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Nevada Controller Projects Growth
CARSON CITY -- Nevada's economy is on the mend but it won't return to
the explosive growth experienced in the 1990s, says state Controller
Kathy Augustine.
Augustine issued a condensed version Friday of the annual
Comprehensive Annual Financial Report that said growth in Nevada will
exceed the national growth rate.
The report said "a key development will be the extent to which the
recent uptick in tourist and gaming trends can be maintained.
Fortunately, continued growth in the gaming industry, especially in
Southern Nevada, is unfolding."
It notes Steve Wynn's ongoing construction of a new hotel-casino at
the site of the old Desert Inn on the Strip and a number of expansions
of existing resorts.
The gaming win in the state fell by 2.8 percent in fiscal 2002 but
inched up by 1.1 percent in fiscal 2003 that ended last June 30, the
report said.
Augustine said that Global Insight, a firm under contract with the
state, is forecasting average annual job growth of 2.9 percent in the
2003-2005 period and 3 percent during the three-year period following
that.
"That represents the strongest growth among all states for both time
periods," she said.
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