#1 Fastest Growing U.S. Market for 2007
July 1, 2000: 1,393,381
July 1, 2006: 1,777,539
Percent change: 27.57 percent
* Population statistics from the U.S. Census Bureau
Percent change: 31.71 percent
* Job statistics from the Bureau of Labor Statistics
|Table of Contents|
|The Top 10 Fastest Growing Markets in America|
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|
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The population of the city of Las Vegas grew by 19.09 percent from 2000 to 2006. The city experienced double digit growth in every age group except the 20 to 24-year-old and 65 to 74-year-old age groups, and the 85 and older group had more than 50 percent growth.
Some of the major growth in the MSA occurred outside of Las Vegas proper, in the suburb of North Las Vegas, which grew by 64.77 percent from 2000 to 2006, with huge growth in all age groups.
The area is clearly attracting not only tourists, but also permanent residents of all ages—young people, families and retirees. Plentiful job opportunities, entertainment and warm weather are major draws.
Home prices that are more affordable than those in many nearby California markets are likely helping to attract new residents as well. In the second quarter of 2007, the average price for an existing single family home in the Las Vegas-Paradise MSA was $307,900—an attractive number when compared to Californian cities such as Los Angeles, which had an average price of $593,000, according to a report by the National Association of Realtors (NAR).
The Las Vegas-Paradise MSA was ranked third in the nation for its foreclosure rate for the first half of 2007, according to RealtyTrac. A steady supply of inventory is helping to keep prices down and create bargains, although it is not a positive factor for the overall economy.
The Las Vegas-Paradise MSA experienced huge job growth from 2000 to 2006, with annual growth ranging from 4 to more than 7 percent every year except 2002.
Within the city of Las Vegas, jobs in the construction industry increased by 53.38 percent from 2000 to 2006. Overbuilding has been a problem in the area (see our article on the Top 5 Overbuilt Markets), and construction has slowed significantly from 2006 to 2007. Single family permits in the MSA declined by 41 percent from August 2006 to August 2007 and multi-family permits declined by 65 percent, for a total decline of 49 percent–much higher than the national average of 24 percent, according to the National Association of Home Builders (NAHB).
Other sectors of the city of Las Vegas with large increases from 2000 to 2006 included: 32.16 percent in manufacturing; 24.36 percent in wholesale trade; 36.83 percent in finance and insurance, and real estate and rental and leasing; 42.55 percent in professional, scientific, and management, and administrative and waste management services; and 26.33 percent in educational services, and health care, and social assistance.
Although visitor volume grew by 8.55 percent from 2000 to 2006, visitor spending grew by 25.29 percent during that period, and gaming revenue grew by 38.74 percent, according to The Center for Business and Economic Research at the University of Nevada, Las Vegas.
A limiting factor for the growth of the Las Vegas real estate market may be water supply; the area is dependent upon the Colorado River, which is experiencing a serious drought (for more information, see our article Water Shortage Could Transform Markets.