February 19, 2013
Will look not like V, but Nike swoosh, jobs expert says
While acknowledging Southern Nevada’s economy was slowly improving, economist John Restrepo said there was more work to do before the region’s economy was truly healthy.
“This isn’t you father’s recession,” Restrepo said during a presentation Thursday at City National Bank’s Economic Forecast and Market Update for 2013. “It’s a whole different world out there.”
He said reset, rebuild and recover “are the words that best describe where we are in Southern Nevada.” Restrepo, principal with RCG Economics in Las Vegas, said the job market has begun to recover from the recession.
The region’s prerecession employment market was creating 33,000 jobs annually, with a high of 63,000 from December 2004 to December 2005. During the recession, the annual average was a loss of 22,000 jobs.
Restrepo said some 15,700 jobs have been created in the last 12 months.