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2020 Las Vegas Perspective  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 I 2020 LAS VEGAS PERSPECTIVE 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 II 2020 LAS VEGAS PERSPECTIVE 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. III 2020 LAS VEGAS PERSPECTIVE 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)
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