Home values have also improved significantly over the past several years with the median price of an existing single family home in Las Vegas up approximately 99% at December 2016 compared to January 2012, as reported by the Greater Las Vegas Association of Realtors. Businesses and consumers in Las Vegas continue to increase their spending as evidenced by 42 consecutive months of year-over-year increases in taxable retail sales from July 2013 to December 2016. This resulted in an unemployment rate of 5.0% which has declined from 14.1% in July 2011. Bureau of Labor Statistics, Las Vegas experienced a 2.7% year-over-year increase in employment to 952,800, which is an all-time high. In addition, based on preliminary data for December 2016 from the U.S. Census Bureau release, Nevada was second among all states in percentage growth of population from July 2015 to July 2016. The Las Vegas economy, although severely impacted by the recession and housing crisis that spanned from 2008 to 2011, began to stabilize in 2012 and, based on population and employment growth, was one of the fastest growing economies in the United States from 2015 to 2016. A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area.
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