Southern Nevada Market Update Southern Nevada Market Update
Local Economic Fundamentals Southern Nevada Market Update
Resident Population Growth 2017 to 2018 Rank State Annual Growth 1 Nevada +2.09% 2 Idaho +2.05% 3 Utah +1.87% 4 Arizona +1.74% #1 5 Florida +1.54% 6 Washington +1.48% 7 Colorado +1.42% 8 Texas +1.34% 9 South Carolina +1.25% 10 North Carolina +1.10% U.S. Average +0.62% Lower Higher Source: U.S. Census Bureau Southern Nevada Market Update
Nevada Population and Growth 3.1 2.5% Millions 3.0 2.1% 3.0 2.0% 2.9 1.5% 2.8 2.7 1.0% 2.6 0.5% 2.5 2.4 0.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Census Bureau Southern Nevada Market Update
Clark County Population 2.4 Millions 2.2 2.2 2.0 1.8 1.6 1.4 1.2 1.0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Census Bureau Southern Nevada Market Update
Clark County Population Growth 6% 5% 4% 3% 2% 1% 0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Census Bureau Southern Nevada Market Update
Population Growth Largest 30 Metropolitan Areas 3.0% 2.5% 2.2% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% Source: U.S. Census Bureau Southern Nevada Market Update
+2.2% (net) +48,337 Residents Source: U.S. Census Bureau Southern Nevada Market Update
+132 Per Day +5.5 Per Hour Source: U.S. Census Bureau Southern Nevada Market Update
Driver’s License Surrenders To Nevada By State State Surrenders Share California 27,625 36.2% Florida 4,619 6.1% Texas 3,574 4.7% Arizona 3,409 4.5% Illinois 2,905 3.8% Washington 2,838 3.7% 2,531 3.3% Hawaii Colorado 2,380 3.1% Utah 2,198 2.9% New York 2,025 2.7% 20,000 or more 1,900 to 2,999 Under 700 3,000 to 19,999 700 to 1,899 Source: UNLV CBER Note: Based on driver’s license surrenders from the DMV for 2018. Southern Nevada Market Update
Fastest Job Growth in the Nation Rank State Annual Growth 1 Nevada +3.3% 2 Arizona +2.8% 3 Washington +2.7% 4 Utah +2.7% #1 Nevada 5 South Dakota +2.6% 6 Texas +2.5% 7 Florida +2.5% 8 Idaho +2.3% 9 Wyoming +2.0% 10 Alabama +1.9% U.S. Average +1.5% Source: U.S. Bureau of Labor Statistics (June 2019 vs. June 2018) Southern Nevada Market Update
Employment Growth Largest 30 Metropolitan Areas 4% 3% 2.1% 2% 1% 0% Source: U.S. Bureau of Labor Statistics (June 2019 vs. June 2018) Southern Nevada Market Update
Employment Las Vegas Metropolitan Area 1,100 Thousands Present: 1,022,700 1,000 900 800 700 600 500 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update
Employment Growth Las Vegas Metropolitan Area | Year-over-Year 96 Consecutive Months 10% of Positive Growth 5% 0% -5% -10% -15% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update
Employment Growth Las Vegas Metropolitan Area | Last 12 Months Leisure and Hospitality 7,000 Professional and Business Services 5,100 Financial Activities 3,400 Construction 3,100 Education and Health Services 2,200 Government 1,400 Manufacturing 1,100 Other Services 900 Net Job Growth: Mining and Logging 0 + 21,300 Information -600 Trade, Transportation and Utilities -2,300 Source: U.S. Bureau of Labor Statistics (May 2019 vs. May 2018) Southern Nevada Market Update
Unemployment Rate Variance Las Vegas MSA United States 16% 14% 12% 10% 8% 6% 4.0% 4% 3.4% 2% 0% -2% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update
Fast Growing Personal Income Rank State Annual Growth Washington 1 6.8% Utah 2 6.3% Nevada 3 5.7% #3 Nevada 4 Colorado 5.7% Arizona 5 5.5% Idaho 6 5.4% Texas 7 5.3% Florida 8 5.2% 9 Montana 5.0% Oregon 10 4.9% Lowest Highest Source: U.S. Bureau of Economic Analysis (2018 vs. 2017) Southern Nevada Market Update
Notable Investments Southern Nevada Market Update
Southern Nevada Market Update
$24 Billion Southern Nevada Market Update
Project Cost Status Est. Completion Date Resorts World Las Vegas $4,200,000,000 Under Construction 2021 The Drew $3,100,000,000 Planned 2022 Jackie Robinson Arena and Hotel Project $2,700,000,000 Planned DND Las Vegas Stadium (65,000 Seats) $1,880,000,000 Under Construction 2020 Las Vegas Convention Center Expansion $1,400,000,000 Under Construction 2020 Union Village $1,200,000,000 Under Construction 2025 Henderson West $950,000,000 Planned 2028 Project Neon $900,000,000 Under Construction 2019 Majestic Las Vegas $850,000,000 Planned 2023 Vegas Extreme Park (The Edge) $800,000,000 Planned DND Palms Casino Resort Renovation $690,000,000 Under Construction 2019 Google Data Center $600,000,000 Under Construction 2020 Wynn Convention Center $425,000,000 Under Construction 2020 UnCommons $400,000,000 Planned 2021 Caesars FORUM Conference Center $375,000,000 Under Construction 2020 Astral Hotel and Casino $350,000,000 Planned 2022 Colosseum at Caesars Palace Renovations $250,000,000 Under Construction 2019 I-15 and Tropicana Interchange Reconstruction $200,000,000 Planned 2024 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update
Project Cost Status Est. Completion Date Virgin Hotels Las Vegas (rebrand of Hard Rock Hotel & Casino) $200,000,000 Planned 2020 Circa Resort and Casino $200,000,000 Under Construction 2020 Sahara Las Vegas Renovation $150,000,000 Under Construction 2020 The STRAT Hotel & Casino Rebrand $140,000,000 Under Construction 2021 Las Vegas Monorail Extension to Mandalay Bay $140,000,000 Planned DND UNLV Medical School Building $125,000,000 Planned 2021 I-15/CC-215 Northern Beltway Interchange $110,500,000 Planned 2022 Elysian at the Hughes Center $100,000,000 Under Construction 2020 Kind Heaven $100,000,000 Under Construction 2020 Delta by Marriott $100,000,000 Under Construction 2022 Centennial Hills Hospital Expansion $95,000,000 Planned DND AC Hotel by Marriott $95,000,000 Planned 2020 Expo at World Market Center Las Vegas $90,000,000 Under Construction 2020 CSN Charleston, Henderson, and North Las Vegas Campuses Student Union $80,000,000 Under Construction 2019 U.S. 95 Widening $78,000,000 Under Construction 2019 Raiders Corporate Headquarters and Practice Facility $75,000,000 Under Construction 2020 New 215 Interchanges at Losee, Pecos, and Lamb $70,000,000 Under Construction 2020 Luxury Apartments at Twain/Dean Martin $65,000,000 Under Construction 2020 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update
Project Cost Status Est. Completion Date Nevada State College Education Building $62,000,000 Planned DND Blue Diamond Widening $59,000,000 Under Construction 2020 New Las Vegas Municipal Courthouse $56,000,000 Planned 2021 Hampton Inn & Suites/Home2Suites $55,000,000 Under Construction 2020 Downtown Henderson $50,000,000 Under Construction 2021 Las Vegas Convention Center Loop $48,700,000 Planned 2021 Downtown Grand Hotel & Casino Third Tower $45,000,000 Under Construction 2020 Water Pipeline to Apex Industrial Park $42,000,000 Under Construction 2020 South Point Hotel Casino & Spa Renovation $40,000,000 Under Construction 2020 UNLV Howard R. Hughes College of Engineering Expansion $35,000,000 Planned DND New Smith Center Parking Garages $33,000,000 Under Construction 2019 Las Vegas Boulevard Repaving $33,000,000 Planned 2022 Monorail Station at MSG Sphere Las Vegas $32,000,000 Planned DND Fremont Street Experience Canopy and Mall Reconstruction $32,000,000 Under Construction 2019 UNLV Fertitta Football Complex [Practice Facility] $31,000,000 Under Construction 2019 UNLV Harry Reid Research and Technology Park Bldg. 3 $30,000,000 Under Construction 2019 Nevada State Industrial Park $28,000,000 Under Construction 2019 Sahara and Las Vegas Blvd Pedestrian Bridge $28,000,000 Planned 2024 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update
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