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A Positive Outlook for Prosperity
One of the
statistics about Las Vegas that always amazes the rest of the
country is its rate of population growth. The city has
averaged 4,000 to 5,000 new residents every month for several
years. What may be even more impressive is that most of these
people are able to join the workforce no other city in the
United States creates more new jobs every year than Las Vegas.
Business
covers so many facets of professional pursuits, from the
mom-and-pop store to the factory that employs thousands of
workers. Even so, it’s hard to find any aspect of Las Vegas
business that isn’t prospering. The resort/tourism industry
still dominates the local market, which is not surprising for
a city that was built for pleasure. Tourism numbers show
steady growth, as they have for the better part of three
decades, and keeping visitors coming back for more remains a
high priority.
New
resorts add thousands of hotel rooms to the market every year,
but they fill up just as fast as their predecessors, at a rate
of 89 percent in 2000. The marketing efforts of the Las Vegas
Convention & Visitors Authority, as well as strategic
alliances with the airline industry, have helped keep Las
Vegas prominent in the minds of conventioneers and
vacationers. With Asia moving out of its economic slump and
Europe moving toward a strong common currency, revenues from
international tourism should rise steadily over the next few
years, another encouraging sing of better times to come.
Nevada’s
economy is the least diversified of any state, but that hasn’t
been a problem because of its booming tourism and gaming
industries. Still, there have been ongoing efforts to attract
a variety of new businesses, headed by such organizations as
the INLV and the Nevada Development
Authority. Selling Las Vegas isn’t difficult when the city
has so much to offer, including numerous tax incentives, a
business-friendly attitude, and Las Vegas’ evolution into a
cosmopolitan city and a transportation hub for the western and
southwestern United States. Companies such as Ford Motor
Company have recognized that moving to Las Vegas is good for
business. In 2000, Ford opened a major regional
administrative office in the city, expected to employ 700
people, a number that could double in the coming years.
Back-office and consolidated administrative operations
comprise one of the city’s hottest growth sectors; Las Vegas
has the raw land required for their big-box facilities that
can reach 100,000 square feet, and that can potentially add
600 to 1,000 people to each new company’s workforce.
New
distribution centers and industrial parks have also helped
diversify the city’s economic base. An average of 1.5 million
square feet of new office space becomes available in the city
every year, much of it claimed before construction begins.
Retail growth evolves out of population growth, which in Las
Vegas is a recipe for success, and a series of infrastructure
projects have kept the construction industry busy between new
resort building projects.
Community
efforts are not focused exclusively on the realm of large
companies. Las Vegas is also recognized as a prime haven of
small and start-up businesses. In fact, the majority of
companies that set up shop in Las Vegas this past year have
fewer than 25 employees. Most of them hire additional
employees within their first two years – another testament to
Las Vegas’ healthy local economy.
Every
year, the Nevada Business Journal and the accounting
firm of Deloitte & Touche conduct an annual survey of the
Southern Nevada business community to gauge its satisfaction
and enthusiasm. Since polling began, the number of companies
that consider Southern Nevada a good place to do business has
never dropped below 98 percent.
If you have
further questions or would like to purchase publications
regarding business in Las Vegas,
click here to visit the Chamber Store
or call the Las Vegas Chamber of
Commerce at (702) 735-1616.
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