The Las Vegas Worldwide Economic Alliance (LVGEA) held its first VISTA ’22 conference, which provided an in-depth projection on regional, national, and global statistics. VISTA ’22, which took place at the M Resort and online, brought together Dr. Chris Thornberg of Beacon Economics and Jeremy Aguero of the Las Vegas Raiders, as well as a lineup of respected panelists, to offer the audience with the data and knowledge needed to do business in 2022 and beyond.
The Las Vegas Raiders’ Chief Operations and Analytics Officer, Jeremy Aguero, spoke about the statistics underlying the consensus prognosis as well as his own projections.
“The greatest way for us to create jobs is for existing businesses to keep investing and innovating.” As a result, the region remains appealing. It’s not just about luring new businesses; it’s also about ensuring that the atmosphere is conducive to doing business.
The national economy, the consequences of the stimulus and government mitigation measures, and whether inflation will be a concern in 2022 were examined by Christopher Thornberg, a founding partner of Beacon Economics.
“During the last recession, the government’s response was insufficient. It was over the top this time. Surprisingly, just a small portion of the stimulus funds were spent on non-essentials by those who needed it. This economy has a lot of money floating about. We’re wealthier than we’ve ever been, but keep in mind what’s underneath it: a vast expansion of the money supply and national debt.”
‘Ask the Experts’ is a panel of experts who will answer your questions. Bob Potts, Deputy Director of the Nevada Governor’s Office of Economic Development; Cathy Jones, CEO of Sun Commercial Real Estate; and Nat Hodgson, CEO of the Southern Nevada Homebuilders Association were among the panelists. Betsy Fretwell, Senior Vice President of Corporate Development at Switch Cities and Chairwoman of the LVGEA Board of Directors, led the discussion.
The panel discussed demographic, real estate, and tourist trends in the region, as well as highlights and analysis from a new consensus projection.
Bob Potts gave an overview of labor trends as well as regional resource restrictions. “I feel that many of the jobs that have been lost in the tourism industry will not be replaced. Working with partners, I believe we will be able to retool some of those positions. We’ve always been a retooling and innovating community.”
“We’re constrained by two factors: land and water.” The Southern Nevada Water Authority is, without a doubt, at the top of their game. They’re putting in long hours and setting the tone for water management in the region.”
Cathy Jones: Office and industrial real estate trends, as well as how we compare to other markets. “The lands law is moving forward, but it will take time.” Although it appears like we have a lot of property accessible, there is actually very little privately owned land in the region. The cost of land for industrial purposes has nearly doubled. This has a significant impact on the whole cost of construction, contributing to growing real estate expenses.”
Natt Hodgson: Discussed the rise and need for stabilization in Southern Nevada residential real estate, as well as whether or not we are in a bubble. “We are a capitalist country when it comes to resale.” Housing prices are higher due to a lack of supply and a high demand, and the goal is to see them stabilize. The good news is that there are no ridiculous metrics like there were during the Great Recession.”
“Our Vista event was a huge success because to our generous sponsors, informative speakers, and all of our participants,” stated Jared Smith, LVGEA’s Chief Operating Officer. “Wonderful talks about the future of our economy and community are being driven by diverse opinions on a range of themes.”