Preview Las Vegas points to prosperous 2014 for local economy - FOX5 Vegas - KVVU

Preview Las Vegas points to prosperous 2014 for local economy

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LAS VEGAS (FOX5) -

What will 2014 hold, economically speaking, for Las Vegas? While no one has a crystal ball, those speaking at the Preview Las Vegas convention can definitely prophesize with some accuracy.

Thousands of employers and community leaders gathered at the Thomas & Mack Center Friday to strategize for the new year.

Speakers said now is the time to start or take steps to grow a business in Las Vegas. They characterized 2013 as a transitional year which moved us further from the recession.

"[The year] 2014 is going to be a year with a little bit more stability. We're not going to see the type of housing pricing depreciations we did. I do think we are going to hit that 50,000 [new jobs created in Las Vegas in] 2014," said economic analyst Jeremy Aguero.

Aguero said recent population growth points to a robust economy in 2014.

"We are seeing that some people that left, especially in the construction industries, are starting to come back a little bit," he said.

Another positive is the diversity of Las Vegas' economy, with job creation occurring in a number of sectors.

"We're seeing things in education and health services, we're seeing it in business and professional services. We're seeing [growth] in trade, transportation and utilities, in addition to our core economy," Aguero said.

This marks the second year Ido Izkovich, president of I Do Diamonds, Inc., has attended the convention. He's been selling one-of-a-kind diamonds in Las Vegas for 10 years.

"If more tourists are coming, and more development is coming in the area, I know how to invest, put our money in advertising," Izkovich said.

Aguero said that if passed, the business margins tax will put a strain on business. Set for vote in November, it would increase taxes for businesses in order to raise an estimated $800 million a year to fund public education.

Convention business is expected to remain strong in Las Vegas, which has been the No. 1 convention destination in North America for 19 years.

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