The construction industry of 2006-2007 were incredible years; however this before the time of the late 2000’s housing market crash where thousands upon thousands of investors found themselves out of luck as their investments turned into ash. To our avail though, the construction industry is on the upswing. How do we know this? Well let’s take a look at what was happening in 2013. According to the Review Journal of Las Vegas, the recent recession devastated most of Southern Nevada’s construction industry, but in 2013 we were presented with our first glimmer of hope. Perhaps one of the biggest construction projects of 2013 was SBE Entertainment’s remodel of the Sahara into the new SLS Las Vegas. SBE is also in the middle of a $415 million remodel that will wrap into the fall with over 1,600 rooms and nearly a dozen restaurants and clubs on-top of a 60,000 square foot casino. Another top contender on the list is the Caesars Entertainment Corp.’s $550 million Linq, and at its $185 million rehab of the former Bill’s Gamblin’ Hall. MGM Resorts International is investing $100 million in an outdoor plaza and pedestrian mall between New York-New York and Monte Carlo — a gateway to the 20,000-seat arena the company plans to build with AEG. MGM Resorts is also renovating the facades of the two resorts.
Also to be noted by Bloomberg, home prices slid a whooping 62% before bottoming out in March 2012 according to the S&P/Case-Shiller index. Since then, it’s almost climbed back 46%, fueled mostly by investors such as Blackstone buying out foreclosed single-family houses to rent out. In April, the unemployment rate in the Las Vegas area dropped as low as 7.4%, the lowest ever since 2008, according to the Bureau of Labor Statistics. Another great thing to take note of is the visitors to Las Vegas, which dramatically helps the leisure and hospitality jobs in the area; the biggest part of the workforce at 31%, according to Francis Yuen, a senior real estate economist at CoStar Group Inc.
We also just recently received a Million Dollar award from Star Buildings, so you can see that we are also prospering over the years. While the construction industry is slowing climbing back to where it used to be, we can ensure that Petra Construction is here to stay.
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