Recession fears are on the rise in the U.S. on the heels of a weak jobs report that kicked off a stock market drop not seen in years, but local economic analysts say Las Vegas residents shouldn’t be ringing any alarm bells just yet.

When former President Donald Trump held a rally in Las Vegas in mid-June, he pledged to end federal taxation of tips. “Hotel workers and people that get tips, you’re going to be very happy because when I get to office, we are going to not charge taxes on tips,” he said. “We’re going to do that right away, first thing in office.”

UNLV research shows a decline from the pandemic surge of Californians moving to Nevada.

According to figures from the Las Vegas Realtors trade group, the median price for an existing home in Southern Nevada is $465,000, up 9% from the same time a year ago and nearing an all-time high of $482,000. As high as our home prices here seem, Stephen Miller, a professor of economics at UNLV, says homes are actually a bargain here compared to many other cities in the western United States.

Just as international migration soared in other states, it dropped precipitously in Nevada. Clark County, home to the tourist-magnet city of Las Vegas, saw a decrease of 58%, the biggest among counties where a half-million or more people live, Census Bureau figures show.

Casi 158 mil personas se reubicaron en Nevada desde California desde 2020, lo que representa el 43 por ciento de todos los nuevos residentes del Estado de Plata durante los últimos cuatro años, según datos del Departamento de Vehículos Motorizados de Nevada (DMV).

Nearly 158,000 people relocated to Nevada from California since 2020, making up 43 percent of all new residents to the Silver State during the past four years, according to data from the Nevada Department of Motor Vehicles.

The pandemic hit Nevada hard, but it eventually eased and the state came back to life economically, just not as fast as the rest of the country. Though our unemployment rate is one of the highest in the country, it’s still around 5%, which economists have long said amounts to full employment. What’s hurting is inflation combined with a very low rate of wage growth.