Report: Vegas economy poised to rebound to pre-recession levels - FOX5 Vegas - KVVU

Report: Vegas economy poised to rebound to pre-recession levels

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LAS VEGAS (FOX5) -

The Southern Nevada economy is improving rapidly, and employment will rebound to pre-recession levels by 2016.

Those are among the findings in a report released Tuesday by the University of Nevada, Las Vegas' Center for Business and Economic Research.

Experts say Southern Nevada is in its fourth year of accelerated recovery and much of that is due to the strengthening tourism industry.

"Here in Las Vegas, we had the biggest boom and bust in any part of the United States," said Dr. Stephen Brown, director of UNLV's Center for Business and Economic Research.

"Tourism is back to where it was prior to the recession, although they're not spending quite as much money," Brown continued.

Brown said tourism gains have bolstered the gaming and hospitality industries. He also said construction, business services and healthcare have contributed to Southern Nevada's recovery.

"By 2016, late 2015, early 2016, we think that we'll have the same number of jobs here in Las Vegas that we had in 2007," Brown said.

The report projects Southern Nevada will add about 250,000 jobs per month in 2015, matching our population growth, which is currently twice the national average.

In 2008, Southern Nevada's housing sector took a 14 percent dip, the worst in the nation. It's getting back on track as well, currently about 6 percent below pre-recession levels.

"Our recession was deeper and longer, but we're showing signs of really bouncing back," Brown said.

The report projects unemployment will be below 6 percent by the end of the year.

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