The time has come to look to the future and get a grasp on what we can expect moving forward now that the New Year is in full swing. The wave of uncertainty from 2016 has finally passed, and, in the midst of much anticipation and hope, the future looks bright for the Las Vegas job market. In addition to the usual financial gains from the gambling, dining, shopping and entertainment industries, there are also a number of job opportunities becoming increasingly available for residents less interested in the glitz and glamour.
Here is a guide to understanding the Las Vegas job market in 2017 and the many ways the city is growing.
Out with The Old and in with The New
Now that 2016 has come to a close, Nevada residents can focus on the notable job growth expected to take place in the coming months. After years of economic prosperity, the Las Vegas job market is showing no signs of slowing down. The city plans to welcome economic growth through a number of lucrative industries both old and new this year. Before I break down the forecast for this year’s Las Vegas job market, I am going to look back over the city’s recent trials and triumphs to see how far we have come already as we enter this new age of progress.
Financial Ruin and Economic Rebirth
Las Vegas was one of the cities that got hit the hardest by the 2008 housing market crash. Because Nevada’s economy is based largely on tourism, consumer spending and construction, the recession caused an economic downturn the state is still recovering from. Most businesses, however, are now back on the path toward growth.
Even though homeowners and the state struggled for years, the area’s diverse job base has helped restore hope and facilitate progress. This year’s job expansion rate will be the highest it has been since the recession, and the state is aiming to have more jobs than it did before the recession by the end of 2017.
Las Vegas: The Major Resort Destination
In the near decade since the housing market crash, Las Vegas managed to maintain its status as one of the leaders in the resort industry. The city has enjoyed sustainable job growth courtesy of its casinos and resorts, and it plans to add the most new jobs out of any state over the next four years. By focusing on job creation in these industries, Las Vegas and Nevada as a whole will be on the road to complete economic recovery.
Because more jobs are scheduled to come back to the area, the city and state will enjoy the highest number of employees and lowest unemployment rate in years.
Gaming remains one of the city’s most lucrative industries, and its employment opportunities account for about a fifth of the total jobs available in Las Vegas. The casinos, like the ones run by Harrah’s Entertainment and MGM Mirage, the world’s two largest gaming companies, will remain big employers in 2017.
Being a gaming dealer is the ninth most popular job in Nevada, and, with The Strip’s expected growth in the new year, there will be more room for jobs in this industry. Gaming will drive the city’s economy in 2017 like it has in previous years, but, because Las Vegas suffered during the recession due to a lack of job diversification, it will introduce more diversity into the job market to avoid future economic issues.
Retail also prevails as one of the city’s most profitable enterprises, and the employment opportunities that stem from it make up a large portion of the total number of jobs available in Sin City. Consumer spending will remain a staple of the Las Vegas economy in 2017, and the retail industry will continue its reign as a major player in the employment game.
The most popular job in Nevada is working as a retail salesperson and serving as a cashier ranks third, so, in addition to the potential for higher wages in the new year, there will be a boost in consumer spending and a higher demand for sales professionals as a result. With more disposable income to spend, consumers will be more confident and willing to buy things while the improving job market will increase this confidence and encourage people to spend more.
Las Vegas: An Oasis for Expanding Industries
Because job diversity fuels a healthy economy, Las Vegas is opening its doors to new industries this year to boost its financial gains.Las Vegas residents with experience in science, technology, engineering and math should have a relatively easy time finding work, as those skill sets are seeing a rise in demand. When understanding the Las Vegas job market in 2017, it is important to think about how the city will expand its existing industries and make room for new ones moving forward.
Technology is becoming a prominent industry in Las Vegas, and the number of jobs associated with it is expected to rise this year. In addition to the improvements in telecommunications and electronic gaming taking center stage, the city has witnessed a push for more start-ups to expand their businesses in Nevada.
Apple and Microsoft are already present in the state, and ebay plans to extend its data center in the new year. Because Las Vegas has been enjoying its highest rate of startups ever, it hopes to introduce more technology, data, logistics and ecommerce jobs to the area.
Health service is an outstanding industry emerging in Nevada, and the amount of available healthcare jobs in the state is on the rise. Due to the growing and aging population, the city will add 13,000 more positions by the end of the year.
Family and general practitioner, pharmacist and general pediatrician are the three highest-paid professions in Nevada’s health and services industries, and job growth will benefit from further boosting this industry. These high-value, high-paying professions will continue to develop and take on more influence as healthcare continues to grow.
Las Vegas: The Ultimate Tourist Destination
With over 41 million tourists a year, Las Vegas is still one of the world’s leading tourist destinations. Tourism is the foundation of Nevada’s economy, and it brings a lot of jobs to locals every year. Because Nevada is reaching new records in the amount of tourists every year, new jobs will be added in this industry as the year goes on to accommodate demand. As long as visitors are certain about their financial futures, they will have the capacity to travel to Las Vegas and spend money while in town.
In addition to the growing number of tourists every year, the amount of people living in Las Vegas has also increased. The number of residential areas in turn has surged because more people are living in Nevada. Employment growth goes hand in hand with a booming population. For example, when locals and people new to the area take advantage of added city jobs, they will then use their salaries to invest in homes. As more skilled workers infiltrate the Las Vegas job market, they will broaden the region’s economic base, which will help the construction industry flourish.
Housing Construction and Prices
The flourishing job market offers Las Vegas residents increased stability, and as a result, construction will continue its role as one of the city’s leading industries this year. Development will continue to drive the economy, and, due to population growth, housing construction will be in constant demand. The rise in construction alone will add at least 10,800 jobs this year, which is 18% of the year’s new positions. So, whether you are looking for a job in construction, a new home or both, you are in luck, as housing will be strong this year.
The number of new apartments and homes will go up, so it is a great time to think about the many reasons to buy a luxury home in Las Vegas in 2017. House prices will be more realistic this year compared to years past both before and after the recession, and the number of house sales is planned to increase. Homeowners are less likely to suffer from foreclosures and bank-owned assets crowding the market this year, so if you are planning to buy a house, do so this year.
Learn More About Las Vegas Real Estate
Now that you have a solid basis when understanding the Las Vegas job market in 2017, figure out the industry that suits you best and begin searching for the perfect job. You can either stick with the usual Sin City enterprises or branch out into a developing industry to keep up with the changing employment landscape in Nevada.
After you track down the right job, begin thinking about the housing options available to you while the year is young to start living the life you have always wanted. Once you are ready to take the next steps toward finding to your dream home, please do not hesitate to contact me.