Connection Established: Growing Tech Industry in Las Vegas Fueling Luxury Real Estate Market [Part 1]News Home
Connection Established: Growing Tech Industry in Las Vegas Fueling Luxury Real Estate Market [Part 1]
The downturn of the economy that started in late 2007 had significant impacts across many different markets and industries. At the peak of the recession, the gaming and real estate markets were disproportionately impacted and stalled many development projects in Las Vegas. Being the capital of gaming, Las Vegas suffered a major blow to the heart of its key industry and deterred many developers to abandon their projects in order to stay afloat.
For the past few years, due to a steady economic recovery, Las Vegas is experiencing unpredicted growth in the real estate market. In Nevada, the key strategy of the economic recovery initiatives is to convince businesses to invest in the state. We are seeing the fruition of the efforts as Nevada is becoming the next ‘Silicon Valley.’ Many corporations in the tech industry are establishing a presence in Nevada.
For example, Switch Communications’, a data computing giant based in Las Vegas, expansion plans include a 3 million-square-foot data center near Reno. Tesla Motors has also committed to building a battery production facility, deemed a ‘gigafactory,’ in Nevada. These will undoubtedly create many new highly skilled jobs and attract skilled individuals to the state.
The state of the job market is inherently tied to the real estate market. With the increasing number of skilled professionals relocating to Nevada to fill these new jobs, the demand for housing and real estate properties is also increasing. Las Vegas offers many options for luxury homes in premier communities like MacDonald Highlands located on the foothills of the McCullough Mountains in Henderson, NV. MacDonald Highlands offers an opportunity for them to live on the top and receive the best of both worlds, personally and professionally.