Many experts are saying it’s going to take a lot to create enough jobs in Las Vegas (Click here) to return the local economy to where it was before the recession began.
The Nevada Department of Employment, Training and Rehabilitation recently reported that Las Vegas‘ jobless rate has increased 92.7 percent since July 2008. During July, the Las Vegas-Paradise area saw its unemployment rate increase from 12.3 percent to 13.1 percent.
According to an article by the Las Vegas Sun, Brian Gordon, principal of Applied Analysis, said the Las Vegas area will need to create an additional 60,000 jobs in order for the unemployment rate to return to pre-recession levels. During July 2006, Las vegas had an unemployment rate of only 4.6 percent and a year-over-year increase of 48,900 jobs.
Unfortunately, there are few prospects for job growth during the next six months. CityCenter is expected to create 12,000 jobs when it opens this December, and that hiring could decrease the unemployment rate by about 1 percent, but the 3,000-room hotel Cosmopolitan isn’t expected to open until Q3 2010.
“It will certainly help to stop the bleeding,” Gordon said, adding that it’s going to take more than jobs to help revive the economy. “We need a substantial amount of economic expansion. That will certainly take time.”
The economy could begin to improve if the gaming sector expands and construction returns to normal levels. In addition, non-core industry sectors would also have to expand to help increase employment levels.