The Future of the Las Vegas Economy: Tourism, AI & Economic Forecasts with Andrew Woods

In this insightful episode, Kristopher sits down with Andrew Woods from the Center for Business and Economic Research (CBER) at the University of Nevada, Las Vegas, to discuss the current and future economic landscape of Southern Nevada.

Andrew dives deep into the data behind the Southern Nevada Business Confidence Index and Las Vegas tourism, explaining how the city's reliance on discretionary spending makes it a leading indicator for the national economy. They explore the shifting demographics of visitors, the negative impact of rising costs and price gouging perceptions on domestic travel, and why convention attendance remains a crucial, stabilizing pillar for the Las Vegas Strip. Andrew also highlights shifting consumer habits, noting how national spending has heavily consolidated into budget-friendly giants like Amazon, Walmart, Costco, and TJ Maxx.

The conversation then shifts to the future of the Nevada workforce, tackling the realities of the soft skills gap and how artificial intelligence might actually increase the overall demand for certain white-collar jobs by significantly improving efficiency. Andrew also shares his vision for economic diversification in Las Vegas, highlighting the explosive growth of the healthcare sector driven by an aging demographic of new residents, while making a strong case for bringing a massive, large-scale manufacturing gigafactory to Southern Nevada to truly transform the region.

Finally, Andrew provides his expert economic forecast on whether the United States is heading into a recession, breaking down the warning signs of a cooling job market that is heavily reliant on healthcare growth. However, he balances this with an optimistic look at the incredible post-pandemic boom in local entrepreneurship that currently makes Nevada the third most entrepreneurial state in the country per capita. Be sure to like, comment, and subscribe for more deep dives into the business world!