Glass Half-Full Analysis on the latest Economic Indicators
New Resident Count: Down to 4,612, but it’s still pretty powerful to have nearly 5000 new residents showing up each month.
Total employment: Down less than 5000 from a year ago. In a city with one million jobs, the fact that despite all of the downturn in construction, lending, title, and mortgage, employment is only down 5000 jobs is quite a testament to the underlying growth power of the Las Vegas Region.
New home permits: Down 57%. Remember: this is a good thing. Fewer home permits mean we work through the inventory overhang faster.
Existing Home Sales: Up slightly from last year. There is hardly any other place in the country that sold more homes in May 2008 than they sold in May 2007. Vegas pulled it off because we’re going through a recovery.