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Las Vegas kicks off a strong market in commercial real estate |
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Thursday, 21 September 2006 |
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Commercial real estate in Las Vegas booms despite the cooling residential real estate market dampening. The dollar value for commercial building permits in June jumped 154.4 percent from the same month a year ago to $179.6 million, even though the number of permits remained about the same, a UNLV research center reported. Residential building permit valuation fell 19.7 percent to $437.5 million.
The strength of commercial development, combined with growth in both taxable sales and gaming revenue, was not enough to prevent another monthly decline in the Southern Nevada Index of Leading Economic Indicators, which slid to 132.26 in August. It was 132.53 in July. The large positive change in commercial building permit valuation is given a small weight in the index, in part because large positive swings often are followed by negative swings. The index is a six-month forecast from the month of the data (June), based on a net-weighted average of 10 series after adjustments for seasonal variation. The accompanying Review-Journal chart includes several of the index's categories, along with data such as new residents and employment and housing numbers, updated for the most recent month for which figures are available.
Edwina Baniqued
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Real Estate News 