WaterSmart Innovations Conference Garners International Support The second WaterSmart Innovations Conference and Exposition presented by the Southern Nevada Water Authority (SNWA) in conjunction with the U.S. Enviornmental Agency’s (EPA) WaterSense Program and the American Water Works Association (AWWA) is slated for October 7 -9, 2009 in Las Vegas.. The conference has … [Read more...] about September 2009: Around the State
Monthly Editorial Departments
Office Summary: 2nd Quarter 2009
Las Vegas The Las Vegas Valley office market is facing significant challenges as the inventory base continues to expand even as office-using employment continues to contract. During the latest quarter, the market reported two major project completions totaling 364,800 square feet, which brought total inventory to 49.3 million square feet. Overall availability in the … [Read more...] about Office Summary: 2nd Quarter 2009
September 2009: Business Indicators
Economic hardship continues, even as pundits seek to find every glimpse of improvement ahead—referred to as “green shoots.” Nevada, Clark County, and Washoe County posted unemployment rates well above the national level, jumping significantly for June with the rates reaching 12.1, 12.3, and 11.8 percent, respectively. Such numbers put the Silver State among the worst-hit … [Read more...] about September 2009: Business Indicators
August 2009: Around the State
Nevada’s Employment Bucks National Trend According to the SurePayroll Hiring index, small business hiring is up 0.7 percent in the second quarter nationally. Year-to-date nationally, small business hiring is up by 1.5 percent, however, salaries have dropped 4.3 percent. Alternatively in the Silver State, hiring is down 1.6 percent with a 1.6 percent increase for salaries … [Read more...] about August 2009: Around the State
Industrial Summary: First Quarter 2009
Las Vegas The Las Vegas Valley industrial market remained relatively flat, reaching 102.5 million square feet by the end of the first quarter of 2009. Inventory levels grew modestly as one project completed construction (104,000 square feet), resulting in an expansion of 3.8 million square feet over the preceding 12-months. This is the lowest new inventory level reported in … [Read more...] about Industrial Summary: First Quarter 2009
August 2009: Business Indicators
The data continue to tell the story of an economic recession, or more stated differently—“No Toto, we are not in Kansas.” In short, Nevada no longer enjoys the benefits of growth and its citizens finds themselves grappling with the economic hardships of the worst recession since the 1930s. Looking at year-ago percentage changes, one sees a clear pattern—negative signs for … [Read more...] about August 2009: Business Indicators
July 2009: Around the State
Small Business Lending On the Rise According the U.S. Small Business Administration (SBA), small business lending has increased more than 25 percent compared to the weeks prior to the passage of the ARRA legislation. “Experts say our unemployment and real estate indicators should start to improve in the coming months,” commented John Scott, SBA’s Nevada District Director. … [Read more...] about July 2009: Around the State
Retail Summary: First Quarter 2009
Las Vegas During the first quarter of 2009, the Las Vegas commercial retail sector posted its second quarter of negative net absorption and a record-high vacancy rate. Demand turned negative as a number of retail stores closed their doors and a significant amount of space entered the market. Selected retail closings included Circuit City stores, Great Indoors in Boca … [Read more...] about Retail Summary: First Quarter 2009
July 2009: Business Indicators
Yes, perhaps we may have the first signs of finding a bottom to the current recession. March data, the last month for which we have a full reporting, offer a few pleasant signs. Seasonal factors aside, we find several Silver State indicators moving up by healthy percentages relative to the previous month—enough to suggest that perhaps the positive factors are gaining … [Read more...] about July 2009: Business Indicators
June 2009: Around the State
California Businesses Making The Move To Nevada California legislators recently crossed the border to meet with Nevada lawmakers and Governor Jim Gibbons to discover ways to stop the loss of California companies to Nevada. “California is experiencing an unemployment crisis as tens of thousands of our neighbors have lost their jobs,” said Assemblyman Dan Logue. “We are going … [Read more...] about June 2009: Around the State
Office Summary: First Quarter 2009
Las Vegas The Las Vegas Valley office market is experiencing more empty offices than ever before with vacancies reaching a record-high 19.6 percent. The latest vacancy figures are 2.0 points ahead of where they started the quarter and 4.9-points higher than the same quarter of last year (Q1 2008). During the current cycle, vacancies reached their low point of 8.1 percent in … [Read more...] about Office Summary: First Quarter 2009
June 2009: Business Indicators
We find little improvement in the most recent economic indicators—for example, the unemployment rate rose nationally and in the Silver State. Unemployment rates in Nevada climbed rapidly over the past year and reached double-digit levels—10.5 percent, 10.4 percent, and 11.2 percent respectively for Nevada, Clark County (Las Vegas), and Washoe County (Reno) by April. The rates … [Read more...] about June 2009: Business Indicators
May 2009: Around the State
Nevada Hospitals Among Nation’s Best Consumers’ Checkbook, a non-profit watchdog group, surveyed doctors from across the country asking them whether and where they recommend patients seek care in their own and other communities for difficult cases including complicated heart conditions, cancer and other unusual ailments. From 140,000 hospital ratings, the organization … [Read more...] about May 2009: Around the State
Industrial Summary: Fourth Quarter 2008
Las Vegas The Las Vegas Valley industrial market continued its expansion, reaching 102.4 million square feet by the close of 2008. Inventory levels grew by 1.2 million square feet as a number of projects completed construction during the quarter, resulting in an annual expansion of 5.2 million square feet. The market’s expansion fell short of the 2007 new supply total of 7.2 … [Read more...] about Industrial Summary: Fourth Quarter 2008
May 2009: Business Indicators
The lyrics of Francis Paul Webster and the haunting melody of Maurice Jarre’s soundtrack from “Doctor Zhivago” say it best. It puts you in the right frame for seeing a way forward from the current economic travail. Yes, we find ourselves in an economic winter, but we will see an economic recovery, perhaps earlier, but hopefully by spring 2010. Hope will first appear in … [Read more...] about May 2009: Business Indicators