Nevada’s continuing population growth and attractiveness as a vacation destination has created a boom in the construction industry that is entering its second decade. As a result of never-ending demand for new homes, resorts and hotels, roads and infrastructure, 33 of the 100 top-grossing companies in Las Vegas are construction firms.

Even though land costs in Las Vegas are generally continuing to rise, every 24 hours, 365 days a year, another two acres of Las Vegas land are developed for commercial or residential use. Yet low vacancy rates continue to be the norm for all property sectors, retail, commercial, industrial and residential.

After a tremendous spike in housing costs in 2004-5, the residential real estate market has begun settling down to steady appreciation. The desirability of living in our state is reflected in Nevada's median value of owner-occupied housing units, which is $142,000, as compared with the national average of $119,600. Southern Nevada has more than 370 new home tracts under development and an active resale market.

Retail space is tight in good centers, and office space vacancy rates have been declining (down from 14 percent to 9.3 percent between 2002 and 2005). Similarly, the apartment vacancy rate in the Las Vegas rental market has dropped from the seven percent range in 2003 to 3.3 percent in 2006; accordingly, asking rents are forecast to rise by five percent this year. In the industrial market, the vacancy rate is the lowest in four years, dipping to 4.5% in 2005.