VBD Weekly / MARCH 17 2023

MARCH 17 2022 / ISSUE NO. 67 / ARCHIVE

This Week's Top Stories

Las Vegas Home Prices Leveling Off in February 2023

According to a report released by Las Vegas REALTORS^® (LVR), local home prices leveled off in February 2023. The median price of existing single-family homes sold in Southern Nevada through LVR’s Multiple Listing Service (MLS) during February was $424,995, down 5.6% from one year ago. By the end of February, LVR reported 4,665 single-family homes listed for sale without any offer, up 167.9% from the same time last year.

*PNC Chief Economist Gus Faucher (Courtesy of PNC)*

This article is written by PNC Chief Economist Gus Faucher.

Retail sales were down 0.4% in February, but the details were better. Sales growth was mixed across segments.
January’s big increase was revised higher, and retail sales are up from late 2022. The very strong labor market is the primary driver of rising retail sales.
Consumer spending is set to fall later this year as the U.S. economy enters recession.

The Nevada Governor’s Office of Economic Development approved four companies to receive $4,922,335 in tax abatements. In return, these companies are projected to create 85 jobs in the next two years at an average weighted hourly wage of $28.89. That figure is expected to grow to 134 in five years. Additionally, these companies will make capital equipment investments of $53,130,770 in the first two years of operation and generate $22,709,120 in new tax revenues over the 10-year abatement period.

L to R: Councilwoman Francis Allen-Palenske, Councilwoman Olivia Diaz, Mayor Pro Tem Brian Knudsen, Mayor Carolyn G. Goodman, Councilman Cedric Crear, Councilwomen Victoria Seaman and Councilwoman Nancy E. Brune (Courtesy of City of Las Vegas)

The Las Vegas City Council approved the HOME-ARP Allocation Plan (the plan) to fund development of affordable rental housing and for supportive services. As part of the 2021 American Rescue Plan Act (ARPA), the City of Las Vegas has been awarded $8,289,072 of HOME-ARP funds to address the need for homelessness assistance.

*The Mirage (Courtesy of Hard Rock International)*

Hard Rock International has joined the roster of presenting partners for the Formula 1 Heineken Silver Las Vegas Grand Prix. Hard Rock will have its own Strip-adjacent grandstand structure, designed to seat up to 3,000 fans.