Las Vegas, NV

Las Vegas is looking to capitalize on the rising costs in Silicon Valley. Drawing in tech companies and startups (and their well-compensated workers) would add some much-needed diversity to the city’s economy, as well as bring a lot of money to the area.

City officials have begun a top-down effort to attract healthcare and technology companies, passing friendly tax laws and building flashy office parks. This has had mixed success so far, although it is still early. However, the gaming industry is still large here, and new casinos will continue to be a sizable chunk of construction spending.

The gaming industry was hit hard by the pandemic. Unemployment in Las Vegas was briefly almost 35% – higher than even during the Great Depression. It has since improved, but a shock of that magnitude will need time to heal. Las Vegas has lost trade workers over the last year. Together with the expected growth in construction volume over the next few years, this means that developers must do more with less. This will push labor costs up in the short term.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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