LAS VEGAS (KTNV) — Amid an ongoing dip in gaming and visitor numbers in Las Vegas, questions have continued to swirl about our local economy.
WATCH | Diversifying the Las Vegas economy beyond tourism and gaming
On Thursday morning, UNLV economists with the university's Center for Business and Economic Research (CBER) presented this year's edition of their annual "Outlook" study at Durango Casino, with economic forecasts that show our valley's economy is forecasted to eventually get back on track.
While many in our community are feeling the pressure of today's uncertain economy, local experts with CBER see opportunity in the valley, pointing to healthcare as Southern Nevada's fastest-growing industry for the second year in a row — a bright spot, which might offer real potential for local families and neighborhoods right now and for years to come.
Cyndi Wilson has lived in Las Vegas for 15 years, and says she's seen the explosive growth of our healthcare industry first hand.
"I think it's needed here because the population is growing that needs to grow as well, especially since a lot of us here are older," Wilson told Channel 13. "We're finding that it's difficult to get appointments, it's hard to get in to just see your regular doctor, much less if you need to have special work done — some people are waiting months."
UNLV economist Andrew Woods is the director of CBER, whose research shows Clark County will add 121,000 more jobs over the next 10 years, with healthcare leading in job creation, on its way to becoming our region's second-largest industry over the next few years.
"We're forecasting the gap and the need for healthcare workers over the next 10 years is about 50,000 — that's an incredible amount of jobs that could be filled if we want to catch up to the national average," Woods said in an interview after the presentation. "Those jobs also pay higher than the average wage in Clark County."
We're already seeing more investments in our local healthcare system, like Intermountain Health announcing plans for a $1 billion standalone children's hospital in the Southwest Valley set to be completed in 2029, which they say will be the first of its kind in Southern Nevada.
Hear from a child who has had to regularly travel out-of-state to receive specialized pediatric care:
"There will be over 3,500 direct and indirect jobs [because of this project]," said MGM Resorts CEO Bill Hornbuckle, one of the project's fundraising leads, at the children's hospital's unveiling. "There will be about 1,300 direct jobs into the hospital and the care center itself."
CBER's presentation also included the statistic that 40% of businesses currently operating in Nevada were started during or after the pandemic, and Woods says they're a big key to long term economic growth in the Silver State.
"How do we support them so they grow into even bigger businesses? Particularly because they're in diversified areas — healthcare, information technology, professional and business services," Woods said.
That, in turn, could help address the Las Vegas valley's shortage of medical workers, and locals and experts say one thing is clear: places like UNLV's Kirk Kerkorian School of Medicine are critical in training the next generation of local healthcare workers to help meet the growing demand.
"We need more doctors, we need more qualified doctors," Cyndi Wilson said. "Get the people here, train them locally, then keep them here locally."
