More Las Vegas Jobs, More Homes Sold
At a rate much higher than the national average, jobs are becoming more available in Las Vegas. The Governor’s Office of Economic Development director, Steve Hill, cited that the Faraday electric car plant will have a $5.5 billion impact on the Las Vegas area when it is functioning to the fullest degree in the 2020’s. It will bring more people into the area, which will mean more real estate sales, as well as new projects and homes.
As more companies hire workers, more homes are being sold in Las Vegas.
Coyote Springs Gets New Life
Coyote Springs is one community that may see new life from the increase in jobs. During the Great Recession, this large, master-planned community was put on hold. It has re-emerged from a legal battle with the homebuilding partner and work is set to resume this year. This is good news for the Las Vegas real estate market, as well as the building and construction market.
Other Opportunities for Growth
While the new Faraday plant is good news for the area, there are still more than 6,000 acres that can be developed on the Apex industrial site. Other businesses include Hyperloop Technologies, which is planning a test facility for a transportation system at the Apex site. Nevada has also been named as a test site for drones and there is a proposed speed train to the edge of Los Angeles in the plans for the future.
The optimism for growth is looking good for Las Vegas real estate. The key is patience, as most of the jobs are not there yet. The president of Home Builders Research, Dennis Smith, says that the news is good, but that home sales should be stronger but they are not. They should be selling about 10,000 new homes a year right now, but the numbers haven’t reached that level, although the numbers are moving in the right direction.
Patience is the most important consideration when looking at real estate and the future. It is looking up for the market, however, and for those who are looking for jobs.