Las Vegas2018-09-26T12:41:16+00:00
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Las Vegas-Henderson-Paradise

Las Vegas is projected to close out 2018 with 14.9% construction volume growth.

After surging from 2013 to 2018 averaging 12.2% annually, construction activity levels are expected to grow at a more sustainable rate the next two years. The largest surge of volume has materialized in the residential sector, averaging 18.1% growth over the last six years. While volume levels have been rising, labor and subcontractor capacity is expected to handle the increase according to union officials. Developers are approaching their projects differently in Las Vegas since the recession, phasing projects to anticipate demand rather than potentially creating a “capacity bubble”. Timing of current projects is a concern. The Raiders Stadium, Resorts World, Wynn and the Convention Center are all starting within six months of each other. The residential, healthcare and infrastructure sectors will lead the growth for the next two years. Residential will grow at an average rate of 8.6% annually while healthcare construction is expected to increase at a 6.4% average annual rate over the next two years.

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