Las Vegas NowOutlook Mixed from Las Vegas Perspective

Outlook Mixed from Las Vegas Perspective

The 2009 Las Vegas Perspective shows that while some economic trends look gloomy, others paint a more optimistic picture.

The cover of the Perspective says it all. Some people will look at the data and see this glass half empty while others will see it half full.

"There are a lot of challenges ahead of us. Once we get through those challenges, once that happens, we can see the benefits after that," said worker Donny Perach.

Research in the Perspective says Las Vegas lost more than 41,000 jobs last year. For the first time since 1995, the population of southern nevada shrank. But with the average price of a home falling to $154,000, more people can own the American Dream.

Nevada Development Authority President and CEO Somer Hollingsworth says affordable housing and low taxes work in our favor when it comes to job creation, even in this recession, "We have got really business friendly state and local government here. In California, that has gone away completely."

Nevada ranks third in the nation for the state with the best tax climate, behind Wyoming and South Dakota. California ranks 48 out of 50 for those same tax categories.

Since January, 20 companies have finished deals to move from California to Nevada because of massive tax increases there to cover budget deficits.

The Nevada Development Authority is not done either, "I think we are going to see another eight to 10 quality companies come out of California and move over here."

Hollingsworth says while the research in the Perspective looks gloomy, it's not as bad as other areas and there are plenty of bright spots for the future.

When it comes to housing, the perspective shows 16,500 homes in the valley are bank owned because of foreclosure. 70-percent of all homes for sale are vacant.

Las Vegas leads the nation for the number of homeowners with negative equity at 58-percent. Nevada also led the nation in approving sub-prime mortgages, which contributed to the recession.

Channel 8 is a sponsor of the Las Vegas Perspective.