U-Haul Destination No. 3: Las Vegas Recovery a Good Gamble

What happens in Vegas is causing people to stay in Vegas.

At least that’s the case with do-it-yourself movers driving U-Haul trucks to Sin City.

With prevailing signs of a housing recovery and a more positive vibe regarding the local economy filtering through the city, Las Vegas claims the No. 3 spot on the U-Haul Top 10 U.S. Destination Cities for 2014. The rankings reflect the top destinations of one-way U-Haul truck rentals for the past calendar year.

“As this ranking shows, the Greater Las Vegas area is a place of great opportunity and hope,” Clark County Commission Chairman Steve Sisolak said. “Our low taxes and business-friendly climate make us an attractive location for economic growth and expansion.”

This is the second consecutive year and fourth time in the last five years Las Vegas has secured the No. 3 ranking. It slipped to No. 4 in 2012.

Las Vegas 13615
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While migration trends don’t correlate directly to a city’s population or economic growth, they are a strong gauge as to how well cities are attracting new residents.

“The report by U-Haul that ranks Las Vegas as one of the top three cities for self-relocation is yet one more important indicator that the Las Vegas economy continues to strengthen,” said Jim Murren, Chairman and CEO of MGM Resorts, which is Nevada’s largest employer. “More people realize that Las Vegas is headed in the right direction, and they want to relocate here to enjoy the fruits of a successfully recovering market.”

Ron Reese, Senior VP of Global Communications and Corporate Affairs for Las Vegas Sands Corp., added: “It is certainly exciting, but not surprising, to see Las Vegas so high on the list of Top Destination Cities of 2014. This is a city that thrives on tourism, however it is the collective effort of over two million citizens that continues to make this a great place to live and they keep Las Vegas flourishing. Here at Las Vegas Sands, we take pride in our 9000-plus team members that contribute to the viability of this great city.”

Las Vegas continues to draw millions of visitors annually to its mammoth casinos and neon-lit hotels along The Strip, which account for a major piece of the local jobs market.

There are no shortage of attractions, from the marquee concerts, shows and fights to the Bellagio fountains and Venetian gondola rides. And the Sin City nightlife is legendary.

But it’s the residential growth and housing recovery off The Strip that has the attention of Steve Deutsch, marketing company president for U-Haul Company of Las Vegas West.

In this photo provided by the Las Vegas News Bureau, the first rays of sun start to illuminate the breath-taking view of Hoover Dam before crowds begin their journey from Arizona to Nevada during the public event to celebrate the completion of the Mike O'Callaghan-Pat Tillman Memorial Bridge over-looking Hoover Dam, called "Bridging America". Saturday, October 16, 2010. (Photo/Las Vegas News Bureau, Glenn Pinkerton)
Hoover Dam (Credit: Las Vegas News Bureau)

“For a while Vegas led the nation in foreclosures, and now we’re starting to build again,” Deutsch said. “You’re starting to see new housing tracts go up and lot of people moving back to Vegas because of that. The economy is starting to come back. Banks are starting to loan money to build again. The job market is still tight here, and unemployment is still high from where used to be. But we’re turning around from huge real estate hit we took.”

Deutsch said the southwest and northwest areas are growing the most rapidly, while some expansion continues to the southeast in the direction of Henderson.

“The inner city has taken a hard hit, but new companies are opening up outside of town in nicer areas,” Deutsch said. “Ikea is finally coming to Vegas and opening a big store. And U-Haul is still growing. We’ve opened seven new storage facilities in the last four years in Las Vegas, and we now have 80-plus U-Haul dealers in the city limits.”

Continue to visit myuhaulstory.com as the U-Haul Top 10 U.S. Destination Cities for 2014 counts down to No. 1.

Additional photo credits: Paris and Bally’s on The Strip (featured image) and Fremont Street (thumbnail) by Las Vegas News Bureau.

U.S. Destination Rankings

10. Sacramento

9. Kansas City

8. Philadelphia

7. Austin

6. Brooklyn

5. Orlando

4. San Antonio

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