Las Vegas is in the middle of a top-down effort to diversify its economy. Officials began offering generous tax incentives after the casinos relocated to just outside the city limits in the 1990s.
Today, downtown Las Vegas is filled with flashy new office parks and convention centers. A few high-profile companies have relocated here, and officials hope that more will follow – especially as the Bay Area becomes more expensive.
The construction market in Las Vegas punches above its weight. Its casinos, resorts, and convention centers – still the key drivers of the area’s economy – reinvent themselves regularly to cater to tourists. Coupled with renewed efforts to bring in new companies, the market here should see impressive growth in the coming years.
There are, however, a few clouds on the horizon. Climate change is making a region famous for its hot and dry climate hotter and drier. The city must find new sources of water for its residents and has recently banned all “nonfunctional” grass. Policies like this will only become stricter as the city’s population grows. Even so, there are many reasons to be optimistic.