The nation’s gambling capital is staggering under a confluence of economic forces that has sent Las Vegas into what officials describe as its deepest economic rut since casinos first began rising in the desert here in the 1940s.
Even as city leaders remain hopeful that gambling revenues will rebound with the nation’s economy, experts project that it will not be enough to make up for an even deeper realignment that has taken place in the course of this recession: the collapse of the construction industry, which was the other economic pillar of the city and the state.
Unemployment in Nevada is now 14.4 percent, the highest in the nation and a stark contrast to the 3.8 percent unemployment rate here just 10 years ago; in Las Vegas, it is 14.7 percent.
August was the 44th consecutive month in which Nevada led the nation in housing foreclosures.
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Filed under: * Culture-Watch • Gambling • * Economics, Politics • Economy • Consumer/consumer spending • Corporations/Corporate Life • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • Politics in General • City Government
Posted October 4, 2010 at 9:04 am
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The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/32508/
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2. Hakkatan wrote:
A house built on sand is not likely to last very long. Charlie Sutton |
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3. sophy0075 wrote:
And the odds that this is likely to continue are… Sorry |
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Gee, and here in North Charleston, gambling revenue will save the city.
October 4, 9:45 am | [comment link]