Highlights from CBER Outlook 2024: A Vision for Nevada’s Economic Future

LAS VEGAS – November 13, 2024 – The UNLV Center for Business and Economic Research (CBER) successfully hosted its highly anticipated 2024 Economic Outlook event, attracting over 300 leaders from the business, community, and government sectors. Held at the Fontainebleau Las Vegas and presented by PNC Bank, the event provided a comprehensive analysis of economic trends and actionable strategies to leverage growth opportunities in Southern Nevada.

As Clark County’s population is projected to surpass 3 million by 2042, experts at the event discussed the critical impact of this growth on housing, infrastructure, and employment. Key strategies for diversifying the region’s economy through sectors like healthcare and manufacturing were highlighted, emphasizing resilience in a rapidly evolving landscape.

Key Takeaways from the Event:

• Economic Stability: Despite recent macroeconomic data indicating softening in job creation, consumer spending, and visitation, experts at CBER's Outlook do not foresee a recession in the immediate future. Instead, they emphasized the strength and resilience of the overall economy.
• Population Growth and Infrastructure: With significant population growth expected, discussions focused on the importance of preparing for demands on housing, transportation, and employment to sustain economic stability and quality of life.
• Economic Diversification: Strategies to broaden Southern Nevada’s economic base through healthcare and manufacturing were explored, presenting a roadmap for long-term resilience and adaptability.

The keynote address was delivered by Dr. Renu Khator, President of the University of Houston and Board Member at PNC Bank, who shared thought-provoking insights on the role of higher education in driving economic growth and diversification. Drawing from her experience with Houston’s expansion into diverse industries, Dr. Khator emphasized how academic institutions can be instrumental in fostering innovation and economic sustainability.

“Dr. Renu Khator brought invaluable insights,” said Andrew Woods, Director of CBER. “Her experience leading Houston’s economy into new sectors demonstrates the crucial role higher education can play in shaping the future of our region.”

Following the keynote, a panel discussion moderated by Amber Renee Dixon from Nevada Week on Vegas PBS featured economists Sandip Bhagat (Whittier Trust), Andrew Woods (UNLV CBER), and Dr. Stephen Miller (UNLV CBER). The panelists provided insights into global, national, and local economic trends, offering an outlook for 2025 and beyond. Topics covered included the influence of global events on the Southern Nevada economy, as well as the importance of addressing affordability challenges.

About the UNLV Center for Business and Economic Research (CBER)

Located within the Lee Business School at UNLV, CBER has been Nevada’s leading economic research center for nearly 50 years. CBER conducts applied, data-driven research to support businesses, government agencies, and communities by providing insights into local, state, and national economic conditions. Its annual Economic Outlook event, now in its 31st year, provides thought leadership and forecasts to support decision-making across the public and private sectors.