Forbes.com reports that Las Vegas is has experienced nearly a 30 percent increase in population since 2000. That’s the largest percentage increase in the U.S. Increases in population mean more money for the city and local businesses. With more new buyers, it also meant there was a housing boom. Though that’s seen a slump, Las Vegas is still at the top of the list of fastest growing cities.
This population increase has far-reaching economic implications. A growing city is able to attract, keep and develop businesses with a large workforce. Of course, more people mean increased tax revenue.
In the housing market, rapid growth led to overbuilding. The good news is that continued population growth will help our housing market come back faster than areas which are losing population, such as Detroit or Buffalo.