LAS VEGAS (KTNV) — Locals and voters across the country made it clear the economy is the number one issue facing us all. This was the main topic of discussion at the annual Outlook Event hosted by UNLV's Center for Business and Economic Research.
Wednesday, local business leaders and economists gathered for a panel discussion at Fontainebleau, outlining the trends we're seeing in Southern Nevada.
While the price of gas, groceries, and interest rates slowly drop, experts say our future looks bright. Let's look at a breakdown of the top economic drivers here in the valley that we should all be watching in 2025.
For starters, local economists project healthcare to be the second biggest industry here in Southern Nevada by the next presidential election. Not surprising, the Las Vegas Medical District has seen substantial growth in recent years — including at UNLV's Kirk Kerkorian School of Medicine which opened back in 2017.
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If predictions are right, growth in our healthcare community is good for all of us.
Meet Rickelle Tallent, a mother and registered dietitian who owns her own practice here in Las Vegas.
"I think Vegas has grown a lot, we're not just known for gambling, we have all kinds of sports now, we have great food, so to add healthcare to that would be amazing. I think it's possible," Tallent said.
She hopes the growth in healthcare locally means access for everyone.
"But I'm hoping it's access to good quality healthcare," Tallent said.
She tells me one of the ways that could happen is by incentivizing doctors to practice in Las Vegas, which could in turn free up jammed waiting rooms and allow doctors to have more time with their patients.
"Then we can get better outcomes for our patients and then they'd have more trust in us and it'd be a more positive cycle than the one we're seeing now," Tallent said.
Her hope could be a reality according to a new UNLV report showing healthcare is one of several booming industries here in Clark County.
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Director of UNLV's Center for Business and Economic Research Andrew Woods tells me healthcare is just one of the booming industries in Clark County.
"Jobs are shifting from food and accommodation to arts, entertainment and recreation, and that's part of the sports and entertainment economy that's happening in Southern Nevada," Woods said.
He tells me that we bounced back from a short pandemic-related recession, adding that one in five small businesses in Nevada were started during the pandemic.
In the year ahead, Woods says sports, entertainment, and hospitality will still dominate our economy, but experts say there could still be challenges for locals — particularly those who are lower-income households.
"The top line numbers of the economy look good, we're not expecting or forecasting a recession," Woods said. "That doesn't mean for everyday average individuals who are actually experiencing the economy things aren't a struggle, particularly on the affordability front on housing, food and gas."
Still tough, optimism has carried into the local economy, especially the construction industry. Despite the pandemic and higher home prices, construction has remained strong.
"Things look positive, and we hope to be able to expand and buy the equipment and the materials we need, but always making sure we have a reserve," said Bryan Sundell with Stewart & Sundell Concrete.
When it comes to the labor market, experts say we're still seeing about 10,000 fewer workers post-pandemic. Nevada's unemployment rate sits at 5.6% whereas the national average remains 4.1%.
Economists stressed to me that these numbers are only projections and are subject to change as our local economy changes — something they'll be watching closely.
