There's no doubts that Las Vegas and Nevada in general has been in a slump when it comes to job growth. Unemployment in Nevada has reached higher than the national average measuring 5.4%.
But not to fear...the Las Vegas Strip's "Job Engine" is about to kick in gear. The Strip's Trump International Hotel & Tower, with 1,300 suites, must hire for its March 31 opening. Palms Place, a 600-unit condo-hotel west of the Palms, will open in early March. Station Casions are ready to open Aliante Station in North Las Vegas in late 2008. Encore at Wynn Las Vegas is also set to launch later this year.
Plus, look for the mega resorts like the CityCenter Project and Echelon to begin recruiting workers by the end of 2008.
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3 comments:
Wow! With all of these jobs comming online soon how will this affect the Las Vegas economy? How will this affect the apartment developements? Where and what class of apartments will these employees seek?
Thanks
I am also wondering in what location do you think these many employees will settle? Do you think these will be employees from out of town or will most of these jobs be taken by the local unemployeed?
Thank you for your comments.
Tracy_MBA
In years past, when the Strip had its Job Growth, prospective employees would relocate from Southern California and other neighboring states. Many sought housing as close to the Strip as possible while they learned the city and best places to live.
This upcoming Job Growth Cycle may be different. My predictions are many will seek the newer Class-A apartments that have been built in recent years.
These properties are typically in suburban areas like the Southwest submarket near our 215 beltway and south end of the Strip.
In 2007, there were 2,786 units built of Luxury Class-A apartments in Clark County.
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