As the Federal Reserve announced another ‘jumbo’ interest rate hike of .75 percent on Wednesday, many in Las Vegas shared their concerns about what this means for their money in the future.

Michelle Boyce recently left her position as a career development specialist for Tech Impact, a Las Vegas nonprofit that helps young adults gain job skills and find work. She began casually looking for jobs this summer and finally took an account manager position at the Las Vegas-based IT staffing firm Taurean Consulting last month.

Recent economic data suggests Nevada’s labor market is restructuring as workers move between jobs. And like the rest of the state, the Las Vegas metro area is also seeing high rates of churn — or the pace of workers moving between jobs.

The valley bracing for more people. We have now learned by 2060 a million more people are coming.

According to the latest statistics from the Nevada Department of Employment, Training and Rehabilitation (DETR), nearly 1.5 million Nevadans are now in the workforce, and those ranks are expected to continue to grow.

It is expected that with funds of 160 million dollars, 4,000 houses will be built.

Nevada carries a reputation as a one-horse state, relying mainly on the leisure and hospitality sector. For example, in 2019, accommodation and food services made up 26 percent of Nevada’s workforce. For many years, policymakers and analysts have argued that Nevada needed to diversify its economy like its neighbors Arizona and Utah. This notion has proven salient multiple times, such as during the 2008 Great Recession and the COVID-19 pandemic, when Nevada, and especially the Las Vegas metro area, became ground zero for a national economic slump.

According to Nevada’s June job numbers, our state now has more than 1.4 million jobs, which is 3,000 higher than our previous peak in 2020.