Over the past few years, Nevada has been one of the nation’s fastest-growing economies. On a year-over-year basis, total nonfarm employment grew by 3.0 percent in Nevada from August 2018 to August 2019, good for second-highest behind Utah. The statewide unemployment rate has continued to drop as well, decreasing by 0.3 percentage points over the past year to 4.2 percent as of August 2019. This strong growth trend, now many years in, has naturally attracted investment and development of all kinds, including hospitality and technology investments that will help the state’s economy continue to be strong, diverse and sustainable going into the future.

Hospitality remains the core of the Las Vegas metropolitan area’s economy, and there are a number of investments in the pipeline that are under construction or close to completion that will help strengthen the regional economy’s core by creating jobs and attracting visitors. Three of the largest tourism-related investments are Resorts World Las Vegas, Allegiant Stadium and the expansion of the Las Vegas Convention Center, all of which are scheduled to complete in 2020 for a combined cost of $7.6 billion. These three projects will not only create a substantial number of local jobs, they all appeal to distinctive segments of the tourism market, such as the convention market or football fans, which helps diversify the visitor base. Other projects among the $19.1 billion in total tourism-related investments include the MSG Sphere and the Wynn Convention Center, which are both under construction, and planned projects such as The Drew and the Moulin Rouge casino-hotels.

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