Document Type

Report

Publication Date

12-2013

Publisher

Brookings Mountain West

First page number:

1

Last page number:

14

Abstract

The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada’s economy more generally. As a result of these trends, residential home construction – the engine of employment growth in Nevada since 2000 – came to a virtual standstill.

Keywords

Banks and banking; Construction industry; Foreclosure; Hospitality industry; Housing; Mortgage banks; Mortgage loans; Mortgages; Nevada; Real estate development; Recessions; Recessions--Economic aspects; Unemployed; Unemployment

Disciplines

Economics | Growth and Development | Real Estate

Language

English

Download


Share

COinS