By Oscar Ochoa, Las Vegas Real Estate Professional

Southern Nevada enters 2025 with a clear message: the region isn’t just rebounding from the disruptions of the pandemic—it’s realigning for sustained economic vitality. From population influxes to multi-billion-dollar infrastructure developments, the latest Winter 2025 Economic Stats and Facts Report paints a compelling portrait of a region in transition and transformation. Let’s break it down.

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Population: The Foundation of Regional Growth

Clark County’s population grew by 2.1% in 2024, adding over 50,000 new residents—a continuation of the trend seen post-COVID, where affordability, climate, and lifestyle advantages made Las Vegas a prime relocation destination. The current population now stands at 2.42 million.

Notably, California led the charge, contributing over 21,000 driver’s license surrenders in 2024, accounting for 37% of all new resident entries.

This growth isn’t just about people moving in—it’s fueling labor markets, housing demand, and consumer spending.

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GDP: Productivity Surges in a Post-Pandemic Economy

Las Vegas’ Gross Domestic Product hit $178.4 billion, up 8.8% from the prior year and an astounding 40% increase since 2019. This is a significant indicator of not only economic recovery but a pivot toward high-efficiency sectors.

This boom comes despite a slight dip in median household income, which fell by 2.2% to $68,673. While the decline could raise eyebrows, it’s offset by substantial growth in employment sectors and diversified job creation.

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Employment and Jobs: A Stable Climb

Las Vegas closed 2024 with 1.16 million employed, up about 7,000 jobs year-over-year. However, the unemployment rate ticked up slightly to 5.9%, a reminder of the region’s ongoing struggle with full workforce reintegration.

Certain sectors like tourism, hospitality, and construction remain the backbone, while tech, logistics, and professional services continue emerging.

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Tourism: Back in Full Swing

In a city that thrives on entertainment and experiences, tourism’s rebound has been a linchpin of recovery:

• 41.7 million visitors in 2024 (+2.1% YoY)
• 6 million convention attendees
• 58.4 million airport passengers, the highest ever recorded

Hotel occupancy rates are healthy at 81.9%, and the average daily room rate (ADR) continues to climb, now averaging $206 on the Strip and $104 Downtown. Gaming revenue across Clark County reached $13.6 billion, slightly above last year’s performance.

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Real Estate: A Market in Balance

Across Southern Nevada, housing remains stable—but nuanced.

• Average price per square foot ranges dramatically by zip code, from under $225 in more affordable zones to over $687 in affluent areas like 89135 (Summerlin South).
• Days on market averaged 30–45 days, indicating balanced buyer-seller dynamics.
• Hot zip codes like 89138 (Summerlin West) and 89166 (Skye Canyon) showed double-digit population growth with median household incomes surpassing $100K.

Noteworthy: Newer communities are leading with higher per-square-foot values and lower inventory levels, signaling where buyer demand is headed.

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Investment Pipeline: Billions in Development Underway

The report outlines a robust pipeline of public and private projects, reinforcing long-term optimism:

Under Construction

• Brightline High-Speed Rail: $3B project connecting Las Vegas to Southern California by 2028.
• Venetian Renovations: $1.3B revitalization of one of the Strip’s landmarks.
• UnCommons and Evora: Over $900M combined in mixed-use developments shaping the live/work/play model.

Planned

• A’s MLB Stadium: $1.75B investment that could redefine sports tourism.
• Four Seasons Private Residencies: $1.3B in ultra-luxury real estate in Henderson.
• Las Vegas Spaceport: A futuristic $310M venture in Pahrump.

Together, these projects represent over $15 billion in active and future investment, creating ripple effects across jobs, real estate, and infrastructure.

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Final Thoughts: Southern Nevada’s 2025 Outlook

Despite national economic headwinds and shifting demographics, Southern Nevada is entering 2025 with a blend of stability, opportunity, and long-range vision. The data highlights a region poised for continued expansion, especially as it diversifies its economy, embraces innovation, and strategically invests in connectivity and quality of life.

For investors, businesses, and residents alike, Las Vegas is more than a comeback story—it’s an evolution in motion.

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Need help navigating the market? Whether you’re considering buying, selling, or investing in Las Vegas real estate, I’d love to be your resource. Let’s connect. 626-872-7457