Population, Employment and Wage Gains Help To Fuel Southern Nevada’s Economy
Nevada’s population growth has significantly outpaced the nation. The influx of new residents, combined with a growing diversity of industries that make up the state’s economy, suggest continued economic growth in the foreseeable future, according to noted economist Christopher Thornberg, Ph.D., of Beacon Economics.
Dr. Thornberg included his findings in the Regional Intelligence Report presented to business leaders at the 2019 Bank of Nevada Economic Forum.
For the State of Nevada, Thornberg’s expectation continues to be positive. With few exceptions, every sector of the state’s economy added jobs in the past year, a trend fueled by the surging Construction, Manufacturing, and Professional/Business sectors.
Specific to Southern Nevada, Thornberg notes the economy has continued its expansion through the first half of 2019, with low unemployment and strong job and wage gains over the past year. Although the Hospitality industry is a major influence on Southern Nevada’s economy, Real Estate, Finance, Wholesale Trade, and Construction outpaced the rate of growth in Hospitality over the past year.
“The analysis by Dr. Christopher Thornberg reinforces the fact that Nevada’s economy is diversifying and growing and our state is a great place to live and to do business,” said John Guedry, division CEO, Bank of Nevada. “It’s encouraging to see so many sectors that are important to Nevada’s economy clearly showing growth. With many big projects on the horizon — including the Raiders moving to town — and many looking at the state’s business-friendly atmosphere, we’re encouraged about the future,” he said.
Thornberg noted some concern about the nation’s near-term outlook due to some weakness in the global economy, attributed in part to trade conflicts, uncertainties related to Brexit and the inverted yield curve. Despite those indicators, Thornberg expects the U.S. economy to sustain its record-setting expansion into 2020, fueled by consumer spending supported by job growth, income, wealth gains, and prudent use of credit.
For additional insights and statistics regarding the United States, Nevada and Las Vegas economies, download the 2019 Regional Intelligence Report.
Bank of Nevada, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 1994, Bank of Nevada offers a full spectrum of loan, deposit and treasury management capabilities, plus superior service. With 10 offices in Las Vegas, Henderson, North Las Vegas and Mesquite, along with Western Alliance Bank’s powerful array of specialized financial services, the banking division is a valued resource for Southern Nevada’s business, real estate, professional, municipal and nonprofit communities. In a first among Nevada financial institutions, Bank of Nevada in 2018 earned the Community Commitment Award for Financial Education from the American Bankers Association Foundation for its work with Title I schools through the Green Our Planet organization. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance has ranked in the top 10 on the Forbes “Best Banks in America” list for five consecutive years, 2016-2020, and was named #1 best-performing of the 50 largest public U.S. banks for 2019 by S&P Global Market Intelligence.