According to the Lied Institute for Real Estate Studies, which recently conducted a study based on the opinions and observations of leaders in the community of Las Vegas, diversification is the best way for the economy to cope with economic crisis in the future.
As a result of the recent collapse of the local economy in Las Vegas 70 of Southern Nevada’s business leaders, politicians and academics took another look at an idea that isn’t new, diversification of the economy.
Because the economy of Southern Nevada relies heavily on industries that rely mostly on growth-fueled industries such as construction and real estate, aside from the vulnerable industries of gaming and tourism, when the national economy staggers, Southern Nevada falls.
Relieving the pressure on these industries to provide the engine for the financial well-being of the region would be accomplished by and expansion of industry into less vulnerable areas, therefore diversification is a key goal for the future health of the Southern Nevada and Las Vegas economies.
This would be good news for all segments of the Las Vegas economy, including real estate investors such as Kirk Sanford, whose Sightline Acquisition Corporation invests in distressed properties in the area of Las Vegas and Southern Nevada.