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LAS VEGAS-The business, tourism and construction industries of Southern Nevada are expected to take another two years to fully recover, according to data compiled by economists at the Center for Business and Economic Research at the University of Nevada in Las Vegas. The report was released at CBER’s mid-year economic outlook conference Tuesday.

CBER Director Keith Schwer said Southern Nevada likely will lag behind the rest of the nation’s financial progress because the Las Vegas economy is a one-industry consumer-based system that is experiencing a troublesome trifecta–a slump in the housing and construction sectors, an unemployment rate above the national average and a decrease in visitors to Las Vegas.

“Southern Nevada’s economy is dependent upon discretionary spending,” Schwer says. “In an economic downturn that’s the first type of spending that will be cut back.”

As a result, Schwer says Southern Nevada needs to be prepared for a sharper downturn than in more diversified economies. “Economic diversification is one of the recommendations from this report,” Schwer said. “Las Vegas is a destination resort so the critical factor for our economy to recover quickly would be a global economic rebound and then the U.S. economy picking up.”

The economists’ estimations in the report include:

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