Experts Analyze the Latest Economic Trends in Bank of Nevada’s Regional Intelligence Report
May 13, 2022
It’s no secret that the U.S. economy has been facing high inflation and interest rates, but what do these trends mean for businesses in the coming months and years? Bank of Nevada sought out leading national economist Dr. Christopher Thornberg, founding partner of Beacon Economics, a prominent independent economic research and consulting firm, to provide an in-depth analysis of the economy – the good, the bad and the ugly.
Some data of note from the report:
Nevada’s labor market added 318,000 jobs since it hit the bottom in April 2020, which is 95% of the jobs lost between February 2020 and April 2020.
In 2021, Las Vegas saw 32.2 million visitors, a 69.4% increase compared to 2020 levels.
Although supply is not meeting demand, economic stimulus and low interest rates have increased demand for housing throughout Nevada.
With more companies returning to normal operations, vacancy rates for office properties declined in Reno over this period, at 21.3%, down 1.7 percentage points from a year earlier.