The Brookings Institution just released a report on American business competitiveness entitled œClusters and Competitiveness: A New Federal Role for Stimulating Regional Economies. Brookings ranked Las Vegas, Nevada #7 on a list of the nation™s 100 largest metropolitan areas in terms of high concentrations of industries that interconnect to compete more effectively on a global scale. This is exactly what the Brookings authors meant by “clusters”. In the case of Las Vegas specifically, this means gambling, entertainment, shopping and dining industries that are able to compete for tourist dollars world-wide. There can be no question that Las Vegas is doing a highly effective job of competing in this arena.
As a corollary, the Brookings Report also verified that employees in cluster enhanced businesses tend to earn more money than their noncluster counterparts. For example; bartenders, wait staff and maids (just to name a few) that work in world-class Las Vegas resorts are generally earning higher wages than their equivalent in other cities. In fact, from 2001 to 2006, personal income in Las Vegas rose 58 percent, according to the U.S. Commerce Department, more than in Sacramento, (33 percent), Phoenix (42 percent) or Denver (23 percent).
The Michelle Sterling Team is constantly telling the economic story of Las Vegas, Nevada. The foundation of the residential real estate market in Las Vegas is built on a solid economic base that provides a steady supply of jobs. Todays temporary market oversupply notwithstanding, Las Vegas homes have a bright long-term future as a solid investment that provides an outstanding quality of life.