Southern Nevada, specifically Las Vegas, has accomplished much in the wake of the harsh economic downturn and hopefully we will learn from the lessons of the recent past. Our city depends on us adapting and to keep growing the economic opportunities for all to take advantage of.
If you would like to have an intelligent and informed discussion about the Las Vegas housing market specifically and how it is performing now, please contact us!