Residential housing in Las Vegas slows while the Strip continues to build

Residential housing in Las Vegas slows while the Strip continues to build

Yesterday our friend John Restrepo spoke to the Nevada Contractors Association. Among his comments were these facts and figures:

• Over the next 15 years the Las Vegas Valley population is projected to increase by 53 percent to nearly 3 million people.
• McCarran International Airport is very near its passenger capacity, transporting 48 million passengers in 2006 (an impressive average of 4 million a month).
• Vacant land went from $367,000 an acre in 2004 to $597,000 by the end of last year; and he says it's not going back down where it used to be.
• Construction jobs in Las Vegas are at a level about twice the national average, accounting for 12 percent of employment.
• Las Vegas enjoys a 6 percent job growth rate, also twice the national average.

He did share some not-so-optimistic news: like the fact that construction job growth seems to have peaked in 2003 and has been slowing since, and residential building permits peaked in 2005 and are expected to return to levels seen in 2003. Still, $30 million in current construction projects along Las Vegas Boulevard should carry us through amid the slowed residential construction, Restrepo said.

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