Las Vegas Experiences Slowest Population Growth in 10 Years

April 03, 2008 - The 2008 Las Vegas Perspective, which compiles data about Clark County and its residents, was released on Thursday.

Although the average Las Vegas family made more money in 2007, the cost of what they were paying for their mortgage or rent increased at a higher rate. At the same time, the unemployment rate reached it's highest level in five years and even though an average of nine people moved into Las Vegas every hour, it was the lowest rate in a decade. After years of economic growth, Las Vegas hit a big speed bump in 2007, especially in the housing market.

"It's a new kind of real estate right now. It is very different than two years ago," said Keoni Heaston, a realtor who moved to Las Vegas five years ago when the housing market was heating up. That all changed in 2007 when home foreclosured jumped by 482-percent over 2006.

"I am showing a lot more houses. It takes a little longer to find something because there is a ton of inventory out there," he said.

Jeremy Aguero, who helped gather the data for the Las Vegas Perspective, says the explosive Las Vegas growth in all sectors from 2003 to 2006 was not sustainable.

"I think that we are very much addicted to that growth. Our economy is doing some right-sizing and that is creating discomfort for some people," said Jeremy Aguero, Applied Analysis.

"Historically this has always been a good place to be and we are not recession proof. We are not bullet proof," said Somer Hollingsworth, Nevada Development Authority. He adds that southern California's passage of a huge tax increase recently will push more businesses to Las Vegas and that will help energize the local economy.