Last night, M Resort opened with nearly 2000 new hires, 12,000 more jobs are coming to City Center later this year, followed by thousands more expected from Cosmopolitan and Fontainebleau Resorts. These jobs have always created multiple spin-off jobs in the local area to not only support the properties, but additional services needed for more business and residents added in the community. Everyone of those employees need a place to buy groceries, clothes, gas and more.
Other service businesses continue to grow here as well. If you are a landscape contractor or want to start a pool maintenance company, we constantly have more lawns and more pools. That is what happens when 5000+ people move into your area every month.
There is the new airport, the Wal-Mart distribution center and a new call center for the City of Las Vegas Redevelopment Agency, which could be bringing as many as 2500 more jobs. A few days ago Ecompass Group Affiliates, an electronics repair, parts, and logistics firm, announced they will be opening their own 38,000 square foot Las Vegas center. It will be located in ProLogis Park, where Amazon.com and Monster Cable have located in a 513,000 square foot building.
These latest non-hospitality jobs are not only a further diversification of the Las Vegas economy, they are a sign that the lower commercial and industrial rents and property pricing have made Las Vegas an even more appealing market to enter. With it’s low-to-no tax structure, technology, communications and connectivity infrastructure, and logistics capabilities it offers so much to business locating in Las Vegas.
Relocation.com ranked Las Vegas as their top relocation city for 2008, and has predicted Las Vegas as the top relocation destination again for 2009. Other predictions and surveys have also ranked Las Vegas high among top relocation cities of 2009. This doesn’t come as a surprise as many (like me) in recent years have been looking to escape the cold nasty weather for warmer climates. Frankly, I don’t know how people live in those places.
Remember, Las Vegas has more non-gaming entertainment per square mile than anywhere else in the world. Add no personal income taxes and it becomes more apparent. Combine this with the fantastic bargains in Las Vegas single family homes, and it becomes an even more attractive destination. All of this also provides businesses an ability to present these perks to potential hires, and to their additional advantage, an apparent desire of many wanting to relocate to Las Vegas.
No, we are not out of the woods yet, but this is where you are going to want your investment dollars, because Las Vegas will emerge earlier than any other metropolitan area.
If you would like help buying real estate in Las Vegas, whether for your personal use, or for investment, please contact me.