Las Vegas Real Estate News

Las Vegas Construction Above National Average

One of the most powerful indicators of a strong economy and a solid long-term future is construction hiring and total projects.

Construction hiring in the Las Vegas area is up 8.8 percent over last year. With multiple housing tracts, an NFL stadium, and lots of other projects on the ground, construction employment in Southern Nevada outpaced the rest of the country by nearly 5%.

The report from the Associated General Contractors of America drew data from the Bureau of Labor Statistics. While those numbers are subject to revision, it places Las Vegas number 58 of the 358 metro areas listed by the group.

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The current situation, both locally and nationally, is a labor shortage, particularly of qualified and skilled contractors.

Homebuilders in the region closed on more houses than at any time in the last decade. Sales are still much lower than prior to the housing crisis of the mid-2000's.

Several massive projects are having a huge impact on the region's employment: the state's highway widening around the Spaghetti Bowl, Project Neon, the Raiders football stadium, the Resorts World Las Vegas 3400-room resort, as well as the Convention Center expansion.

Overall, the construction industry has approached the post-recession recovery with caution, increasing the likelihood that this strong situation will be sustainable.

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