2009 Second Best Year Ever for Existing Home Sales According to the Greater Las Vegas Association of Realtors (GLVAR), 2009 was the second best year ever in Southern Nevada for sales of existing homes. GLVAR reported 46,879 local housing sales as compared to 28,618 total sales in 2008. Southern Nevada’s best year was 2004 with 71,963 homes sold. Department of Commerce’s … [Read more...] about February 2010: Around the State
Monthly Editorial Departments
Industrial Summary: Fourth Quarter 2009
Las Vegas The Las Vegas Valley industrial market continued to deteriorate with sustained negative absorption, while the remainder of ongoing construction projects wrapped up during the fourth quarter of 2009. Inventory expanded by 462,000 square feet during the quarter, or 1.0 million square feet for 2009, pushing inventories to 103.6 million square feet at year end. Space … [Read more...] about Industrial Summary: Fourth Quarter 2009
February 2010: Business Indicators
The US economy has shown continued, but cautious, signs of economic recovery. The December 29, 2009, release of the New York-based Conference Board’s US Consumer Confidence Index showed consumer confidence rising for the second month straight in November. The Expectations Index climbed to 75.6 from 70.3, reflecting more optimism about the future on the part of the American … [Read more...] about February 2010: Business Indicators
January 2010: Around the State
Las Vegas Named Number One U.S. Travel Destination by Orbitz Due to the decrease in hotel room rates, Las Vegas ranks as the top U.S. travel destination according to numbers from Orbitz, an online travel service. Rates are down by an average of 26 percent in 2009. In 2008, rooms cost, on average $115 per night, in 2009, the average was $84 per night. University of Southern … [Read more...] about January 2010: Around the State
Retail Summary: Third Quarter 2009
Las Vegas During the third quarter of 2009, the Las Vegas commercial retail market expanded as several pre-leased, user-specific buildings completed construction during the quarter. Overall, the market expanded by 516,300 square feet during the third quarter, bringing total retail inventory in anchored centers to 51.8 million square feet. Expansions during the quarter … [Read more...] about Retail Summary: Third Quarter 2009
January 2010: Business Indicators
The US economy began to pick up in the third quarter. Gross domestic product, the measure of all goods and services produced in the US, grew at a rate of 2.8 percent. This came after four straight quarters of contraction in the US economy. Although the National Bureau of Economic Research has yet to declare an end to the recession, most economists agree that the recession is … [Read more...] about January 2010: Business Indicators
December 2009: Around the State
Wells Fargo and Wachovia to Combine Wells Fargo & Company plans to combine with Wachovia. In March of next year, Wachovia’s financial centers in Nevada will become Wells Fargo banking stores, pending regulatory approval. Small Business Owners Concerned Over Potential Tax Increase According to a study conducted by the Small Business Research Board in conjunction with … [Read more...] about December 2009: Around the State
Office Summary: Third Quarter 2009
Las Vegas The Las Vegas Valley office market reported its fourth consecutive quarter of negative net absorption, suggesting the amount of space being vacated continues to outpace move-ins. Office market inventory expanded by 214,600 square feet during the past quarter, reaching 49.5 million square feet. Additions to the market were concentrated in the south and southwest … [Read more...] about Office Summary: Third Quarter 2009
December 2009: Business Indicators
The national recession continues, though some signs of recovery give heart that things are on the move. For one, the U.S. Index of Leading Indicators, a six-month-ahead forecast, has been on the upswing over the past five months, suggesting that spring 2010 may see the end of the national recession. On the other hand, the Southern Nevada Index of Leading Indicators, … [Read more...] about December 2009: Business Indicators
November 2009: Around the State
Nearly Half of U.S. Companies Now Auto-Enroll Workers into 401(k) Plans According to Watson Wyatt Worldwide, a recent study found that 47 percent of surveyed companies now auto-enroll employees into their defined contribution plan. Additionally, one-third of those that don’t auto-enroll employees are beginning to consider auto-enrollment. This trend could mean that defined … [Read more...] about November 2009: Around the State
Industrial Summary: Second Quarter 2009
Las Vegas The Las Vegas Valley industrial market reported its highest vacancy rate in history through the second quarter of 2009. With nearly 12.3 million square feet of vacant industrial property, market-wide vacancies reached 12.0 percent of inventory, which exceeded the previously recorded high of 11.4 percent in the third quarter of 2002. The vacancy rate jumped from … [Read more...] about Industrial Summary: Second Quarter 2009
November 2009: Business Indicators
The recession continues. Business contraction has sent unemployment rates to the highest levels in decades. In Nevada the unemployment rate is at 13 percent, compared with a national rate of 9.8 percent. Since job markets lag during economic recovery, more job losses are expected. It would not be out of order to believe that the U.S. rate will reach 10.5 percent and the … [Read more...] about November 2009: Business Indicators
October 2009: Around the State
Capitol Bancorp Announces Planned Consolidations of Nevada Banks Pending regulatory approval, Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank will consolidate and operate as one charter, Bank of Las Vegas. CHMS Announces Letter of Intent to Acquire Energy Operations CHMS d.b.a. Hybrid Energy Holdings, a Reno based company, … [Read more...] about October 2009: Around the State
Retail Summary: Second Quarter 2009
Las Vegas During the second quarter of 2009, the Las Vegas commercial retail sector in Southern Nevada remained weak as tenants vacated more space than they moved into, a trend that has prevailed for three consecutive quarters. The amount of occupied space (46.3 million square feet) is at its lowest level since the third quarter of 2007; with nearly 4.5 million square feet … [Read more...] about Retail Summary: Second Quarter 2009
October 2009: Business Indicators
We have come to the one-year anniversary of the Lehman Brothers’ failure. They held a long-standing Wall Street position of financial strength and most considered Lehman too big to fail. Not surprisingly, the failure sent a wave of shocks, including consumers cutting their spending, paying off outstanding credit, and raising their savings. Job losses grew quickly. … [Read more...] about October 2009: Business Indicators