Rising Real Estate Prices Pushes Up Business Costs
Las Vegas, which is transitioning from gambling market to the entertainment capital of the world has seen 30% increase in the value of real estate in 2004 compared to the year before. An estimated 4 acres of land is used every day to meet the requirement of new constructions.
More and more business are moving to the Las Vegas valley area as there is no personal or corporate taxes here, thus bringing more employment and increasing wages to the people of the valley.
But the down side - The growing economy continues to escalate the property values. The sky rocketing prices of the real estate have compelled many developers to shift from their core business to general contracting. Making new project feasible has become difficult due to high land price, rising steel, concrete and labor prices.
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