2020 LAS VEGAS PERSPECTIVE 

2020 Las Vegas Perspective Volume: Forty

July 28, 2020 So far, 2020 has been one of the most challenging in recent memory, not only for Southern Nevada but for the world at large. A global pandemic, social unrest, and elevated uncertainty have all gripped our community. During these difficult times, we need the thoughtful information and analysis provided by the Las Vegas Perspective more than ever before. Our theme for this year’s 40th annual event and publication is “Together, We Can: Partnering on a Path to Recovery.” With this theme in mind, our speakers, commentary, and data are all designed to provide you with a fresh look at our community while charting the course for economic recovery together. On that note, this year’s Perspective will look different and be delivered primarily online. In the pages that follow, we have included the latest market information wherever possible. However, due to rapid changes in our economy, some data sets are reflective of our community prior to the COVID-19 pandemic. Beyond our newly digital publication and annual event, LVGEA’s efforts to deliver valuable economic insight will continue year-round. We’ll provide you with a quarterly newsletter – the Perspective Update – full of refreshed data and deeper dives into community and economic recovery issues throughout the year. This virtual Perspective event would not be possible without the generous contributions of community partners and businesses. The sponsor companies comprising LVGEA’s Perspective Council made this valuable publication available digitally and guided its research and thoughtful analysis contained in it. We are here for you and your business during this difficult time. Not only through this publication, which we hope provides you with valuable data as you go about your business and community life in Southern Nevada, but through our determined efforts to strengthen Southern Nevada’s economy together.

Sincerely,

Jonas Peterson President and CEO

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Production and Research Team

Applied Analysis › Jeremy A. Aguero, Principal › Patrick Chapman, Senior Analyst › Brian R. Gordon, Principal › Scott Leavitt, Senior Analyst › Rachel Semmler, Creative Director › Aidan Rubery, Senior Analyst › Ashley Herrera, Project Manager › Justin Hacker, Analyst › Melanie Framo, Project Manager › Rebeca Ibarra, Analyst › Brian Haynes, Project Manager › Omar Moore, Analyst › Martin Suman, Project Manager › Debbie Poser, Executive Administration › Jonathan Birds, Senior Analyst

Las Vegas Global Economic Alliance › Jonas Peterson, President & Chief Executive Officer › Chris Zunis, Vice President, Economic Development › Jared Smith, Chief Operating Officer › Nick Clason, Economic Development Analyst › Christine Dominguez, Executive Assistant & Office Manager › Breanna Bensoua, Senior Director of Marketing & Communications › Alaina Cowley, Vice President of Investor Services & Engagement › Danielle Smith, Public Relations Specialist › Perry Ursem, Vice President, Business Retention & Expansion › Chaad Taylor, Special Projects Coordinator › Michael Walsh, Vice President, Economic Development › Jake McClelland, Workforce Development Director

About the LVGEA

The Las Vegas Global Economic Alliance Strategic Imperatives: (LVGEA) is a public-private partnership focused on growing the economy in Southern Nevada › Lead, Facilitate & Steward Regional through community development and business Economic Development recruitment, retention and outreach. The LVGEA’s goal is to help residents of Southern › Elevate Nevada’s Position As a Global Nevada thrive in a global economy by fostering Business Location a more prosperous, diverse and connected › Deliver Impactful Marketing & Communications regional economy. › Maintain Operational Excellence Vision: To help our residents thrive in a global economy by fostering a more prosperous, diverse, and connected regional economy. Mission: To grow the economy in Southern Nevada through connectivity, community development and aggressive business recruitment, retention and outreach.

POWERED BY: PERSPECTIVE COUNCIL

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LVGEA Perspective Council Members

Jeremy A. Aguero, Principal; Brian R. Gordon, Principal The Applied Analysis group of companies is based in Nevada and provides a wide range of research and analysis services. Applied Analysis performs a number of consultation services, including economic analysis, financial analysis services, market analysis, public policy analysis, hospitality and gaming consulting, litigation support and expert analysis, and information technology and web-based solutions. MyResearcher is our comprehensive data tracking and information reporting web application that provides users access to information that matters most. SalesTraq, our residential listing and research firm, maintains a catalogue of over 28,000 floor plans in Nevada and New Mexico and provides web-based research capability for the residential sector. Discovery Nevada, an Applied Analysis company, conducts opinion polling and consumer sentiment analysis. To put it simply, we are a solutions resource. Our future is branded by the success of our clients and the quality of our professionals. Our commitment lies therein.

Derrick R. Hill, VP of Cox Business, Las Vegas Cox Communications is committed to creating meaningful moments of human connection through broadband applications and services. The largest private telecom company in America, the company proudly serves six million homes and businesses across 18 states. The company is dedicated to empowering others to build a better future and celebrates diverse products, people, suppliers, communities and the characteristics that makes each one unique. Cox Communications is the largest division of Cox Enterprises, a family-owned business founded in 1898 by Governor James M. Cox. The commercial division of Cox Communications, Cox Business provides voice, data and video services for more than 355,000 small and regional businesses nationwide, including health care providers; K−12 and higher education; financial institutions; and federal, state and local government organizations. The organization also serves most of the top-tier wireless and wireline telecommunications carriers in the U.S. through its wholesale division.

Chris Way, Vice President and General Manager KTNV-TV, Las Vegas’ ABC affiliate, is home to 13 Action News and KTNV.com. Part of the E.W. Scripps Company (NYSE: SSP), we have served Southern Nevada for over 60 years. KTNV is committed to serving our community with award-winning investigative journalism and the elevation of local initiatives that drive positive change. 13 Action News produces 42 hours of live newscasts per week, and we publish news in real-time across our digital network including KTNV.com, apps/channels on Roku, Apple TV, Amazon Fire TV, Amazon Alexa and via social media. Our investments in people and technology, such as Chopper 13, allow us to respond quickly to news as it happens. For local businesses, KTNV offers a wide range of multi-platform marketing solutions designed to reach broad or highly- targeted audiences.

Dallas E. Haun, Chairman; Terry Shirey, President & CEO; Shannon Petersen, EVP/Corporate Banking Manager Nevada State Bank is a full service bank offering a complete range of consumer, private and business banking services with branches statewide. Founded in 1959, Nevada State Bank has been the bank of choice for many Nevadans for 60 years. Our personalized attention means we work hard to understand your financial needs so we can offer a complete suite of products and services customized to fit your household and business. We offer complimentary resources tailored to Nevada businesses—visit www.NevadaSmallBusiness.com to access the annual Small Business Survey, monthly economic briefings, expert articles and more. Learn how we can open the door to your future at www.nsbank. com. Nevada State Bank is a division of Zions Bancorporation, N.A. which is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION).

Brian Formisano, Regional Bank President, Nevada Southern Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

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Key Southern Nevada Indicator Highlights

2018 2019 Change Demographics Population 2,284,600 2,325,800 1.8% ▲ Drivers License Surrenders (newcomers) 76,300 69,300 -9.2% ▼ Share of Newcomers from California 36.2% 36.1% -0.1% ▼ Community Average Temperature 72.2º 69.5º -3.7% ▼ Cost of Living (100 equals national average) 104.6 103.6 -1.0% ▼ Cost of Housing (100 equals national average) 121.6 118.3 -2.7% ▼ Education UNLV Enrollment 30,500 31,200 2.3% ▲ CSN Enrollment 35,100 35,900 2.3% ▲ Nevada State College Enrollment 4,900 5,600 14.3% ▲ Business Employment (establishment-based) 1,007,200 1,034,100 2.7% ▲ Unemployment Rate 4.8% 4.1% -0.7% ▼ Nevada General Fund Revenues (in thousands) $4,018,700 $4,287,500 6.7% ▲ Taxable Retail Sales (in thousands) $44,318,900 $47,552,000 7.3% ▲ Air Cargo Activity (in thousand lbs.) 260,700 264,300 1.4% ▲ Real Estate Annual New Home Sales (units) 9,900 9,800 -1.0% ▼ Annual Resale Home Sales (units) 47,900 45,800 -4.4% ▼ Annual Total Home Sales (units) 57,800 55,700 -3.6% ▼ Median New Home Price (per unit) $410,000 $374,900 -8.6% ▼ Median Resale Home Price (per unit) $260,000 $280,000 7.7% ▲ Housing Building Permits (units) 15,100 14,400 -4.6% ▼ Industrial Market Demand (absorption in sf) 4,910,700 5,563,800 13.3% ▲ Office Market Demand (absorption in sf) 1,142,800 1,131,900 -1.0% ▼ Retail Market Demand (absorption in sf) 551,100 665,400 20.7% ▲ Industrial Market Vacancy 6.2% 6.9% 0.7% ▲ Office Market Vacancy 16.1% 14.5% -1.6% ▼ Retail Market Vacancy 7.8% 7.1% -0.7% ▼ Commercial Building Permit Value (in thousands) $2,745,800 $1,684,200 -38.7% ▼ Tourism Visitor Volume 42,117,000 42,524,000 1.0% ▲ Convention Attendance 6,501,800 6,649,100 2.3% ▲ Number of Hotel Rooms 149,200 150,300 0.7% ▲ McCarran International Airport Passenger Volume 49,646,100 51,537,600 3.8% ▲ Clark County Gross Gaming Revenues (in thousands) $10,250,600 $10,355,700 1.0% ▲

Notes: See detailed reporting in the sections that follow for individual sources and assumptions.

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Table of Contents

Demographics 1 Healthcare 105

Population...... 2 Healthcare Overview...... 106 Resident Overview...... 3 Specialty Hospitals...... 107 Resident Profile...... 4 Southern Nevada Full-Service Hospitals...... 109 Newcomer Profile...... 6 Skilled Nursing Facilities & Rehabilitation...... 128 Retiree Profile...... 7 Southern Nevada Dispensaries, Quick Cares, Housing Profile...... 8 Neighborhood Hospitals & Mobile Clinics...... 130 Owner/Renter Profile...... 8 Business 137 Latino Profile...... 9 Population and Household Summary by Zip Code...... 10 Economic Overview...... 138 Median Household Income...... 22 Employment...... 139 Economic Development...... 142 Community 23 New & Expanded Companies...... 144 Climate...... 24 Business Assistance Programs...... 144 Cost of Living...... 26 Nevada Taxes...... 147 Las Vegas Neighborhoods...... 27 Taxable Retail Sales...... 150 Southern Nevada Government...... 28 Shopping Destinations...... 152 Transportation...... 39 Operating Costs...... 154 Sports...... 42 Transportation...... 155 Sporting Events...... 49 Communications...... 158 Las Vegas Valley Attractions...... 51 Utilities...... 159 Attractions Within Hotels...... 55 Banking...... 164 Museums...... 56 Real Estate 169 Galleries...... 57 Performing Arts Centers...... 60 Residential Real Estate Market...... 170 Commercial Real Estate Market...... 179 Recreation 63 Vacant Land Market...... 188 Parks...... 64 Tourism 191 Outdoor Destinations & Activities...... 75 Las Vegas Valley Recreation Map...... 81 Tourism Overview...... 192 Golf Courses...... 82 Visitors...... 194 Youth Organizations...... 84 Airport Activity...... 195 Facilities...... 196 Education 85 Construction Recap...... 198 Colleges and Universities...... 86 Reference 199 Regional Medical Schools...... 96 Clark County School District...... 99 Private Schools...... 103 Nevada School Choice Coalition...... 104

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