The Las Vegas Valley is better prepared now for an economic downturn than it has been in the past but is still relatively exposed because of a lack of economic diversity, according to one of UNLV’s top economists.
The valley was one of the hardest hit cities in the country during the 2008 Great Recession, according to U.S. Census Bureau statistics, and the city’s tourism and gaming industry found itself on life support during the COVID-19 pandemic.
Daniel Chi, a professor and the chair of the Lee Business School at UNLV, said Las Vegas needs to continue its push to diversify its economy before the next economic shock, as the first thing Americans do when the economy is suffering is tighten discretionary spending such as vacations.
He noted after the housing bubble burst in 2008, the national unemployment rate peaked at 10 percent, however Nevada hit 13.4 percent, and then…
