UNLV report: No economic recovery seen through summer

By Buck Wargo

Friday, May 28, 2010 | 5:49 p.m.

The Las Vegas economy is stagnating and won’t improve anytime this summer, according to the Center for Business and Economic Research at UNLV.

On Friday, the center released its May Southern Nevada Index of Leading Economic Indicators, which measures economic activity through March and forecasts what will happen through Sept. 1.

The May index fell 0.3 percent from April and was 0.85 percent lower than a year ago. The index has been hovering around 125 for the past year, which is down from its peak of 135 in 2005, said Mary Riddel, the center’s interim director.

“The fact that the index remains flat suggests that it may be some time before we see a general increase in economic activity in Southern Nevada,” Riddel said.

Commercial permitting, taxable sales, sales of gasoline, gaming revenue and convention attendance dragged the index downward, Riddel said.

That was offset by a modest month-over-month growth in residential permits, McCarran International Airport passengers deplaning and visitor volume, she said.