In The News: Department of Economics

Southern Nevadans reacted to the Federal Reserve’s Wednesday announcement of the first interest rate cut in four years. The drop of half a percentage point will bring the key rate to 4.75%-5.00%, which will in turn influence credit cards, mortgage rates, and loans.

In Las Vegas, ridesharing apps like Uber and Lyft, and short-term rental apps like Airbnb have changed — really changed — the landscape for taxi companies and, perhaps, hotels. In July 2014, for instance, the Nevada Taxicab Authority said cab drivers gave more than 2 million rides to customers. In July of this year, that was down about 50% to around a million riders. A big question, though, is if things are changing back. And there’s some evidence indicating that it might be doing just that.

In Las Vegas, ridesharing apps like Uber and Lyft, and short-term rental apps like Airbnb have changed — really changed — the landscape for taxi companies and, perhaps, hotels. In July 2014, for instance, the Nevada Taxicab Authority said cab drivers gave more than 2 million rides to customers. In July of this year, that was down about 50% to around a million riders. A big question, though, is if things are changing back. And there’s some evidence indicating that it might be doing just that.

Both presidential candidates have promised to eliminate taxes on tips if they're elected. That is no small promise here in Las Vegas, where almost a third of the population are service workers. Only 1% of the state's income revenue is from reported tip wages.

Straddling the line between spectacle and restaurant, the Las Vegas buffet is an entity unto its own. It’s a place where rules are meant to be broken; where diners can wander with towering plates of food in hand, pile in seven different desserts, and say things like, “I think I’ll try both flavors of melted butter.” But in order to have the best time — or at least the most cost-effective experience — there are guidelines to follow, ones that may spare you from long lines, overspending, or going in without a holistic game plan. Below, experts weigh in on the dos and don’ts of dining in a Las Vegas buffet.
As Indianapolis leaders head to Major League Soccer all-star festivities this week, the city's bid to land a franchise - while not fully fleshed out - is further along than efforts in other cities that have been mentioned as possible franchise sites in recent years. In a matter of three months, Indianapolis Mayor Joe Hogsett has identified a downtown stadium location, received a key approval for the site and has even picked up some statewide political support. All are important to making the city attractive to MLS.

More than two dozen minor league franchises — including Silvers, Outlaws, Thunder and Gladiators are on the headstones in Southern Nevada’s sports graveyard. But not the Las Vegas Aviators. Without its $150 million stadium anchoring Downtown Summerlin, the Triple-A team — which has been known as Stars and 51s — might have followed.

When former President Donald Trump held a rally in Las Vegas in mid-June, he pledged to end federal taxation of tips. “Hotel workers and people that get tips, you’re going to be very happy because when I get to office, we are going to not charge taxes on tips,” he said. “We’re going to do that right away, first thing in office.”
When the United States was in the midst of a fight against inflation in mid-2022, Nevada Republican US Senate candidate Sam Brown had an idea he said would have stopped inflation in its tracks — but one that also could have prompted a recession.
Nicholas Irwin, Associate Professor of Economics at UNLV joins S.E. Cupp on Episode 2 of Battleground! Nicholas expands on the cost of living in NV, how it's impacting voters, and the crazy reality of rent & mortgage prices.

With mortgage rates at a 20-year high and many homeowners locked into low rates they nabbed during the pandemic, fewer existing houses are selling in Southern Nevada and homebuilders are offering more incentives to get buyers into new homes.

The Las Vegas Valley could run out of land to build houses in as little as eight years, and this is definitely cause for concern, the leader of the region’s homebuilders association said.