Las Vegas The Las Vegas Valley industrial market remained fragile as significant move-outs continued to place downward pressure on pricing. The vacancy rate moved upward to 17.9 percent as 1.1 million square feet of negative net absorption was reported during the quarter. For comparison purposes, the vacancy rate is up 1.0 percentage points from the previous quarter (Q4 2010) … [Read more...] about Industrial Summary: First Quarter 2011
Monthly Editorial Departments
May 2011: Business Indicators
The U.S. economy appears to be gaining momentum. The most recent estimate of real GDP growth for fourth quarter 2010 was 3.1 percent at an annualized rate—considerably stronger than the 2.6 percent figure posted for third quarter 2010. U.S. nonfarm employment rose by a robust 216,000 jobs (seasonally adjusted) in March, marking the sixth straight month of job increases. In … [Read more...] about May 2011: Business Indicators
April 2011: Around the State
Northern Nevada Organizations Plan to Merge The Reno-Sparks Chamber of Commerce (RSCC), the Northern Nevada Chamber of Commerce (NNCC) and the Economic Development Authority of Western Nevada (EDAWN) has announced an agreement to pursue combining the three business organizations. The final outcome would create a cohesive, streamlined organization that serves businesses in … [Read more...] about April 2011: Around the State
Unions Prevail, While Most Nevadans Struggle: Prevailing wage laws cost taxpayers billions
In the 2011 Nevada Legislature, lawmakers in the majority are again carrying water for organized trade unions — from the Keynesian “jobs fund” proposal to the mercantilist “Nevada Jobs First” proposal. Longtime Nevada residents know this is nothing new. It began in the 1930s, when legislators first adopted the state’s prevailing wage requirements on public works … [Read more...] about Unions Prevail, While Most Nevadans Struggle: Prevailing wage laws cost taxpayers billions
Retail Summary: Fourth Quarter 2010
Las Vegas Retail vacancies declined for the third consecutive quarter, as second-generation space in anchored retail centers was absorbed amid a decline in average asking rents. The vacancy rate fell to 10.2 percent during the quarter, a decline of 0.3 percentage points compared to the previous quarter (Q3 2010) and the same period over the prior year (Q4 2009). During the … [Read more...] about Retail Summary: Fourth Quarter 2010
April 2011: Business Indicators
The U.S. economy continues an uneven recovery from its deepest recession since the Great Depression. The preliminary estimate of real GDP growth for fourth quarter 2010 was 3.1 percent at an annualized rate—considerably stronger than the 2.5 percent figure posted for the third quarter of 2010. U.S. nonfarm employment rose by a meager 36,000 jobs (seasonally adjusted) in … [Read more...] about April 2011: Business Indicators
March 2011: Around the State
NCED Offers Incentives to Companies Moving to Nevada The Nevada Commission on Economic Development (NCED), chaired by Lieutenant Governor Brian Krolicki, has granted tax abatements to four companies for relocation and expansion efforts in Nevada that will result in more than $5 million in capital investment and 61 new jobs. Micro-lending expands in Rural Nevada through USDA … [Read more...] about March 2011: Around the State
A Silver Lining Among the Storm Clouds: Recession drives better state budgeting practices
They say there’s a silver lining to every cloud. And Nevada currently faces a big cloud. Nevada is suffering through its deepest economic recession in generations. Its unemployment rate lingers above 14 percent — highest in the nation. If discouraged and underemployed workers is included, as was the practice during the Great Depression, Nevada’s effective unemployment rate … [Read more...] about A Silver Lining Among the Storm Clouds: Recession drives better state budgeting practices
Office Summary: Fourth Quarter 2010
Las Vegas The Las Vegas Valley office market turned downward again as vacancies rose amid additional price declines. While no new space completed construction during the quarter, the market reported 118,800 square feet of negative net absorption, pushing the vacancy to a new high of 24.2 percent. For all of 2010, a record low 105,800 square feet completed construction … [Read more...] about Office Summary: Fourth Quarter 2010
March 2011: Business Indicators
The U.S. economy continues an uneven recovery from its deepest recession since the Great Depression. The preliminary estimate of real GDP growth for fourth quarter 2010 was 3.1 percent at an annualized rate—considerably stronger than the 2.5 percent figure posted for third quarter 2010. U.S. nonfarm employment rose by a meager 36,000 jobs (seasonally adjusted) in January, … [Read more...] about March 2011: Business Indicators
February 2011: Around the State
Nevada Tops Nation for Expending Energy Stimulus Funds According to the National Association of State Energy Officials, Nevada ranks number one in the U.S. for the percentage of Energy Efficiency and Conservation Block Grant funds expended with 91 percent. Kentucky is second at 59 percent and the national average stands at 18 percent. Nevada received $9,593,500 from the … [Read more...] about February 2011: Around the State
TAX – It’s About the Margin: Even low tax rates can kill businesses and cause unemployment.
"This tax isn’t going to put anyone out of work!” lawmakers and pundits cried in 2009 as they debated whether to double the state’s modified business tax. “It’s only 1.17 percent!” Yet, even “small” taxes impact business. Sure, not all of the 24,790 individuals who are newly unemployed since the Nevada Legislature’s 2009 tax hikes took effect can directly attribute their … [Read more...] about TAX – It’s About the Margin: Even low tax rates can kill businesses and cause unemployment.
January 2011: Around the State
FDIC Lifts First Asian Bank’s Regulatory Order The Federal Deposit Insurance Corporation (FDIC) has terminated the consent order issued against First Asian Bank in April of last year. This termination acknowledges that the bank has met specific regulatory compliance requirements and has made improvements to its operations. The bank retained the services of financial advisors … [Read more...] about January 2011: Around the State
Retail Summary: Third Quarter 2010
Las Vegas Vacancies declined for the second consecutive quarter, and average asking rents among anchored-retail centers showed signs of continued weakness. At the close of the third quarter of 2010, the vacancy rate fell a modest five basis points to 10.7 percent compared to the previous quarter. Compared to the same period of the prior year (Q3 2009), the vacancy rate … [Read more...] about Retail Summary: Third Quarter 2010
January 2011: Business Indicators
The U.S. economy continues its slow recovery from recession. For third quarter 2010, estimated real GDP growth was revised upward to a 2.5 percent annualized rate, which is stronger than the 1.7 percent figure for second quarter 2010. U.S. nonfarm employment rose by a tepid 39,000 jobs (seasonally adjusted) in November, marking the second consecutive month of increases. In … [Read more...] about January 2011: Business Indicators