Economy to Continue Fierce Growth, Climbing Out of Deep Hole

The combined mega-regions of Southern Nevada and Northern Nevada are key to the entire state’s broader economic recovery as the COVID-19 pandemic wanes and businesses, workers, households and consumers integrate back into society and commerce.

That’s according to the most recent forecasts, research articles, reports, and other data and analysis presented or released by various local experts over the past couple of months. Their opinions spotlight intriguing viewpoints, trends and projections so your credit union can plan appropriately:

(Register for the 2021 “Your Economy—Your Credit Union” virtual conference on Tuesday, July 20^th!)

Nevada (entire state)
Local experts, organizations, and consultant firms:

• The Mid-Year Economic Outlook 21’ video recap: see the 35:52 – 1:08:50 time mark for the outlook/forecast presentation (June 24), brought to you by University of Nevada Las Vegas’s Center for Business and Economic Research.
• The state Business Indicators update (June 1), published in Nevada Business Magazine’s June edition (or view all editions here).
• The monthly “Job Flash (page 1 for Nevada)” and the ongoing “Nevada by the Numbers” blog (RCG Economics).
• The “Nevada Dashboard,” showing economic performance data, economic development data (labor market, real estate, etc.), location comparison, and detailed overview reports (Nevada Governor’s Office of Economic Development).
  
  

Local news reports:

• July 13: "Does Diversification Get Forgotten as Nevada Economy Rebounds?" (Nevada Public Radio).
• July 8: "Economist: Federal Payments Helped Drive Nevada's Best-in-Nation Q1 GDP Growth" (Northern Nevada Business Weekly).
• June 29: "Economy Revs as Nevada No. 1 in GDP Growth: Value of Goods and Services Produced" (KLAS-TV/8 News Now).
• June 23: "Nevada Ranks 7th in the Nation in Look at Pandemic Economic Recovery Data" (KLAS-TV/8 News Now).
• June 1: “Help Needed: Employment in Nevada” (Nevada Business Magazine).
• May 1: “Industry Focus: Economic Development” (Nevada Business Magazine).
  
  

Southern Nevada
Local experts, organizations, and consultant firms:

• The "Nevada Housing Market Update: A Monthly Report": see pages 4 and 48 for trends in Las Vegas, Mesquite, and Laughlin, published by the Lied Institute for Real Estate Studies at the Lee Business School (University of Nevada Las Vegas).
• The monthly "Economic Snapshot," semi-monthly "Employment Review,” ongoing data portal (regional overview, economic summary, and location comparison), and all newsletters, published by the Las Vegas Global Economic Alliance (LVGEA).
• The monthly “Job Flash (page 2 for Las Vegas),” ongoing “Nevada by the Numbers” blog, and "Southern Nevada/Las Vegas Metrics" (RCG Economics).
• The "Regional Indicators & Housing Market Indicators" report (Applied Analysis).
• The "Community Dashboard" with local workforce summaries, economic updates, business overview, demographics, residential foreclosure analysis, and other information/data (City of Las Vegas).
• The "Conventions, Hospitality, Live Events: What Will Normal Look Like?" video recap: view the 9:46 – 1:12 time mark for the presentation (May 20), brought to you by NAIOP Commercial Real Estate Development Association (Southern Nevada Chapter).
  
  

Local news reports:

• July 13: "Business Confidence Soars as Nevada Rides Economic High" (Las Vegas Review-Journal)
• July 9: "Thousands of Job-Seekers Attend Hiring Event as Las Vegas Convention Center" (KTNV Las Vegas/ABC 13).
• July 8: "Clark County Could See Tsunami of Evictions When CDC Moratorium Ends" (Las Vegas Review-Journal).
• June 30: "Las Vegas Jobless Rate 2nd-Highest Among Large Metro Areas" (Las Vegas Review-Journal).
• June 27: "Las Vegas Tourism 'Forever Changed' by Pandemic as Industry Recovers" (CDC Gaming Reports).
• June 24: "Las Vegas Tourism Industry Expected to Surge Back from Pandemic Plunge" (Las Vegas Review-Journal).
  
  

Northern Nevada
Local experts, organizations, and consultant firms:

• The "Reno MSA Economic Outlook" and "Reno MSA Industry Trends" (EKAY Economic Consultants).
• The "Nevada Housing Market Update: A Monthly Report": see pages 23 and 42 for trends in Washoe County and Carson City County, published by the Lied Institute for Real Estate Studies at the Lee Business School (University of Nevada Las Vegas).
• The monthly “Job Flash (page 3 for Reno-Sparks),” ongoing “Nevada by the Numbers” blog, and "Northern Nevada/Reno-Sparks Metrics" (RCG Economics).
  
  

Local news reports:

• July 12: "Reno Hotels See Increased Occupancy; Staff Shortages May Hinder Recovery" (Northern Nevada Business Weekly).
• July 8: "Is Nevada's Labor Shortage Actually Just a Wage Shortage?" (Nevada Current).
  
  

NV Department of Employment, Training and Rehabilitation (DETR) 
Released by the State of Nevada:

• Trends on Nevada’s job market, unemployment rate, and unemployment insurance benefits (all types) are moving in interesting ways. Click here to read more.
• Also, read "Nevada Adds Jobs Back in May; Unemployment Rate Continues to Improve.”
  
  

Nevada Economic Forum
Released by the State of Nevada:

• The “May 2021 Forecast” of state general fund revenues and other industry/business revenue and sales forecast information.
  
  

Nevada: Demographics, Labor, Education & Economic Resources 
More analysis:

• Data USA’s county profiles: Clark, Lincoln, Washoe, Storey, Carson City, Douglas, Lyon, Churchill, and Pershing.
• Nevada Department of Employment, Training and Rehabilitation's (DETR) Labor Market Information Division
• Nevada Governor's Office of Economic Development's data portal
• Nevada Governor's Office of Economic Development's regional snapshots
• Nevada Governor Finance Office's Economic Forum
• Economic Research Division of the Federal Reserve Bank of San Francisco
• Bureau of Economic Analysis (U.S. Department of Commerce)
• U.S. Census Bureau's Business and Economy Division