Are you considering a move to Las Vegas or Nevada, or wondering if now is the right time to stay or leave? Here’s a look at the latest news and trends impacting the Silver State’s economy and migration patterns:
Recent Economic Challenges in Nevada
- Consumers in Las Vegas have cut back on spending for vehicles, clothing, and dining out over the past year.
- The number of people visiting Las Vegas has declined, leading to a tourism slump.
- Homebuilders in the Las Vegas area are seeing a drop in sales.
- Industrial vacancy rates in Southern Nevada are much higher than just a few years ago.
- Thousands of jobs have been lost in Las Vegas recently due to the downturn in tourism.
Migration Trends: U-Haul Data
- U-Haul’s 2023-2024 Growth Index shows a significant decline in people moving into Nevada. The state fell from 11th to 35th in the rankings for inbound moves.
- For four of the previous five years, Nevada was a net-gain state for migration, but that trend reversed last year.
- South Carolina, Texas, and North Carolina were the top destinations for U-Haul movers in the latest rankings.
- Most people moving to Las Vegas come from California, Arizona, and Utah, with Los Angeles, Phoenix, and the Bay Area being the top metro sources.
- Those leaving Las Vegas most often head to Los Angeles, San Diego, Riverside (California), Sacramento, and Phoenix.
Other States Facing Similar Trends
- Colorado and New Mexico also saw major drops in U-Haul’s popularity rankings for inbound moves.
Positive Signs for Las Vegas
- The local unemployment rate has recently dipped, indicating some job market improvement.
- There is growth in new entertainment-related jobs in Las Vegas.
- Tourism experts predict an upswing in visitation starting this fall and into 2026, which could help revive the local economy.
Should You Move to Las Vegas? While Nevada is currently facing economic headwinds and fewer people are moving in compared to previous years, there are some promising signs for recovery. If you’re considering relocating, weigh these recent challenges against the potential for a rebound in jobs and tourism over the coming years.