Outlook ‘21 Provides In-Depth Look at Economic Recovery
On Wednesday, Dec. 2, Las Vegas Global Economic Alliance (LVGEA) and UNLV Lee Business School's Center for Business and Economic Research (CBER) provided an in-depth analysis of what to expect heading into next year on national and global levels, in addition to a focus on Southern Nevada. Hosted virtually this year, Outlook ’21 brought together Beacon Economics’ Chris Thornberg and UNLV Professor Stephen Miller to provide the audience with the data and insight needed to do business in Las Vegas.
Christopher Thornberg, Founder of Beacon Economics: Dr. Thornberg predicted a nearly complete economic recovery by Q3 of 2021. According to Dr. Thornberg, the “V” economic recovery is already 75% in play. The housing market is booming, goods spending has accelerated, business applications are twice as high as normal, and employment rates are bouncing back. The service industries, however, continue to lag and are largely dependent on the roll-out of vaccines. “We still have a ways to go, but I know 2021 is going to be a brighter time for our economy,” said Dr. Christopher Thornberg.
Stephen Miller, UNLV Professor and Director of the Center for Business and Economic Research: Dr. Miller predicted a full economic recovery by the end of 2021. Dr. Miller analyzed the various sectors which make up the Southern Nevada economy. While “Remote” sectors are doing well, “Gather Together” sectors, such as leisure and hospitality, have taken the hardest hit. CBER’s quarterly survey of the businesses of Southern Nevada shows that almost 50% of business owners see a full economic recovery occurring in 2022.
“The forecasts from Drs. Thornberg and Miller were hopeful and encouraging that the economy will recover—possibly faster than some had thought," said Paulette Tandy, interim dean of Lee Business School. "I hope the insights from today help businesses plan well for what’s to come in 2021.”
“Thank you to our speakers, sponsors, and attendees for making this event possible,” said Jonas Peterson President and CEO of LVGEA. “This has been a challenging year for all of us. I hope that Outlook ’21 was able to provide our audience with insightful knowledge to help move forward heading into a crucial year of recovery.”
Learn more about the event and view the speakers’ presentation slides at lasvegasoutlook.com.
Stay tuned for more information coming soon about CBER's mid-year Economic Outlook which will provide additional insight and updates in June 2021.