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Nevada Controller Projects Growth

CARSON CITY — Nevada’s economy is on the mend but it won’t return to the explosive growth experienced in the 1990s, says state Controller Kathy Augustine.

Augustine issued a condensed version Friday of the annual Comprehensive Annual Financial Report that said growth in Nevada will exceed the national growth rate.

The report said "a key development will be the extent to which the recent uptick in tourist and gaming trends can be maintained. Fortunately, continued growth in the gaming industry, especially in Southern Nevada, is unfolding."

It notes Steve Wynn’s ongoing construction of a new hotel-casino at the site of the old Desert Inn on the Strip and a number of expansions of existing resorts.

The gaming win in the state fell by 2.8 percent in fiscal 2002 but inched up by 1.1 percent in fiscal 2003 that ended last June 30, the report said.

Augustine said that Global Insight, a firm under contract with the state, is forecasting average annual job growth of 2.9 percent in the 2003-2005 period and 3 percent during the three-year period following that.

"That represents the strongest growth among all states for both time periods," she said.

Read the entire article at: RGT Online 

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