Our network

Despite Criticism, Analysts Say Las Vegas Will Recover | News

Title (Max 100 Characters)

Despite Criticism, Analysts Say Las Vegas Will Recover

LAS VEGAS -- Las Vegas continues to be portrayed as the poster child for the recession. Some financial experts say things have gotten so bad, we will never recover. But local economists say that's not true, but it will take time.

A report by 24/7 Wall Street named 13 cities in the U.S. that will never recover because of the housing market and unemployment rate. Las Vegas was one of them. 

Ironically, the report came out at the same time the Las Vegas Chamber of Commerce's new president takes the reigns. He's a man with experience in economic recovery.

The doom and gloom in Las Vegas is slowly starting to lift. Tourism has increased 1.5-percent this year and Jeremy Aguero with Applied Analysis says homes are selling.

"A year and a half ago there were almost 30,000 housing units for sale. Today, that number is roughly 10,000," he said.

But even with signs of hope, confidence is low. The online blog for the Wall Street Journal has an article naming Las Vegas as one of 13 U.S. cities whose housing levels will never recover to the levels of three years ago. Aguero says that information is absolutely wrong.

"We have serious issues that we have to work through but it seems to me to be somewhat myopic to believe that the last two years are going to mean that southern Nevada doesn't have any ability to work its way out of the challenges that we are dealing with today," he said.

Aguero estimates it will take nine and a half years for the housing market to fully bounce back. He says the goal right now should be job creation.

The Las Vegas Chamber of Commerce's new president Matt Crosson agrees, saying small businesses will pave the way. He says it's time for businesses to stop focusing on the negative, saying the chamber will take the lead.

"If you use what's available to us here and opportunity and build and diversify, we can bring this economy back to where it was and even stronger than it was over time," he said.

He says small steps will pull Las Vegas through.

"If businesses and consumers start thinking about buying what they need here first, rather than online or on catalogs, if you make the effort to start buying here first, you pump a lot of money back into the local economy very quickly," he said.

And though some may have their doubts, experts here say over time we'll be just fine.


Green Valley Deals