Market Update Southern Nevada Market Update Local Economic - PowerPoint PPT Presentation

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 M 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 Source: U.S. Census Bureau Southern Nevada Market Update

Clark County Population Growth 6% 5% 4% 3% 2.2% 2% 1% 0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Source: U.S. Census Bureau Southern Nevada Market Update

Population Growth Largest 30 MSAs 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) +47,355 Residents Source: U.S. Census Bureau Southern Nevada Market Update

+130 Per Day +5.4 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 +3.8% 2 Arizona +3.3% 3 Washington +3.2% 4 Utah +3.1% #1 Nevada 5 Texas +3.1% 6 Wyoming +2.9% 7 Colorado +2.8% 8 Florida +2.7% 9 Georgia +2.6% 10 New Hampshire +2.6% U.S. Average +1.8% Source: U.S. Bureau of Labor Statistics (December 2018 vs. December 2017) Southern Nevada Market Update

Employment Growth Largest 30 MSAs 5% 4% 3.4% 3% 2% 1% 0% Source: U.S. Bureau of Labor Statistics (December 2018 vs. December 2017) Southern Nevada Market Update

Employment Las Vegas MSA 1,100 Thousands Present: 1,026,900 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 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update

Employment Growth Las Vegas MSA | Year-over-Year 90 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 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update

Employment Growth Las Vegas MSA | Last 12 Months Leisure and Hospitality 7,900 Government 5,700 Construction 5,500 Professional and Business Services 4,900 Education and Health Services 4,900 Other Services 1,800 Financial Activities 1,400 Manufacturing 1,000 Net Job Growth: Trade, Transportation, and Utilities 800 +33,900 Mining and Logging 0 Information 0 Source: U.S. Bureau of Labor Statistics (December 2018 vs. December 2017) Southern Nevada Market Update

Unemployment Rate Variance Las Vegas MSA United States 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update

Fastest Growing Personal Income Quarterly Annualized Rank State Growth Growth 1 Nevada +1.52% +6.21% 2 Washington +1.51% +6.16% 3 Arizona +1.33% +5.42% #1 Nevada 4 Colorado +1.29% +5.27% 5 New Hampshire +1.25% +5.12% 6 Oregon +1.25% +5.10% 7 Utah +1.17% +4.75% 8 Pennsylvania +1.16% +4.71% 9 Texas +1.14% +4.65% 10 North Dakota +1.14% +4.63% Source: U.S. Bureau of Economic Analysis (Q2 2018 vs. Q3 2018) Southern Nevada Market Update

Notable Investments Southern Nevada Market Update

Southern Nevada Market Update

Project Cost Status Est. Completion Date Resorts World Las Vegas $7,000,000,000 Under Construction 2021 (Built in Phases) The Drew $3,000,000,000 Planned 2022 Jackie Robinson Arena and Hotel Project $2,700,000,000 Planned Spring 2020 Las Vegas Stadium (65,000 Seats) $1,800,000,000 Under Construction Jul-20 Las Vegas Convention Center Expansion $1,400,000,000 Under Construction Dec-20 (Built in Phases) Union Village $1,200,000,000 Under Construction 2025 (Built in Phases) Henderson West $950,000,000 Planned Q4 2028 Project Neon $900,000,000 Under Construction Summer 2019 Vegas Extreme Park (The Edge) $800,000,000 Planned TBD Palms Casino Resort Renovation $690,000,000 Under Construction Q4 2019 Google Data Center $600,000,000 Planned Dec-20 Caesars FORUM Conference Center $375,000,000 Under Construction Spring 2020 UNLV Medical School Building $230,000,000 Planned Late 2021 I-15 and Tropicana Interchange Reconstruction $200,000,000 Planned 2024 Hard Rock Hotel Rebrand and Renovations $200,000,000 Planned Fall 2020 Clark County Park Upgrades $150,000,000 Planned TBD Las Vegas Ballpark $150,000,000 Under Construction Mar-19 Stratosphere Renovation (The STRAT) $140,000,000 Under Construction 2021 MGM Grand Conference Center Expansion $130,000,000 Under Construction Early 2019 Las Vegas Monorail Extension to Mandalay Bay $110,000,000 Planned 2020 Elysian at the Hughes Center $100,000,000 Under Construction Fall 2020 SLS Las Vegas Renovation $100,000,000 Under Construction 2020 Kind Heaven $100,000,000 Planned August 2019 Centennial Hills Hospital Expansion $95,000,000 Planned DND CSN Charleston, Henderson, and North Las Vegas Campuses Student Union $80,000,000 Under Construction Fall 2019 U.S. 95 Widening $78,000,000 Under Construction Fall 2019 Downtown Las Vegas Expo Center $76,000,000 Under Construction June 2020 Southern Nevada Market Update

Project Cost Status Est. Completion Date Raiders Corporate Headquarters and Practice Facility $75,000,000 Under Construction July 2020 New 215 Interchanges at Losee, Pecos, and Lamb $70,000,000 Under Construction April 2020 Luxury Apartments at Twain/Dean Martin $65,000,000 Under Construction April 2020 Nevada State College Education Building $62,000,000 Planned DND Silverton Village $60,000,000 Under Construction 2019 New Las Vegas Municipal Courthouse $59,300,000 Planned January 2021 Blue Diamond Widening $58,560,000 Under Construction DND Hampton Inn & Suites/Home2Suites $55,000,000 Planned April 2020 The Venetian Resort Hotel Casino Pool Redesign $50,000,000 Under Construction May 2019 Downtown Henderson $50,000,000 Under Construction 2021 CIM Downtown Grand Third Tower $45,000,000 Under Construction 2020 Water Pipeline to Apex Industrial Park $42,000,000 Under Construction Late 2020 South Point Hotel Casino & Spa Renovation $40,000,000 Under Construction September 2020 UNLV Howard R. Hughes College of Engineering Expansion $35,000,000 Planned TBD New Smith Center Parking Garages $33,000,000 Under Construction September 2019 Fremont Street Experience Canopy and Mall Reconstruction $33,000,000 Planned May 2019 Fertitta Football Complex $31,000,000 Under Construction Spring 2019 UNLV Harry Reid Research and Technology Park Bldg. 3 $30,000,000 Under Construction Spring 2019 Sahara and Las Vegas Blvd Pedestrian Bridge $27,500,000 Planned January 2024 Southern Hills Hospital Behavioral Health Center $26,000,000 Under Construction 2019 UNLV University Gateway Development Phase II $18,000,000 Under Construction Q2 2019 Starwood Hotel (near Las Vegas Motor Speedway) $18,000,000 Planned 2019 Las Vegas Strip Pedestrian Bridge $16,900,000 Under Construction Jul-19 Mountain's Edge Sports Complex $16,000,000 Under Construction Early 2019 Residence Inn - St. Rose $16,000,000 Under Construction April 2019 McCarran Airport Infrastructure Improvements $8,000,000 Planned DND Treehouse Las Vegas $7,000,000 Planned Mar-19 Southern Nevada Market Update