The influential Brookings Institute released a report late this summer that labeled the high growth “Southern Intermountain” states of Nevada, Arizona, Colorado, New Mexico and Utah as the emerging epicenter of the “New American Heartland.” Replacing the traditional Midwestern US as the center of our population.
Intermountain West Changing the Landscape
States in the southern Intermountain West—Arizona, Colorado, Nevada, New Mexico, and Utah—are experiencing some of the fastest population growth and economic and demographic transition anywhere in the country. Such large metropolitan areas as Las Vegas, Albuquerque, Denver, Phoenix and Salt Lake City are driving the growth.
It’s important to note that this region is even starting to muscle California out of the picture as the poster child of growth, trends and lifestyle amenities, which has historically had a huge impact on the West’s development.
Las Vegas Emerging as Poster Child for Growth
Las Vegas started out as a city founded on gambling in a raw desert environment, with not much thought for future growth and how to sustain commerce. The report states “the very fact that Las Vegas even exists on the scale it does is something of a shock.” “Yet, by the 1970s, the city had grown interesting enough that some architects sought to “learn from Las Vegas.”
Las Vegas today is the nation’s leading convention city and perhaps the most important setting for face to face meetings in a convention capacity for people and businesses in high tech, medicine, publishing, media construction and other industries.
Las Vegas has emerged as a huge networking city – with unparalleled services, amenities in one of the country’s most “business friendly” states. Its status as a virtual and real world crossroads for high volume meetings in the form of trade shows and conventions also helps to expose the city to the world, which in turn drives more interest, commerce and opportunities.
Intermountain West Growth Driving Jobs and Opportunity
To accommodate this tremendous growth in the Intermountain West we may need to build and/or replace 7 Million Residential Units and 9.4 Billion square feet of Commercial Space by 2040 – the growth is enormous and Las Vegas will be leading the way.
While America will keep adding people and retain an aging population, the Intermountain West is projected to gain a disproportionate share of this growth. Together, the five Intermountain West metropolitan areas are projected to grow by 12.7 Million residents and add an additional 8 Million jobs by 2045.
This means the Megapolitan (major cities like Las Vegas, Denver, Phoenix, Salt Lake City, Albuquerque) West’s population would nearly double (an increase of approx 110%) from their 2005 levels by 2040. This growth constitutes more than 88% of the five state’s regions projected population and employment growth and more than 9% of the nation’s projected job growth between 2005 and 2040.
So, ignore the ever present drumbeat of doom and gloom from our National Media. We have a saying in Vegas, lightening does strike twice for those fortunate to know how to position themselves for opportunity. Check our Blog tomorrow for more analysis of this important study.
