April 30, 2013 – Written by Ray Hagar – Reno Gazette-Journal

The Economic Forum is the most important state-government committee that no one seems to know about.

It meets Wednesday in Carson City – with all spending plans and tax strategies at the Nevada Legislature hanging in the balance.

The Forum, a five member panel of state economic experts, will give its projections on how much tax money will be available in the general fund budget for the next biennium.

All spending is based on it because, by law, Nevada must have a balanced budget. So that makes projections close to the gospel.

“This is a conservative group and they want to make sure that we don’t overextend,” said Sen. Joe Hardy, R-Boulder City.

This year, nobody has their hopes up at the Legislature.

Gov. Sandoval has projected a $6.5 billion budget and many lawmakers and state officials predict the Forum projections would at least cover that, maybe even more. Various predictions of new money ranged from less than $100 million to almost $300 million. READ THE FULL ARTICLE.

By Richard N. Velotta (contact)

In the go-go 1990s, when it seemed like announcements about new casino megaresorts were annual occurrences, the prevailing wisdom was “the more the merrier” and “a rising tide raises all boats.”

But that philosophy came into question in the late 2000s as Las Vegas and the rest of the country weathered the worst economic downturn in recent history. Local tourism numbers fell, hotel rooms sat empty, resort profits plummeted and proposed projects were abandoned. (READ FULL ARTICLE)

By Hubble Smith  – LAS VEGAS REVIEW-JOURNAL

Las Vegas saw more than $120 million in commercial loans go into default in November, including the Rainbow Promenade shopping center at 2051 N. Rainbow Blvd., according to a report from Nevada Title Co. JP Morgan is the original beneficiary of the $37.9 million loan.

Borrowers are struggling to pay off debt on properties with depressed values and high vacancy.  READ THE ARTICLE.

By Steve Green - VegasInc

The already-struggling Las Vegas economy could face more problems if the United States slips into a recession next year, local analysts say.

On Wednesday, the nonpartisan Congressional Budget Office warned that a “fiscal cliff” threatens to cause a recession that would push the U.S. unemployment rate up from 8.3 percent to 9 percent. The fiscal cliff is a combination of circumstances set to begin in January unless Congress and the president break an impasse over the federal budget. They include spending cuts and tax increases that together would reduce the federal deficit by about $500 billion next year. READ FULL ARTICLE.

2012 Q2 _LV Ind RCG Release

2012 Q2 _LV Ofc RCG Release

2012 Q2 _LV Ret RCG Release

The Distribution Industry in Nevada

by Jessica Santina - Nevada Business

That big-box warehouse down the street may not be the prettiest feature of the Nevada landscape surrounding you, but next time you’re driving past it, consider this: It, and other facilities like it, might just save the state’s struggling economy. Nevada is poised to become a major distribution center in the West.  READ THE ARTICLE.

By John Restrepo -  Special to the Las Vegas Review-Journal

I have watched the North Las Vegas economy deteriorate over the past five years to a point that now warrants emergency action, and I have also reviewed firsthand the cities finances as a volunteer member of its 2010 Strategic Budget Priorities Process Committe. The fact is this recession has inalterably changed the economic and fiscal landscape of our state, and North Las Vegas is the first – but won’t be the last – local government to confront this new reality.   READ FULL ARTICLE.