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Southern Nevada Business Confidence Index, Highlights
ECONOMIC EXPECTATIONS
Local business leaders’ confidence remained positive, rising from 108.7 in the prior quarter to 116.5 in 2024Q2.
Local business leaders view of U.S. economic conditions became negative, decreasing from 110.7 in the pri- or quarter to 96.4 in 2024Q2. That score, although below 100, is still the second highest score since 2022Q2. EXPECTATIONS FOR HIRING
The expectations on hiring rose from 91.1 in 2024Q1 to 116.1 in 2024Q2, a more optimistic signal regarding the local economy.
EXPECTATIONS FOR HOME PRICES
Expectations on home prices in Southern Nevada continued to rise last quarter from 126.3 in the prior quarter to 142.9 in 2024Q2, reversing last quarter’s decline.
The Las Vegas Case-Shiller home price index follows this trend, posting an overall strong increase in local home prices since March 2023 and reversing its prior downward trajectory observed since June 2022 due to rising mortgage rates. The January 2024 home price index fell slightly by 0.1 percent, which is also the first decrease since February 2023.
MOST IMPORTANT CHALLENGES
Economic uncertainty, marked by 25.0 percent of business leaders, ranked first as the most difficult challenge in Southern Nevada going into 2024Q2.
POTENTIAL RECESSION
43.1 percent of respondents each expressed the belief that the U.S. economy will not be in a recession in the next two years. A significant increase occurred in the percentage of respondents compared to the previous quarter (43.1 vs. 30.2 percent), however, who expected no recession in the next two years.
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