In The News: Department of Economics

On Saturday, President Trump announced new 25% tariffs on imports from Mexico and Canada and 10% for goods from China. Energy imported from Canada, including oil, natural gas and electricity, will also be taxed at 10%. The new tariffs go into effect on Tuesday.

Casinos on the Las Vegas Strip have posted five consecutive months of year-over-year declines in gaming revenue. Gambling parlors in downtown Las Vegas and along the Boulder Strip have reported decreases in three of the past four months of available data.
More Californians may be moving to Utah as a result of the deadly Los Angeles wildfires. They're looking for lower housing costs, especially since the deadly blazes are likely to boost already high prices in Los Angeles, Daryl Fairweather, chief economist for the nation's largest brokerage website, Seattle-based Redfin, told the Deseret News.
More Californians may be moving to Utah as a result of the deadly Los Angeles wildfires. They’re looking for lower housing costs, especially since the deadly blazes are likely to boost already high prices in Los Angeles, Daryl Fairweather, chief economist for the nation’s largest brokerage website, Seattle-based Redfin, told the Deseret News.
The wildfires in the Los Angeles area have burned more than 30,000 acres and destroyed thousands of homes since starting on January 7th. With tens of thousands residents displaced, could Las Vegas see even more Californians moving here? Co-host Dayvid Figler asks UNLV economist Nicholas Irwin how much pressure this could put on our strained housing market and what Las Vegas could do to prepare.

Places in the west that are especially at risk to wildfire destruction are Urban Wildland Interfaces (UWI) — transition zones between unoccupied and urban land.

As houses continue to burn in Los Angeles, officials have already started talking about rebuilding the city. “We’re going to rebuild this remarkable community and we’re going to come back,” California governor Gavin Newsom said in a call with President Biden on January 10. Los Angeles mayor Karen Bass added her own call for action. “We’re going to recover, and we’re going to rebuild and we’re going to rebuild better.”
Wildfires continue to devastate Southern California, with the Los Angeles Times reporting today that a “particularly dangerous situation” warning is once again in effect for areas of Los Angeles and Ventura counties. At least 25 people have died.

People are increasingly moving into the wildland-urban interface areas, where human development meets wild vegetation, like forests, according to a University of Nevada-Las Vegas expert. Such landscapes are also notorious for wildfires.

As the battle against several Southern California wildfires continues to rage on, one expert told me the impact could be seen far outside the fire path, and even here in our valley.

Thousands of people have been displaced by Los Angeles area fires and UNLV economist Nicholas Irwin said it’s likely for people to seek refuge here in the Las Vegas valley.

A fuel pipeline from California to Nevada was expected to restart operations Friday, lessening the threat of a supply problem across the Las Vegas valley, a county spokesperson said late Thursday.