Overview of Las Vegas Economy
The economy of Las Vegas primarily relies on tourism. Each year, more than 37 million people visit the region. As stated by the Center for Business and Economic Research at the University of Nevada, visitors spent around $33.7 billion in 2004 alone. While the economy was severely affected by the terrorist attacks of September 11, 2001, most industries managed to recover by the year 2003.
The downtown economy of Las Vegas, however, continued to suffer, making it increasingly difficult to draw the tourists to the downtown area. Nevertheless, the city remains a foreign trade zone, attracting a large number of local and foreign businesses. The major employer in the city is the Clark County School District, whereas the service and entertainment sectors collectively make the biggest employers in the city.
Las Vegas has also been experiencing a constant population growth, which is why the housing construction industry has become extremely important. In 2005 alone, 20 residential projects involving over 300 acres of land were initiated.
Incentives to Businesses
To foster the development of industries, the state of Nevada works with Las Vegas’s business community to provide incentives in the form of tax relaxations, free-of-cost site location services, limited liability protection, special loans, and vocational training programs.
The State-level incentives include various programs meant to benefit startups as well as having a lenient tax structure throughout the state. Apart from various tax deferral and abatement programs, several other incentives exist including the community development block grants, industrial development bonds, global trade programs, renewable energy abatements, etc.
Besides, the job training programs offered by the Nevada Department of Employment, Training, and Rehabilitation target both employers and workers. These programs pertain to screening and recruitment, career enhancement, tax credit benefits, labor market insights, and other areas of training.
To prepare the state’s workforce for corporations, the state of Nevada Commission on Economic Development initiated the Train Employees Now Program (TEN), which conducts skills-based training programs tailored to meet firms’ needs. Community colleges and local businesses provide training providers to the TEN Program. Various education institutions in the state also provide professional training programs.
Development Projects
Owing to the ever-growing number of tourists the city attracts, the race to build the most amazing casino/resort continues in Las Vegas. In response to new venue set-ups, the already prestigious casinos and resorts keep on expanding. The Caesars Palace, completed in 2005, is a 26-story tower with 949 rooms, and a capacity to add rooms up to a total of 3,300.
Likewise, the Renaissance Las Vegas Hotel that was inaugurated in 2004 is a 14-story hotel with 548 rooms, meeting spaces of over 20,000 square feet, and a variety of amenities. When it comes to hotels though, the Wynn Las Vegas outplays every other player with a price tag of $2.7 billion. Opened in 2005, this extravagantly appointed hotel spreads across 217 acres carrying 2,716 rooms, starting from 630 square feet. Among the features include 18 different restaurants, its own Ferrari-Maserati dealership, an 18-hole golf course, and an art gallery presenting the likes of Vermeer, Gauguin, Rembrandt, Picasso, and Cezanne.
Community development projects are an ongoing phenomenon in Las Vegas. The fastest-growing master community project in the city is known as Summerlin, which is located along the western rim of the Las Vegas Valley. Spread across 22,500 acres with 16 different villages, the project included parts, schools, golf courses, and homes that were supposed to grow until 2020.
Commercial Shipping
The city’s major airport, the McCarran International Airport, serves over 600,000 pounds of cargo arriving and departing annually. A designated Foreign Trade Zone (FTZ) within the airport offers cargo handling and storage services. Plus, US customs service and package support, and other support and warehousing services are also available.
Southern Clark County is the heart of the extensive transportation network including three major highways: Interstate 15, the US highway 93, and the US Highway 95. More than 50 freight carriers operate through this transportation network.
Employment and Labor
Given the rapidly increasing population of the city, Las Vegas’s labor force continues to expand at record rates. Plus, the region also boasts the highest growth of new job prospects in the country. With continued enhancements in the hospitality and gaming sector, the job prospects remain bright.
Living Standards of the People
Given the low tax rates across the state of Nevada, rent, energy costs, wages and everything else is cheaper. This fosters greater purchasing power for the people resulting in decent standards of living and flourishing business activity.
Truck Rental Las Vegas
Las Vegas certainly represents a vibrant business community offering a diverse market. It remains a popular tourist destination attracting people from all over the world and different backgrounds. This creates an incredibly diverse market for businesses.
With a rising population, the housing and residential construction industry continues to expand in the city. Numerous construction firms are re-locating to the area to take advantage of the opportunity. If you’re one of those construction companies looking to expand operations in the city, you’ll want to consider affordable truck rental in Las Vegas to cater to your transportation needs.
When it comes to truck rental, you can’t just any truck rental agency out there. While the financial aspect is certainly important, there are other important considerations such as your reliability of the trucks, your project needs, flexibility to cater to different industries, etc.
Summit Fleet, one of the most reputable truck rental agencies, makes an ideal choice. The reason why its regarded as a leading truck rental agency is its customer-centric approach. This allows the company to more often exceed customer expectations rather than merely meet them.
To get in touch, please call at 888.664.9570.
