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Location: New Albany, Indiana (Greater Louisville)
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Austin (Phoenix) have really closed the gap with LV and still have a shot at being the fastest growing urban area (by percent) with over 1 million residents in the 00s - at least according to the annual estimates. I can't wait for the official numbers to come out next year!
Its saying a lot when 35% growth for Vegas is considered stagnant.
I've never seen a place in the US with that kind of visible growth. Its amazing and LV had an awesome run I don't think any other place will be able to replicate again for a long, long time-if ever.
Its saying a lot when 35% growth for Vegas is considered stagnant.
I've never seen a place in the US with that kind of visible growth. Its amazing and LV had an awesome run I don't think any other place will be able to replicate again for a long, long time-if ever.
I second that.
In 1960, Las Vegas and Reno were roughly the same size at around 100,000 each. Nowadays, you can't even mention the areas in the same vein when it comes to population.
However, consider this. LV grew as fast as it did because it had a very little population base to begin with. Now it has big city problems that it's barely catching on to.
If it makes people feel better, Nevada is still really empty. Like really really empty.
Las Vegas is a really interesting case, it grew so fast and now it's just standing still. It's crazy when that happened in a short amount of time.
Yeah, it'll be interesting to see how it plays out as far as the metro settling down to more normal/sustainable growth rates - or if it will kick start itself again and keep ramping it up.
One thing about growing really fast like that, it can really build momentum and cause havoc if it stops quickly. It usually creates much larger financial problems than if you have more stable growth of 10-20% per decade.
I saw from 2008 to 2009, the entire state of Nevada only had 7,000 people move in from out of state. The state's population as a whole grew by 27,000 people - after years of more than triple that amount.
In 1960, Las Vegas and Reno were roughly the same size at around 100,000 each. Nowadays, you can't even mention the areas in the same vein when it comes to population.
True.
I would still live in Reno over Vegas.
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If it makes people feel better, Nevada is still really empty. Like really really empty.
Incredibly empty.
Still, I sold some land in Las Vegas in late 2006 for about 100 times what my parents originally paid for it in 1980(when I was only 6 years old).
Now its lost half its value. Too bad for the new owner.
Austin probably will unseat Vegas and Phoenix temporarily. The economy of Texas is much stronger and more robust than that of Nevada and Arizona.
The main attractor of people to both Southern Nevada and Arizona is climate. Regardless of the recession, Las Vegas and Phoenix will still pull people in because of the weather.
I think that once the housing market stabilizes the growth machine will pick right back up. Controlled growth in the Southwest will not happen anytime soon. It's way too profitable.
Austin probably will unseat Vegas and Phoenix temporarily. The economy of Texas is much stronger and more robust than that of Nevada and Arizona.
The main attractor of people to both Southern Nevada and Arizona is climate. Regardless of the recession, Las Vegas and Phoenix will still pull people in because of the weather.
I think that once the housing market stabilizes the growth machine will pick right back up. Controlled growth in the Southwest will not happen anytime soon. It's way too profitable.
I wouldn't necessarily say weather is the biggest attraction to the AZ and NV area. Lots of people still find the climate within the areas rather unbearable.
The economy of Texas is much stronger and more robust than that of Nevada and Arizona.
Well, its all relative. The better thing to say would be that Texas is doing less bad. Just goes to show the severity of the times when TX had a net loss of 300,000+ jobs in 2009 and we are still praising its economy as being more 'robust'. I don't blame you for saying that tho, despite their woes, they are in a much better position right now than California.
Let's hope TXs economy improves(and soars in 2010) as well as the rest of the country.
Reno is in an unbelievably beautiful area (Tahoe, Sierra Nevada, etc)! I was just there last week, but like all of Nevada, couldn't really enjoy it because I'm under 21. Too bad its way too cold for people like me. I think if the area markets itself right, it could market itself as a smaller version of Denver.
It would be sad if Reno sprawled all the way to Carson City.
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Incredibly empty.
Still, I sold some land in Las Vegas in late 2006 for about 100 times what my parents originally paid for it in 1980(when I was only 6 years old).
Now its lost half its value. Too bad for the new owner.
Well, Nevada DOES have the highest rate of foreclosure in the country. It's sad to see this economic crisis devastate Nevada in the way it did.
Land in most of Nevada is still relatively cheap and undiscovered. I hope it stays that way
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Originally Posted by miamiman
Austin probably will unseat Vegas and Phoenix temporarily. The economy of Texas is much stronger and more robust than that of Nevada and Arizona.
The main attractor of people to both Southern Nevada and Arizona is climate. Regardless of the recession, Las Vegas and Phoenix will still pull people in because of the weather.
I think that once the housing market stabilizes the growth machine will pick right back up. Controlled growth in the Southwest will not happen anytime soon. It's way too profitable.
Well, as long as California has a bad economy and a high cost of living, Nevada and Arizona will grow by a large degree. Texas, on the other hand, has a more diverse pool of transplants from many other areas.
SOI Tax Stats - Free Migration Data Downloads (http://www.irs.gov/taxstats/article/0,,id=212718,00.html - broken link)
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Nevada
Top 10 inflows
California: 58,878
Arizona: 10,070
Texas: 7,861
Florida: 6,982
Utah: 6,115
Washington: 5,587
Michigan: 5,577
Illinois: 4,979
Colorado: 4,914
New York: 4,751 (there's a trend of New Yorkers always having way more returns than exemptions. Do New Yorkers have kids or old people anymore?)
There were more Californians migrating into the Silver State in 2008 than the next 9 states combined (58,878 vs 56,836)! Maybe it's time to annex the place and start the 'Plan Golden Bear'
However, over time, Nevada and Arizona will diversify their economies. It can't rely on real estate development forever. Texas is a good template to make it possible.
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