(PRWEB) June 27, 2004
Las Vegas Valley spreads across 514 square miles. And every hour, 24 hours a day, 365 days a year, two acres of that land are developed for commercial or residential use. What drives this rate of development? With 6,000 new residents moving to the Las Vegas area each month, $4 billion annually is being pumped into both commercial and residential construction. Nevada, according to the recent U.S. census, is growing at a faster rate than any other state.
Clark County had, at the end of 2002, a population of over 1.5 million people. At that time, Las Vegas was home to 520,946 citizens. A critical question, considering proper infrastructure management (transportation, police, utilities, etc.) is can this rate of expansion continue? The Las Vegas Chamber of Commerce indicates that the state of Nevada is projected to lead the nation in growth rate through 2007. Between the years of 2002 through 2007 the population will increase from 2.17 million to 2.59 million (19%).
By their calculations, the Las Vegas metro is expected to continue to lead the country in growth over that same period of time by growing from 1.71 million to more than 2.08 million, an increase of 21%.
What will these people do for work? Current figures from the U.S. Bureau of Labor Statistics show that for May, 2004, unemployment in the Las Vegas Metropolitan area stood at 4.4% vs. 5.6% for the nation. That's employment for 896,373 people. And according to the Las Vegas Perspective 2003, the median household income was $45,607.
Las Vegas has consistently maintained the highest new job growth in the U.S. Of the 25 cities likely to have the country's highest employment growth over the next five years, a Forbes Magazine study ranked Las Vegas sixth. Since 1990, Las Vegas has also ranked number one in high-tech job growth (primarily high-tech services). More than half of the new companies that recently relocated to the Las Vegas Valley were high-tech/manufacturing firms.
Good years lie ahead for the land the Spanish called 'the meadows.'
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