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Slow, steady progress predicted at UNLV economic forum

Reported by: Krystal Allan
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Updated: 12/10/2012 1:27 pm
LAS VEGAS (KSNV MyNews3) -- Slow and steady -- that's the outlook for growth and economic progress.

UNLV's center for business and economic research puts on the forum twice a year.

The good news we're inching upward or leveling out five years after hitting bottom. On the flip side, it could be another five years, economists say, before we're back to pre-recession numbers.

When it comes to housing, home prices are actually up compared with the national average, but there's still a lot of inventory sitting around.

At the same time, our low prices are an attractive, which could bring more people here.

Construction, however, continues to lag, but is showing improvement.

As for tourism and gaming, Nevada’s main drivers, those numbers are expected to continue trending upward.

There are also some shifts. For instance, more visitors are coming in from California. Resorts are also shifting to retail, restaurants and shows, diversifying ways for people to spend instead of building more rooms and resorts.

As for employment, we can expect to see mild growth and a slight increase in incomes.

With credit remaining tight for businesses and consumers and uncertainties in fiscal policies in Washington, we still face some challenges.

If history holds true, before the recession, the west had the greatest rate of job and population growth compared with any other region in the country.

Right now, factors such as lower housing prices and energy are trending in a positive direction and could put the region back on top.
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