Sunday, October 16, 2005

More Workers, More Homes

Growth rate in Las Vegas

Job market in Las Vegas is way ahead of the other cities of U.S like the Los Angeles and New York. Service industry and the casinos are the most popular job providers in Las Vegas. For every hotel built in Las Vegas three jobs are created. In spite of more than 6000 residents moving into Las Vegas every month, the unemployment rate is only 4%. Las Vegas, known as the land of opportunity, has seen tremendous growth rate in the recent years but does not have the work force equivalent to it.

Real estate, construction and service industry form the major part of the cities job providers. The city has seen the decrease in unemployment rate from 4.6% in June 2004 to 4.1% this June. Most of the cities of U.S saw a maximum of 5.6% growth rate but Las Vegas enjoyed huge 7.7% increase with nearly 62,700 new jobs added in the past one year.

All this means more demand for homes as more workers move into Las Vegas to fill the shortage of workers in the city

posted by Diane @ 8:58 AM