Las Vegas Sun

March 28, 2024

Index shows small decline in Las Vegas economic conditions

The Las Vegas and national economies are moving in opposite directions, according to a Southern Nevada economic index.

The Center for Business and Economic Research at UNLV said the February index of Southern Nevada Leading Economic Indicators fell by 0.3 percent, compared to a 0.8 percent increase in the national index.

The February index, which measures economic activity in December, provides no clear indication of where the local economy is heading, said Bob Potts, the center’s assistant director.

“What it does suggest is that the Southern Nevada economy is at or near the bottom and that the region’s economic recovery remains elusive,” Potts said.

The good news, however, is that the gain in the U.S. index ultimately means that people will spend more on travel to Las Vegas and that will spur economic growth, he said.

The index serves as a forecast of the Las Vegas economy through June 1. It reported that December’s convention attendance fell 65 percent from December 2009, while visitor volume fell nearly 1 percent and gross gaming revenue fell 2.2 percent. The index was helped by taxable sales rising 21 percent over December 2009.

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