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Overview 

With a population of 665,000, Las Vegas plays a big role in the U.S. economy. Nevada has a GDP of $260 billion, with construction contributing $20 billion, much of which is due to growth in Las Vegas. 

Major Projects and Growth Opportunities 

 Projects such as airport improvements are being invested in as tourism is the largest industry in the city, attracting millions of visitors every year. As more companies move to Las Vegas, the tech industry continues to grow rapidly, specifically in cybersecurity and software. Healthcare is also increasing, with new hospitals and clinics under development to address an aging population. The real estate sector has also grown in Las Vegas as more visitors permanently move to the city. 

Sustainability and Infrastructure 

Las Vegas invests in green energy like wind and solar power. Efforts are also underway to manage water better and cut carbon emissions. Updates to public transit and electric vehicle charging stations are part of infrastructure plans. 

Challenges 

Commercial construction professionals looking to operate in Las Vegas need to be aware that the city has a high unemployment rate – 6.7% for the Las Vegas metro area. This may make the ongoing labor shortages in the construction industry even more challenging to address. Environmental concerns, such as recent natural disasters and ongoing climate change, provide building opportunities and challenges for long-tail projects. 

Future Outlook 

The future of Las Vegas has some positives and negatives. Growth is expected to continue but may slow down due to economic and climate problems. Investment in fields like biotech and clean energy could increase economic growth. Green and smart policies will shape the future, but housing costs and climate risks must be addressed for long-term growth. 

WPP MSA Las Vegas CHART_20241118.01

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