It is evident that Nevada is feeling the impact of the economic slowdown more than most states. Nevada’s unemployment level is higher than the national average and the highest it has been in Nevada in nearly 15 years.
The construction industry, Nevada’s second largest industry is taking a beating right now. Projects are getting cancelled or delayed. Only 34% (value) of commercial permits were issued comparing the second quarter of 2008 to 2007.
Now - let’s look at employment…… Construction employment in Nevada fell 9 percent, from 105,200 jobs to 95,600 during this same time period. Now, let’s put this into perspective: There is over $45 Billion in development still going strong on Las Vegas Boulevard.
So what the heck is going on? Well, it appears development outside of the Strip corridor has just about stalled. Even World Market Center announced they are delaying the construction of their fourth building that was expected to break ground this Fall.
{ 0 comments… add one now }