LAS VEGAS REBOUNDING? May 28, 2010

In a report that is sure to bode well for the beleagured housing industry in Las Vegas, we learn that business is bouncing back, according to USA Today (May 21).  Officials in Vegas report a seven month growth in tourism.

 The 36.3 million tourists who hit Vegas last year was a drop of almost 3 million from 2007. Those numbers are now changing–there is a 3% increase projected for the year overall, which should bring the numbers up to about 37.5 million for 2010.

Tourist visits account for about 35 billion dollars into the local economy every year, and that provides about 235,00 jobs. That ought to do something for the housing market. And since those tourists come from all over, this should bode well for the economy in general–it says that people have a little extra money to throw around again.

 It’s also good news because Las Vegas, an area particularly hard hit by the downtown in the economy and real estate, is in itself, starting to turn around. So goes Vegas, so goes the country? Let’s hope. Keep feeding those one-armed bandits, folks!

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