Quantcast
Home manage Las Vegas Review-Journal
  Jobs Cars Homes Shopping Travel Weddings Golf Best of Las Vegas Photo   Search:

RECENT EDITIONS
Sun Mon Tue Wed Thu Fri Sat

sponsored by
Business


NEVADA ECONOMY: Yes, study says, there's stress

Research reveals fiscal fits here, worse woes in Lyon County to north

In its overall economic condition, Nevada resembles the nation: Some bright spots with lower unemployment and few foreclosures alongside communities sliding deeper into an unremitting recession.

That's according to the latest data from the Associated Press Stress Index, a monthly analysis of economic distress in more than 3,100 counties nationwide. The newest numbers reveal worsening economic indicators in Clark County, but the jurisdiction that houses Las Vegas wasn't the state's worst -- or even second-worst -- performer in August.


Most Popular Stories
  • Fraud with Portent
  • Debt-ridden casino operators told to expect pressure
  • REAL ESTATE: Las Vegas home prices stabilize as threat of foreclosure flood wanes
  • Expect to pay at Nugget's new tower
  • GAMING COMPANY EARNINGS: Station drops $455.4 million
  • THE STRIP: License approved for Aria
  • GLOBAL GAMING EXPO: Recession over? Don't bet on it
  • Union wants insiders to help pull Station from bankruptcy
  • Foreclosure wave continues
  • INSIDE GAMING: Missouri outburst hurts Lee, Pinnacle




  • Computed on a scale of 1 to 100, Clark County's "stress score" of 23.19 was well above the 11-point minimum that qualifies a community as economically troubled. What's more, that score was up 0.28 points from July, even as the average county stress score fell slightly nationwide, from 10.5 in July to 10.3 in August. Factoring into the county's performance were joblessness of 13.4 percent, a foreclosure rate of 8.7 percent and a bankruptcy rate of 2.9 percent.

    But it was Lyon County up north that ranked as Nevada's hardest-hit area, as well as one of the five most-stressed counties in America. Lyon County's August stress score was 24, thanks in part to unemployment of 15.8 percent. Its foreclosure rate is roughly the same as Clark County's, though its bankruptcy rate is lower, at 1.6 percent.

    Nye County, home to Pahrump, had the second-highest stress score in Nevada, with 23.3 points. That was up nearly 1 point from July. At 15.8 percent, Nye's jobless rate is considerably higher than Clark County's.

    The stress statistics match the findings of Nevada economists.

    Bill Anderson, chief economist of the state Department of Employment, Training and Rehabilitation, said his agency's research pegs Nevada's bedroom counties -- suburban areas that drew people who worked in big cities -- as the state's economic laggards. So it makes sense that Lyon County, next to Reno, and Nye County, adjacent to Las Vegas, would post the highest stress scores. As bedroom communities, the two counties relied substantially on housing expansion, and today, they have Nevada's highest jobless rates.

    Keith Schwer, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, said steeper-than-average downturns in the state's bedroom counties suggest that those communities attracted residents likelier to suffer in a downturn.

    "Sometimes, the people who live in these outlying communities are people who may not have had as many economic resources, so they bought a lower-priced home in a bedroom community," Schwer said. "What this is really telling us that they were more vulnerable."

    Lander County fared best in Nevada on the Stress Index, with a score of 7.95. That was an improvement of 0.4 points from July. Boosting Lander's performance were an unemployment rate of 6.7 percent and barely perceptible rates of foreclosure (0.8 percent) and bankruptcy (0.5 percent). Credit Lander's vitality partly to mining; the county has dozens of mines where operators dig for materials ranging from gold to turquoise.

    In addition to Lyon County, others on the nation's most-stressed list include Imperial County, Calif. (31.83); Yuma County, Ariz. (27.58); Merced County, Calif. (24.28); and Lauderdale, Tenn. (23.56). Imperial and Yuma are agricultural areas with high seasonal unemployment.

    In all, nine of Nevada's counties surpassed the 11-point stress mark in August.

    That leaves eight counties, most of them rural, with some semblance of economic health.

    But those smaller counties weren't enough to propel Nevada toward overall growth in August.

    As in previous months, Nevada (21.32) topped the list of the most economically stressed states. Michigan (17.59) and California (16.31) followed. North Dakota (4.67), South Dakota (5.3) and Nebraska (5.79) were at the bottom.

    Clark County claims 71 percent of Nevada's population, while Washoe County houses another 16 percent of the Silver State's residents.

    "As Clark and Washoe counties go, so goes the economic stress of the entire state," Schwer said.

    Nationwide, signs of a slow and fitful recovery emerged in August in some communities across the country where unemployment dropped and foreclosures stabilized. Fewer counties qualified as economically distressed.

    The latest results of the AP's Economic Stress Index showed the pain easing in some of the nation's hardest hit areas, such as Elkhart, Ind., and pockets of the Carolinas.

    About 39 percent of counties had a score of 11 or higher in August, compared with 41 percent in June and July. That's still up substantially from a year ago, when only 6.6 percent of counties had scores above 11.

    The states that showed the most improvement in their stress scores were Colorado, South Carolina, North Carolina and Virginia. All four saw their jobless rates fall.

    The states with the biggest year-to-year increases in economic stress in August were Nevada, Oregon and Michigan.

    The Associated Press contributed to this report.

     

     

    The 20 most stressed counties

    A list of the 20 most economically stressed counties with populations larger than 25,000 residents and their August 2009 score, according to The Associated Press Economic Stress Index:

    1. Imperial County, Calif. 31.83

    2. Yuma County, Ariz. 27.58

    3. Merced County, Calif. 24.28

    4. Lyon County 24.02

    5. Lauderdale County, Tenn. 23.56

    6. Nye County 23.30

    7. Clark County 23.19


    8. Yuba County, Calif. 23.00

    9. San Joaquin County, Calif. 22.92

    10. Riverside County, Calif. 22.72

    11. Stanislaus County, Calif. 22.56

    12. Dallas County, Ala. 22.38

    13. Wayne County, Mich. 22.35

    14. St. Clair County, Mich. 22.03

    15. Macomb County, Mich. 21.86

    16. Lapeer County, Mich. 21.81

    17. Chester County, S.C. 21.67

    18. Chambers, Ala. 21.57

    19. Marion County, S.C. 21.27

    20. San Bernandino County, Calif. 20.97

    Newsvine Digg Fark Technorati reddit StumbleUpon del.icio.us Slashdot Propeller Mixx Furl Twitter MySpace Facebook Google Bookmarks Yahoo! Bookmarks Windows Live Favorites Ask MyStuff myAOL Favorites

    Leave Your Comment 5 Reader Comments
    Terms & Conditions
    The following comments are provided by readers and are the sole responsiblity of the authors. The reviewjournal.com does not review comments before publication nor guarantee their accuracy. By publishing a comment here you agree to abide by the comment policy. If you see a comment that violates the policy, please notify the web editor.

    Some comments may not display immediately due to an automatic filter. These comments will be reviewed within 48 hours. Please do not submit a comment more than once.
    Current Word Count:

    Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background.

    Sally Sue Simmons wrote on October 07, 2009 01:04 PM: I spoke to a cutomer who works at the DMV and she said that they are still busy as heck exchanging Drivers Liscenses for:
    1. California
    2. Texas
    3. Florida
    Former residents who continue to move into this town. I can see Cali, where houses are still mostly more expensive than here, but, unless you're moving from an area where the unemployment rates is higher than where you currently live, why? Maybe you're moving here with your unemployment check? Shoot if I were collecting unemployment (NV) I'd be living at some beach community somewhere in South FLA, and faking looking for a job in NV, like all of the rest of those out of work and on the dole here in Lost Wages, Nevaduh!


    john wrote on October 06, 2009 11:59 PM: No problem I'll just keep drawing unemployment and doubling on hard 12's. (Hint, I'd rather have a decent j-o-b)


    Jackie D wrote on October 06, 2009 03:00 PM: Taking this survey was what stressed me out.


    Snows White wrote on October 06, 2009 02:01 PM: The MOST economically stressed state out of 50, the SECOND highest unemployment rate, behind MI (Detroit). STOPPPPPPPPPP!!! It must be a bad dream, your eyes open and you're now in the FASTEST GROWING COMMUNITY FOR ALMOST 20 YEARS? The streets are/were paved with GOLD in LOST VEGAS? You can come here and make $100k a year being a bellman/cocktail waitress/valet, and still live in a nice neighborhood where a house ONLY cost's $120k for 3/2/backyard pool ready in Summerland. SCREEEEEEECH!!!! (the sound of air being released as the time machine capsule door opens)the comforting voice comes over an unseen loudspeaker: 'Thank you for visiting 'The Way life used to be in 1996 in Fabulous Las Vegas Nevada' please watch your step as you exit the time capsule, the sidewalk is moving at the same speed as you vehicle. Please enjoy the rest of your day at Walt Dizzy Land'


    jm0405 wrote on October 06, 2009 04:09 AM: That's funny - they needed to conduct a study to determine whether or not people are stressed???