While the rest country is experience a construction slowdown due to a burst in the mortgage bubble, Las Vegas continues to grow in both the size and value of the real estate market.
Las Vegas' population blast, hearty economy and job growth are fueling an unprecedented Las Vegas Condo and house building boom, with nearly $9 billion worth of construction projects planned in 2007-08. Construction is Nevada's second-largest and fastest-growing employer, trailing only gaming and hospitality, reports the state Department of Employment, Training and Rehabilitation.
Construction is now responsible for nearly 150,000 jobs statewide - about 11 percent of the state's total work force - contributing $5.1 billion annually in wage and salaries, while generating $14.7 billion worth of economic activity.
The Vegas Strip is the primary location with $35.46 billion worth of projects planned through 2010, reports the Las Vegas Convention & Visitors Authority. Construction plans will add 42,092 more hotel rooms, 2,562 timeshare units and 3.49 million square feet of convention space. Another $13 billion in tentative projects could also build 36,703 hotel rooms and 7,088 timeshare units.
The luxury condo and condo-hotel high-rise market is helping keep local constructors busy with 69 projects, totaling 45,616 units, planned in the first quarter, reports Restrepo Consulting Group, a Las Vegas-based economic research firm. While there have been some well publicized cancellations, many other developments are still moving forward.
The South Strip, meanwhile, is a beehive of Las Vegas Real Estate construction activity, AmLand Development/B.S.R.'s $600-million, 960-unit One Las Vegas is taking shape at Shelborne Avenue and Las Vegas Boulevard South. Kansas City, Mo.-based J.E. Dunn Construction Co. is the contractor for the 19.5-acre, five-tower condo complex scheduled to open in early 2008. There are also several other smaller constructions are also going on in the South Strip ranging in size from $90 million to $450 million.
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