Experts Analyze the Latest Economic Trends in First Independent Bank’s Regional Intelligence Report
May 19, 2022
It’s no secret that the U.S. economy has been facing high inflation and interest rates, but what do these trends mean for businesses in the coming months and years? First Independent Bank sought out leading national economist Dr. Christopher Thornberg, founding partner of Beacon Economics, a prominent independent economic research and consulting firm, to provide an in-depth analysis of the economy – the good, the bad and the ugly.
Some data of note from the report:
Nevada’s labor market added 318,000 jobs since it hit the bottom in April 2020, which is 95% of the jobs lost between February 2020 and April 2020.
Although supply is not meeting demand, economic stimulus and low interest rates have increased demand for housing throughout Nevada.
In Reno, median home prices rose to $530,641 in the fourth quarter of 2022, a 17.9% increase from a year earlier.
With more companies returning to normal operations, vacancy rates for office properties declined in Reno over this period, at 21.3%, down 1.7 percentage points from a year earlier.