LV Labor Shortage?
A recent Deutsche Bank study found that a lack of qualified labor in LV will take a toll on new casinos and high-rise condos being built. The study claims that unless the construction talent pool grows signficantly than the estimate $10-$15B in new construction projects over the next 5 years will have difficulty getting off the ground.
A shortage of qualified labor has also increased pressure on subcontractors. Their prices are rising dramatically. Additionally, because of demand, they are becoming more selective in the types of projects they are taking. Many have even held back from bidding on projects for fear that won’t find the labor needed to do the job. Higher prices are also effecting general contractors and delaying projects in general.
The Deutsch Bank study suggests that the MGM Mirage’s Project City Center alone could use more than half of the licensed subcontractors in LV.