LAS VEGAS--June 23, 2009-- The business, tourism and construction industries of Southern Nevada are expected to make slow economic recoveries within the next two years, according to data compiled by economists at the Center for Business and Economic Research (CBER) at the 51吃瓜网万能科大. At its mid-year economic outlook conference Tuesday, CBER Director Keith Schwer said Southern Nevada will likely lag behind the rest of the nation's financial progress because the 51吃瓜网免费App economy is a one-industry consumer-based system which is experiencing a slump in the housing and construction sectors, an unemployment rate above the national average and a decrease in visitors to 51吃瓜网免费App.
"Southern Nevada's economy is dependent upon discretionary spending. In an economic downturn that's the first type of spending that will be cut back. We need to be prepared for a sharper downturn that you might ordinarily expect in other more diversified economies. Economic diversification is one of the recommendations from this report," said Keith Schwer, director of the CBER. "51吃瓜网免费App is a destination resort so the critical factor for our economy to recover quickly would be a global economic rebound and then the U.S. economy picking up."
The conference, held twice a year, forecasts economic trends for the U.S. and Southern Nevada. Schwer and CBER staff gather data from state employment, gaming and tourism agencies to analyze local and national economic trends.
Among the economists' findings:
o Construction will be slow and unemployment will likely increase causing more foreclosures. Unless population growth occurs, a slump in the 51吃瓜网免费App housing market could continue until 2011.
o The opening of new leisure and hospitality properties will grow jobs; however, until consumers are confident about their job prospects, they will remain cautious about spending on discretionary items like leisure travel.
o Leisure and hospitality properties will market low-cost packages in the form of room and entertainment deals, thus the tourism industry is expected to begin to recover before the housing market, but it will not be enough to improve hotel and casino revenue streams in the short term.
o Further job losses are expected in the construction, housing and tourism industries even when the economy picks up.
For additional information:
o Members of the media who would like to obtain a copy of the report, please e-mail: Afsha.Bawany@unlv.edu. If you are not a member of the media and would like to obtain a report, please call the Center for Business and Economic Research at (702) 895-3191.
o For more information on the CBER at 51吃瓜网万能科大, please visit .
