Las Vegas economy is gradually inching out of last place. This is based on a new study ranking the growth of 200 worldwide metropolitan economies. Global MetroMonitor, a periodical by Brookings Institution placed this city at 179th position. This marks an improvement over its ranking in 2010. Still, the city of Vegas is yet in recession and its recovery might last a while. Despite below average ranking, economic trajectory of Las Vegas is typical on the entire Nation. Both the US and local economies are attempting a comeback from recession effects, as markets developing within Eastern Europe, Latin America and Asia surge. Just like other parts of the country, Las Vegas prospered in the boom-era owing mainly to domestic consumers, since it offered them housing and hospitality services, along with retail products.
Can Las Vegas make a strong comeback with Tourism?
The Brookings study compared annual employment and income data from three time intervals, starting with 1993 to 2007. It then threw in the worst recession year, before finally accounting for 2010 to 2011. Las Vegas had the 18th fastest-growing world economy between 1993 and 2007. At recession depths however, the city was 199th worst economy. Between 2010 and 2011, Vegas had attained 179th fastest-growing economic status. It is difficult to compare this result to Brookings Global monitor 2010, where Las Vegas took position 145 out of 150. Researchers added 50 cities in this latest edition, including new indicators such as expanded industry tracking. This city now appears to be moving ahead, mostly owing to improvements made in tourism.
Rust-belt cities which have posted declines for decades outpaced growth of Las Vegas economy in 2011. Their downturns give reasons for this trend, since they trace back to a manufacturing slump, when tough times in Southern Nevada arose from construction depression. Manufacturing is rebounding today, as businesses in the world over replenish inventories. Individuals within emerging markets are also beginning to purchase cars and related consumer goods. The path to growth of local economic growth for Las Vegas seems to be highlighted by construction struggles and gains in tourism. Only the three cities of Rochester, Houston and Dallas ranked among 50 best-performing economies. Majority of those in top 50 positions were in Latin America, Asia and Eastern Europe. It is thus essential for Vegas to market itself well in these regions. Economic revival for this city will mostly improve if Las Vegas does not forsake its traditional strongholds of construction and hospitality. Building multiple houses is not likely the best way forward however.
Brookings published a report in November recommending that Nevada State encourage investments in aerospace and defense, health care, information technology, clean energy as well as logistics and distribution. The Office of Economic Development coordinated by Gov. Brian Sandoval is drawing up a strategy for recruiting new companies and helping existing businesses to expand. Las Vegas can still pop right back up the top 50 chart if it chooses to diversify. The most critical assessment is in determining an attainable growth rate and setting up an action plan to get there.
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