SURE-PAYROLL, A MONITOR OF SMALL BUSINESS TRENDS, SAID HIRING AND WAGE DATA SIGNALS THE END OF NATIONWIDE DOWNWARD TRENDS IN 2012
For Las Vegas, one of 35 metropolitan areas studied by the firm, a 5.3 percent increase in hiring is forecast, second only to San Antonio.
Regionally, the South had the best hiring and payroll projections. The northeast was trending up in wages but down in hiring, while the Midwest and West were down in both categories.
Despite negative national numbers throughout 2011, the firm said, "December's optimism index is nearly twice as high as it was in September."
"We saw caution in 2011, but the leading indicators suggest 2012 looks positive. The sun is on the horizon, optimism is higher, and 50 percent of firms plan to hire and wages look to go up."
Sure-Payroll of Glenville, Illinois, compiles data on more than 35,000 small businesses, focusing on micro-businesses, those with an average of 8 employees.
NEVADA SUPREME COURT RULING MAY CAUSE RIPPLE EFFECT IN HOUSING INDUSTRY'S MORTGAGE FRAUD CASES
The Nevada Supreme Court weighed arguments Wednesday on whether U.S. Bank can foreclose on a Douglas County couple's home even though not all required documents were presented during mediation, required under a recent State law.
Lawyers involved in the case said that the court's ruling could have wide repercussions on foreclosures in a state hit hard by the collapse of the housing market.
Attorneys for the couple questioned whether documents handled by the MERS (Mortgage Electronic Registration Systems) were signed by an authorized officer and properly conveyed the Davis's mortgage from the now defunct Ownit Mortgage Solutions to the U.S. Bank.
The Attorneys claim that MERS lacked the authority to assign the loan to the U.S. Bank.
A lawyer for the lender claims that the case goes beyond the scope of the law that disputes over the validity of documents should be addressed in a separate lawsuit.
A spokesman said that the ruling could affect thousands of loans in Nevada that are in foreclosure assigned to MERS.
Judge Gibbons told the defendant's lawyers, " that they are supposed to produce documents and prove ownership. It means that people who sign these documents have the right to sign them and are not fictional people forging names."
NATIONALLY, BUILDERS SPENT MORE ON SINGLE-FAMILY HOMES, APARTMENTS AND REMODELING PROJECTS AS CONSTRUCTION ROSE 1.2 PERCENT IN NOVEMBER.
This was the third increase in the last four months. For November, strength was seen in housing and government spending.
Nonresidential spending fell, reflecting declines of office buildings and shopping centers, although Las Vegas has seen several national food chains open for the first time, building large new stores.
Dollar General has recently opened 5 markets in Las Vegas, Graziers is about to open it's second huge market in Henderson, and WinCo Foods is currently building a gigantic store in Henderson.
In Las Vegas, new home construction is down significantly from where it was 5 years ago said a local Research firm, " the national picture will have to improve before Las Vegas."
"The housing recession is not over but the good news is it's going in the right direction."
New homes represent less than one-fifth of the housing market but have a great impact on the economy generating jobs and about $90,000 in taxes according to the National Association of Realtors.
"Builders are struggling to compete with weak demand beause of high unemployment and a glut of homes on the market because of foreclosures and short sales -- where lenders accept less for a house or condo than the mortgage is worth.
These homes and condos are selling for an average discount of 20 percent.
NEW LAS VEGAS DEVELOPMENT SERVICES CENTER CONSOLIDATES CITY SERVICES
The business license application process has been streamlined from 30 days to only one week at this new office.
Prior to this new consolidation, people would have to go to several offices for answers, permits, and so on.
"So they would bounce back and forth from one office to another downtown, and now they can get zoning answers and permits, get their business license, pay the fee and they are done. All in one location."
This consolidation saves the city 1.2 million in annual rent. More than 200 city employees work at the Center, including about 60 in planning and licensing.
In the planning department, 90 percent of front-counter customers are served within 10 minutes. Items such as modifying commercial properties are handled here instead of having to go through the long delays of City Council.
For building and safety, first-review times have been reduced from 20 days to ten days. Counter reviews allow small projects to be submitted, reviewed and permitted in the same day.
In fire prevention, 38 percent of fire plan reviews are now the result of shortened permit procedures.
"Again, interating departments allow us to do that. As we integrate technology, we'll be even quicker."
"TURNING THE CORNER" SAYS AN EXPERT ON SOUTHERN NEVADA
According to a series of monthly indices released by UNLV'S Center for Economic and Business Research, Southern Nevada is bouncing back from the recession and could receive an added push as the national economy continues to gain strength.
The Center's Clark County Business Activity index was up 2.99 percent in October when compared to October 2010, with a significant boost coming from a 10.4 jump in gaming revenue in 2011.
The improvement was largely attributed to visitor volume recovering to nearly the level it reached in 2007 when a record 39 million tourists came here.
"Uncertainty remains, but it appears that the Southern Nevada economy has turned the corner", the Center's assistant director Bob Potts wrote in the report.
Earlier this month at a meeting of 300 business leaders held twice yearly, they were told that "today's tourists look a little different than the ones we saw in 2007, explaining that tourists were staying longer but gambling less."
The Tourism Index now stands at its highest value since July 2008, evidence that our tourist economy is coming out of recession.
Taxable sales were up 9.3 percent and employment climbed a modest 1.3 percent during the 12 month period.
"In short, key indicators of economic activity in Southern Nevada are improving."
TAXABLE SALES IN CLARK COUNTY ROSE BY 9.3 PERCENT IN OCTOBER COMPARED WITH THE SAME MONTH A YEAR AGO
It was the sixth straight month of increases, paced by car and clothing sales and business in restaurants and bars.
The State Taxation Department reported that taxable sales were up in 12 of the past 13 months in Clark County. In October sales reached 2.5 billion.
Statewide, taxable sales jumped 12.1 percent, with only Lincoln County showing a decline, at 6.8 percent.
For the first 4 months of this fiscal year taxable sales are 8.2 percent higher than the same period a year ago.
Even the hard-hit construction industry in Clark County is showing a rebound, with the sales of building materials increasing by 4.8 percent, the third consecutive month.
Business in restaurants and bars increased by 12.8 percent, the fourth month with a double-digit increase.
The state Gaming Control Board reported that the casino gross was up in Clark County by 10.4 percent in October.
Clothing sales in October rose 13.2 percent, the fourth consecutive month of a double digit increase.
Auto sales posted a 12.6 percent gain in Southern Nevada, the 14th consecutive month of gains. The furniture business increased by 6.2 percent and general merchandise was up 5.1 percent.
The statewide 12.1 gain, about 3.5 billion, is the largest monthly increase this year.
The Taxation Department said that all taxes are higher this fiscal year than projected by the Economic Forum.
THE GREATER LAS VEGAS ASSOCIATION OF REALTORS EXPECTS DECEMBER'S ESCROW CLOSINGS TO BE THE HIGHEST IN SEVERAL YEARS
Nationally, the trend is about the same as the National Realtors Group said that the index of sales agreements jumped 7.3 percent last month.
Contract agreements usually signal where the housing market is headed.
The Las Vegas Association of Realtors has noticed a trend of more homes going into contract since November and expects December's escrow closings to be the highest in several years.
A spokesman said, "we think there is a pent-up demand nationally and locally."
The Association reported that 9,780 single family homes, roughly half of 20,818 units on the Multiple Listing Service, were available without pending offers in November.
The median list price of available units without offers was $139,000 in November, a 2.5 decrease from a year ago. Realtors added 3,612 new listings to the Las Vegas MLS during the month.
An analyst at Decision Economics said, "buyers are feeling comfortable with their personal situations and with the house-price trend."
Homes are the most affordable they have been in decades. Long-term mortgage rates are at historic lows and prices in most metro areas have dropped since late 2006.
Another spokesman said,"Las Vegas is a growing retirement community with affordable home prices and low interest rates are helping new homeowners. For example, like a couple that just locked in a rate of only 3.87 percent."
"A lot of lenders doing short sales and foreclosures want to get properties off the books by year-end."
LAS VEGAS McCARRAN AIRPORT EXPECTS TO SERVE 40 MILLION PASSENGERS IN 2012
A 3.9 increase of passengers in November virtually assures the nation's 8th busiest airport will hit the 40 million count in 2012, offering further proof of the local tourist industry's recovery.
In 2010 the passenger volume dipped below 40 million for the first time in 6 years. Volume peaked in 2007 with 47.7 million.
Of the large domestic carriers serving McCarran, only two will carry less passengers in 2012 than in 2011.
McCarran passenger statistics continue to be dominated by Southwest Airlines, with a 4.4 per cent market share and has brought in some 14.7 passengers to and from Las Vegas in 2011.
The merged United and Continental airlines are number 2 at McCarran, followed by Delta, American, US Airways, and Allegiant Air.
International traffic continued to grow in November by 28.9 percent with some 238,905 passengers.
Only Canada's Sunwing and Philippine airlines showed a slight decline in November compared to a year ago.
According to prominent local real estate groups the shrinking inventory of bank-owned homes will make the market lean more toward short sales in 2012.
Election year pressures and the new Nevada law making foreclosures more difficult is certain to increase the number of short sales.
The Las Vegas Association of Realtors reported 44,633 home sales through November 2011, showing stabilization in Southern Nevada's housing market.
Realtors are closely monitoring notices of default, the first step in foreclosures, to ascertain the effects of the new Nevada law which so far has slowed the default notices process.
There has been a notable shift from bank-owned closings in favor of short sales and traditional sales such as cash transactions and new mortgages.
The bank-owned inventory is down about 50 percent from a year ago. Homes for sale on the Multiple Listing Service decreased from 15,855 a year ago to 11,086 in November with 47 percent of them listed as short sales.
We expect to see an uptick in short sales this year as banks have streamlined approvals. Whereas short sales took 8 months to a year to get approved a couple of years ago, some are completed within a week now.
LAS VEGAS CHOSEN FOR NEW ELECTRONIC RETAIL CONCEPT BY BEST BUY STORES
A corporate BEST BUY spokesman said that the Las Vegas market was selected to test this new concept due to the personality of local managers and employees.
Then, it will be used nationwide in all Best Buy stores.
The new concept is to provide one centralized runway to easily access products and displays with dozens of hands-on and interactive kiosks to allow drive time on new gadgets.
This concept differs from most other electronic stores.
The spokesman said,"there were many factors involved in the selection process,including location of the market, need and ability of stores to undergo changes, and also the local team's willingness to embark on this pilot effort with us."
The store manager of the Maryland Parkway Best Buy has about 120 employees to be trained on this new and revolutionary concept and he said, "normally, if a customer needs a computer they will go straight to the computer department. But, here at Best Buy, there really aren't any departments!"
"Every employee is trained everywhere cutting down the wait time a customer has."
Shorter wait times were particularly noticeable during this holiday season when stores are jammed with customers seeking electronics
The hands-on demos and the futuristic look of the new concept has appeal to shoppers intimidated by technology and was first tested in six Southern Nevada and in Pittsburgh and results will determine if it will be in Best Buy stores nationwide.
The time-line for a full national roll out was uncertain, but the company was planning to add more stores next year.