Economists see shorter recession
Speedy rebound possible after vaccine arrival
The pandemic may have hit the local and national economies like a ton of bricks, but economists are optimistic that both will undergo speedy recoveries.
UNLV’S Center for Business Economic Research and the Las Vegas Global
Economics Alliance on Wednesday hosted their first virtual annual economic forecasting event, Outlook. The event showcased the findings of UNLV professor and CBER Director Stephen Miller and Beacon Economics founder Christopher Thornberg.
Both say that the current economic downturn will be short-lived — especially when compared with the Great Recession. Thornberg anticipates a rebound to pre-pandemic levels by the end of next year.
“We’re not going to have to rebuild and restructure the way we had to after the subprime (mortgage) bubble collapsed and we ended up in the Great Recession,”
Thornberg said. “This is going to bounce back quickly.”
Nevada hit hard
Miller said Nevada — especially Southern Nevada — has faced more difficulties than other states or metropolitan areas during the Covid-fueled recession.
The local economy is dependent on tourism, which is driven by large gatherings and face-to-face interactions. Both are hard to pull off safely during a pandemic.
“In-store retail sales or restaurants in particular, casinos — they’ve had difficult times,” Miller said.
The struggle among the industries have affected several economic variables, including unemployment rates. The U.S. unemployment rate was 7.9 percent in September, compared with 12 percent in Nevada,
in a statement. “This connection will further enhance the vibrancy of downtown, including the Plaza and Symphony Park, by making the area more walkable. It’s exciting and gratifying to see downtown’s revitalization continue thanks to public-private partnerships like those with the Plaza.”
The Greyhound bus terminal will be vacated by the middle of next year as discussions with developers on possible projects for the space have already started.
Greyhound spokeswoman Crystal Booker said the bus company plans to stay in Las Vegas but wasn’t ready to provide further information on those plans.
“Greyhound can confirm it has plans to relocate in Las Vegas at the beginning of 2021,” Booker said in an email. “We are currently in the midst of planning and cannot confirm additional details at this time.”
The pedestrian pathway will lead downtown visitors over the
Union Pacific railroad tracks to new residential and commercial development in Symphony Park. The pathway will feature desert landscaping, lighting, and a decorative safety wall.
The projects fit into plans by the Tamares Group, the owner of the Plaza, and the city of Las Vegas to revitalize the downtown area.
Tamares sold the Las Vegas Club in 2015, making way for the recently opened Circa resort. Other projects at the Plaza, including the addition of over 100 guest rooms and suites and the Core Arena, an outdoor equestrian and multipurpose facility on Main Street, are also under way.
Myron Martin, president and
CEO for the Smith Center for the Performing Arts, said that while he hasn’t seen the project’s details, he’s hopeful it will be beneficial to all parties involved. The Smith Center sits adjacent to Symphony Park.
“While I do not know the specifics of this particular plan, I’m sure Jonathan Jossel and city of Las Vegas are working on a plan that will add value to both sides of the railroad tracks,” Martin said. “A well conceived and designed pedestrian bridge should be well received. I could imagine a time when artists performing at The Smith Center could walk across a safe, well lit, attractive bridge to get to their hotel, and our audiences walking for preor post-show dinner and drinks.”