For 2011, we believe that the worst is over in Las Vegas.
What's Up?
Visitor volume, gaming revenue, airport passengers, taxable sales, home sales, convention attendance, and retiring baby boomers are all up. Furthermore, 10,000 jobs were added in March—the first increase in 38 months. From 1995 to 2010, over 1 million people moved to Las Vegas, and they are staying, despite lost jobs. That is an average of 5,555 people every month moving to Las Vegas. At least 30% are baby boomers.
In 2011, the oldest members of the baby boom generation celebrated their 65th birthday. Every day for the next 19 years, 10,000 baby boomers will turn 65. Of all Americans, 26% of the total U.S. population are baby boomers, and they will move to warmer, drier climates; active retirement communities; and cities that are safer, entertainment-oriented, less taxed, more affordable, and with good, convenient transportation.
Many of the baby boomers will be moving to Las Vegas, and many of their friends and relatives will be visiting them or moving here as well. Yes, 10,000 jobs were added. That's a big number because we have such high unemployment percentages. We try to read between the lines and put our lost construction industry jobs aside in order to see the picture from a different angle. First, here are the numbers; then we can opine about them:
- Construction Employment = 13% of the total workforce during peak—now 5%
- Total workforce shrank just 0.2% in 2010 to 969,100
- Total Employment fell 3.1% to 821,600
So, 969,100 people are employed or employable, with only 821,000 jobs—a difference of 148,000 people looking for jobs.
And of the lost jobs, 125,983 workers were construction workers, and now only 5%, or 48,455, construction workers are employed, which leaves 77,508 unemployed construction workers. 148,000 minus 77,508 is 70,492 unemployed non-construction workers. Our unemployment would be around 7% without the construction workers who lost their jobs.
Companies Add Jobs In March
People are more confident, and companies are purchasing equipment and services. There is a gradual climb in a positive direction, according to a local firm, Resource Partners, which finds candidates for employers. The employers are searching for executives, technically skilled workers, sales and marketing experts, and financial & computer-engineering candidates.
As sales increase in the Valley, companies will need more workers. And there were fewer job cuts this year. Visit our Jobs section and see what jobs are available
