Las Vegas Community Update for February 2023

Transcript:

Hi I'm Heather with The Keays Group Real `Estate Team in Las Vegas. Today I'm giving you your Southern

Nevada Community update as of February 2023. 

 

In 2021 Nevada ranked in the top 10 states for greatest inbound migration, in fact our population in 2021 was 2.3 million people  that's according to the U.S Census Bureau. There are approximately 8.4 new residents moving to Las Vegas per hour in. 2022 the top three states of people who were coming to Las Vegas were from California, Florida, and Texas. Now for income levels, 33.1 percent of the annual household incomes were a hundred thousand dollars and up. The projection for 2027 is that percentage to increase to 39.6 of the population making a hundred thousand dollars or more per year. Since tourism is the largest aspect of our local economy let's point out some

details. According to the Bureau of Labor Statistics, one in four employees works in the Leisure and Hospitality Market making it number one for the largest industry in Las Vegas based on employment. Professional and business services is number three, education and Health Services is number four. The total wages and salaries supported by tourism in southern Nevada is 13.9 billion dollars. If you're looking at the total economic output supported by tourism for Southern Nevada it is 60.6 billion dollars. In terms of hotel and motel occupancy rates according to Las Vegas Convention and visitors Authority, in 2022 the monthly occupancy rates are at about 83.4 percent. We saw consistency and predictability in occupancy levels from 2013 to 2020 and then it took a massive dip of course with the onset of the pandemic. We are almost at typical levels but not quite exactly where we were pre-pandemic levels. I have no doubt that we'll see occupancy Trends return to normal very soon.

 

Let's discuss the Southern Nevada projects currently there are 56 projects under construction, and there's an additional 49 projects that are planned for a total of about 26.7 billion dollars invested in Southern Nevada. 25 of those projects are new tourism projects, transportation is important in our fast-growing community so fortunately there are 12 projects that are directly related to transportation with a total of 3.1 billion dollars invested. Now for the fun stuff… okay let's talk Las Vegas tourism attractions. Fountain Blue is expected to be completed this

year with 550,000 square feet of convention and meeting space it is 67 floors featuring 3780 hotel rooms. Next is the MSG Spirit at the Venetian, holy smokes I'm sure you've seen this driving down the strip this high-tech sphere will serve as a music and entertainment venue and it will house the world's largest LED screen. It will have approximately 18,000 seats it's a two billion dollar project and it is expected to open this year. Super exciting, next is Durango station in the ever-growing Southwest Las Vegas Valley it will have 452 rooms in two towers and of course 93,000 square feet of Casino space. In the renderings it does look very much like the Red Rock Station Casino, there are several projects slated opening in 2026 such as the Oak View group hotel and Arena and Evora. In 2025 we can expect the Nevada Museum of Art to open another Super exciting project in 2024 the dream Las Vegas hotel and the Majestic Las Vegas hotel and corporate Suites will open. We can also expect the West Henderson hospital to open in 2024 and the Nova Data Center to open this year. With all of this growth and the quality of life in Las Vegas it's easy to see why Southern Nevada is in the top 10 places people are moving to in the U.S. Ff you'd like more information on living in Las Vegas or have questions my contact information is below, be sure to like this video and of course subscribe to my channel again my name is Heather Keays, and I'm your local Las Vegas real estate expert for the last 20 years have a great day.