The Small Business Administration, Las Vegas Global Economic Alliance and area chambers have teamed up to host webinars for local businesses seeking loans, grants and other federal aid to help them through the COVID-19 crisis that has shuttered or curtailed their operations.
As banks move to make arrangements with business owners and commercial property owners to delay making loan payments, economists are making dire predictions and warnings about the Las Vegas economy amid the closure of casinos and shutdown of tourism over the global COVID-19 outbreak.
With the NFL cancelling its April draft here, several Las Vegas casinos shuttering their doors temporarily, and others scaling back operations and laying off employees, economists and analysts said tourism-dependent Southern Nevada faces a rough patch over the coming weeks and months during the global COVID-19 crisis.
The senior vice president of the Retail Association of Nevada said his industry, with the exception of grocery stores, is taking a hit as people start practicing social distancing with COVID-19 and cut back on retail shopping and going out to restaurants.
The cancellations of conventions in Las Vegas due to the coronavirus and some companies urging their employees not to attend conferences is going to be felt in the Southern Nevada economy, but there may not be as great of a slowdown in tourism, according to an economist who tracks the valley’s economy.
The head of a real estate economics’ firm that tracks Las Vegas warned Monday of a potential short-term impact on home sales, commercial real estate and the economy due to the outbreak of the coronavirus that health experts said will continue to spread and has already caused a handful of deaths.
The Las Vegas economy is in a good spot, but Monday’s sharp sell off in the stock market over concerns of the spread of the coronavirus from China to Europe looms as the biggest potential threat that could change outlook by economists.
Manufacturing jobs surpassed 26,000 in September for the first time since December 2007 and stood at 26,300 to end 2019. That’s up 1,200 jobs or 4.8 percent from 25,100 at the end of 2018 during a time the rest of the nation has started to lose manufacturing jobs in the wake of the trade war with China.
Easterseals Nevada, a nonprofit organization with a 44-year history of providing services to Nevada residents, has announced a new name, Capability Health Human Services. This new name, along with associated branding material, is designed to better convey the mission and variety of services offered through its five permanent locations in Southern and Northern Nevada, as well as outreach services in a few rural communities.