Bank of Nevada Hosts 2017 Economic Forum
Dr. Christopher Thornberg, recognized as one of the nation’s leading economist, was the keynote speaker at Bank of Nevada’s Economic Forum, held on Thursday, September 21 at the new Vegas Golden Knights practice facility.
Dr. Thornberg shared national and regional economic trends and metrics, providing insights to the current and future status of our economy. Dr. Thornberg also presented key information relating to the State of Nevada and the Las Vegas economy.
A Regional Intelligence Report was released in conjunction with Bank of Nevada’s Economic Forum. Key findings of the Dr. Thornberg’s report include:
- Local employers added 35,300 jobs from June 2016 to June 2017, helping the unemployment rate to fall one percentage-point from the prior year.
- The average worker wage increased by 3.6% over the prior year. This increase in disposable income has led to an increase in consumer spending throughout the region.
- Although tourism in Clark County hit a record of 46,189,700 visitors in 2016, Las Vegas tourism seems to be shifting away from gaming. In a recent survey, visitors were more likely to list vacation or pleasure, visiting friends or relatives, or attending a convention as the primary purpose of their visit to Las Vegas.
- During the first quarter of 2017, a median home was listed at $240,300, an 8.0% increase from 2016.
- Over $668 million in permits were filed last year for nonresidential real estate projects, representing a 21.4% increase since 2015.
You may find other key metrics and findings by reading the entire Regional Intelligence Report. Download your free copy today.