Nevada is a GREAT place to live!Here are a few Fun Facts about Clark County - see how many you already knew!
- Growth in Southern Nevada is 3 times the national average
- There are approximately 4500 new residents moving here on average per month. That's measured by electric meter readings (which are up 1.9% more in multi-family dwellings than single-family) and by where taxes are paid.
- The rate of people moving here from California is increasing. One reason may be that they can no longer deduct State Income Tax against Federal Income Tax
- The number of people ages 65+ moving to Nevada is increasing. This demographic brings with them consumption, large amounts of equity and they don't take jobs. Yay retirees!
- Interesting Fact: A U-Haul from San Jose to Las Vegas costs approximately $2,000. and about $139 to travel from Las Vegas to San Jose. That says a lot about the flow of migration!
- Another Interesting Fact - Clark County has failed to meet population projections for school enrollment. What happened? Kindergarten and 1st grade enrollment is down by about half. People are having fewer children.
- The #1 motivation for people moving to Nevada is to find a job
- The #2 motivation for people moving to Nevada is retirement
- There are more open jobs in Southern Nevada today than there are people to fill them
- There are approximately 53,000 business in southern Nevada. That is the most ever!
- The core industry in Nevada is still leisure and hospitality, which accounts for about 30% of the workforce (We have seen visitor volume plateau though).
- Major casino operations are restructuring and laying people off. This is caused by an increase in activist investors. That has lead to shifts in how the casino management teams think about the visitor.
- We are seeing a refocus on the consumer from the hospitality sector. International visitors are being looked to as a source of growth for the industry.
- There is more convention space under construction in Las Vegas than all but 5 markets have total convention space
- In the last legislative session, the minimum wage increased from $8.25 to $12.00/ hour (a gradual increase to occur over 5 years, starting July 1, 2020 with the first 75 cent increase, reaching $12 by 2024)
Overall our local economy is performing extraordinarily well. We continue to benefit from changes happening in California, and our outlook is positive. This is great news for all homeowners! We have location, we have demand, and we have increased ability to afford a mortgage... combined with interest rates that are approaching historical lows at the moment.
If you would like to know what the market value of your home is today, please call or email me now! I'm looking forward to hearing from you.
Realty Executives Southern Nevada Properties