Business Commons^™

Should Las Vegas Bet On Homeownership? Trends In Housing Affordability And Homeownership, Jenny Schuetz

Brookings Mountain West Publications

In many parts of the U.S., rents and housing prices are rising faster than household incomes. Low-income families have always been stretched to pay for housing without sacrificing other necessities. In recent years, housing costs have become a larger source of financial stress for middle-income families. While homeownership has been the primary channel for wealth building in the U.S., two recent trends raise questions about whether this is a viable strategy. First, many homeowners suffered severe financial losses due to housing price declines during the Great Recession (2007-2009). Second, homeownership rates for Black and Latino families lag those of white …

Do Gasoline Prices Affect Residential Property Values?, Adele C. Morris, Helen R. Neill

Brookings Mountain West Publications

This paper estimates the effect of gasoline prices on home values and explores the degree to which the relationship varies across a city. Using data from 930,702 home sales in Clark County, Nevada, from 1976 through 2010, we find that gasoline prices have significantly different effects on the sales price of homes in different neighborhoods. A ten percent increase in gasoline prices is associated with changes in location-specific average home values that span a range of over $13,000. This suggests that energy policies may affect household housing wealth via gasoline prices, a heretofore unrecognized distributional outcome.

Cracking The Code On Stem: A People Strategy For Nevada's Economy, Jessica A. Lee, Mark Muro, Jonathan Rothwell, Scott Andes, Siddharth Kulkarni

Brookings Mountain West Publications

Nevada has in place a plausible economic diversification strategy—and it’s beginning to work. Now, the state and its regions need to craft a people strategy. Specifically, the state needs to boost the number of Nevadans who possess at least some postsecondary training in the fields of science, technology, engineering, or math—the so-called “STEM” disciplines (to which some leaders add arts and design to make it “STEAM”).

The moment is urgent—and only heightened by the projected worker needs of Tesla Motors’ planned “gigafactory” for lithium-ion batteries in Storey County.

Even before the recent Tesla commitment, a number of the more high-tech …

Cracking The Code On Stem: A People Strategy For Nevada's Economy Executive Summary, Jessica A. Lee, Mark Muro, Jonathan Rothwell, Scott Andes, Siddharth Kulkarni

Brookings Mountain West Publications

Nevada has in place a plausible economic diversification strategy—and it’s beginning to work. Now, the state and its regions need to craft a people strategy. Specifically, the state needs to boost the number of Nevadans who possess at least some postsecondary training in the fields of science, technology, engineering, or math—the so-called “STEM” disciplines (to which some leaders add arts and design to make it “STEAM”).

The moment is urgent—and only heightened by the projected worker needs of Tesla Motors’ planned “gigafactory” for lithium-ion batteries in Storey County.

Even before the recent Tesla commitment, a number of the more high-tech …

The Impact Of The Great Recession On Nevada’S Latino Community, John P. Tuman, David F. Damore, Maria J.F. Agreda

Brookings Mountain West Publications

The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada’s …

Unify, Regionalize, Diversify: An Economic Development Agenda For Nevada, Mark Muro

Brookings Mountain West Publications

Nevada stands at a crossroads, yet it appears ready to remap its future.

Silver Staters sense that the current economic slump has not been just a temporary reversal but a challenge to the state’s traditional growth model—one that has revealed an economy over-dependent on consumption sectors, prone to booms and busts, and too little invested in innovation and economic diversification. And yet, for all that Nevadans have been early to recognize that the current slump will beget, in some places, innovation and renewal, and in other places erosion—and so requires action.

To that end, this report draws on an intense …

The Intermountain West Today: A Regional Survey, Ruy Teixeira, Karlyn Bowman

Brookings Mountain West Publications

What does it mean to live in the Intermountain West today? What issues are most and least important to the region’s residents? Do Arizona, Colorado, Idaho, Nevada, New Mexico, and Utah have a collective identity or are state-level differences too great? Is there an identifiable Intermountain West personality? Today we will present the results of a unique survey that attempts to answer these questions.

Unlv / Brookings West: Intermountain West Region Regional Survey, University Of Nevada Las Vegas, Brookings Institute

Brookings Mountain West Publications

The 2010 Intermountain West Public Opinion Survey documents responses from 2,000 residents of the Intermountain West (Arizona, Colorado, Idaho, Nevada, New Mexico, and Utah). Gerstein | Agne Strategic Communications conducted the survey from August 23 – September 1, 2010. A minimum of 250 respondents for each state are included in the results for this survey. Respondents included 1,700 landline interviews and 300 cell phone interviews. Gerstein | Agne Strategic Communications provides strategic planning, communications, project management, and research services to a wide range of non-profit organizations, Fortune 500 companies, and candidates for elected office.

The survey includes an extensive series …

Envisioning Nevada’S Future: Goals & Strategies For Advancing Our Quality Of Life, Nevada Vision Stakeholder Group, Moody’S Analytics

Brookings Mountain West Publications

Nevada’s severe downturn has brought to light many of the long-term challenges facing the state. Not only is its economy subject to painful swings, but Nevada’s primary drivers— consumer services (primarily gaming, hospitality and housing) and resource extraction—will provide less support than they have in past business cycles. Less economic vitality will make it harder to offer Nevadans the quality of life they expect.

The importance of the economy to quality of life is equally clear—quality of life is a hollow promise without a healthy and supportive economy. Similarly, a proper fiscal structure—both in terms of spending and revenues—is critical …

Export West: How Mountain West Metros Can Lead National Export Growth And Boost Competitiveness, Mark Muro, Emilia Instrate, Jonathan Rothwell

Brookings Mountain West Publications

In the beginning of 2010, with U.S. output growth modest and job growth nonexistent, President Obama devoted a portion of his State of the Union Address to “fi xing the problems that are hampering our growth.” One of these problems, according to the president, was a lack of international export sales. The president linked an increase in exports to an increase in jobs, and pledged to double the nation’s exports over the next five years.2 Since then, export growth has emerged as a key tenet of numerous economic visions including those of the Metropolitan Policy Program at the Brookings Institution …