Approximately 7,000 people relocate to Las Vegas every month – a significant percentage of this growth is being driven by Asians. Horace Greeley’s mantra for western growth in the late 1800’s was “go west young man/woman” – but in today’s world, we are seeing a reverse of the traditional population growth patterns.
Eastern immigration is fueling Las Vegas Real Estate growth, certainly driven in part by the large number of Asian Americans heading East! What’s triggering this shift in growth? They are sick of California’s clogged freeways, poor schools, crime problems and increasing smog and relocating to cities like Las Vegas and Phoenix.
Many Asians perceive Las Vegas Real Estate as a bargain, when contrasted with prices in California and Washington. And, our cultural diversity is a big plus to them, especially when coupled with the huge growth occurring in our local Asian population.
Based on our local consensus information, Nevada has the most rapid growth of any state in Asians. According to our 2007 Census Bureau Asians now comprise about 8.25 of Nevada’s 2.6M people – we’ve seen a growth rate of approximately 67% to around 211,000 in the last ten years alone.
Look no further than our local Las Vegas Chinatown for evidence of Asian growth. Chinatown was only a few blocks long just ten years ago – but today if you drive down Spring Mountain Boulevard it covers almost four miles, offering every conceivable business or restaurant, while catering to 4-6 different Asian languages.
The look and feel of Las Vegas Real estate is changing to fit this influx of Asian Americans – construction has been scheduled this year for the start of a 180K square foot Asia Town Center which will feature ten of the West’s most well known retailers and the anchor grocer will be Hmart, comprising 50K square feet, selling produce, meats, household wares and prepared foods that will cater to Asians.
Our local business community is evolving to fit our “cultural Tsunami” shift occurring with this huge influx of Asians – we now have the First Asian Bank which caters to the financial, linguistic and cultural needs of the Asian community; the first national glossy magazine targeted for all Asian cultures is scheduled to be launched in Vegas in September, the monthly AsianAm, targeting demographics of 18 to 34; our Asian Bar Association formed by three attorneys a few years ago now has over 50 active members.
Las Vegas is embracing the Asian community growth for very practical reasons – we have jobs to fill! As an example, the first phase of the MGM Mirages City Center, a $9.2 billion 68 acre project is under construction and will require 12,500 employees and the Echelon, a $4.8 billion hotel project scheduled to be opened in 2010 will need 12,000 workers.
So, forget Horace Greeley’s advice – go east to Las Vegas where the action is and local Las Vegas Real Estate is on Sale!!
