JS-1736: The Honorable John W. Snow <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://www.treasury.gov/press/releases/js1736.htm time: 1:33:05 Jan 19, 2009"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <br>Prepared Remarks: Astoria Homes Communities<br>Las Vegas, NV<br>June 18, 2004



	FROM THE OFFICE OF PUBLIC AFFAIRS June 18, 2004 JS-1736 The Honorable John W. Snow Prepared Remarks: Astoria Homes Communities Las Vegas, NV June 18, 2004 Thank you so much for having me here today. I'm delighted to see that homebuilding in Las Vegas is going so well and is so strong, as is the housing industry all over the country. The strength of the housing market continues to benefit families across America, with homeownership at an all time high of 68.6 percent. That really is outstanding – an accomplishment that we can all be very proud of. A robust housing industry is one of many indications that our economy has pulled out of recession and is doing extremely well; we're truly firing on all cylinders right now. The best indicator of all has been the creation of good jobs. Nearly a quarter of a million jobs were created in May, more than a million this year so far, and nearly a million and a half over the past nine months. Employment over the past year was up in 44 of the 50 states. The unemployment rate was down in all regions and in 46 of the 50 states. Here in Nevada, unemployment has been falling and was a very-low 4.1 percent in May – significantly below the national average. Payroll employment in Nevada has been steadily rising, up by 3,800 jobs last month. It's incredible to think about how far our economy has come in such a short time. We were struggling for a while there... we had a number of blows to our economy. I know that September 11^th hit this area particularly hard because of the dampening effect that terrible day had on tourism – a major industry in this state. But today our economy is not just recovering – it's performing at an extremely high level. We've had the strongest three quarter growth rate in almost 20 years, averaging at an annual rate of 5.6 percent. President Bush's tax cuts, combined with sound monetary policy, made all of this possible. The reduced tax burden on families and small businesses meant that the load was lightened, and the natural resilience of our free-market economy was able to shine through. I am confident that the growth will continue as long as the burden stays lighter. Here in Nevada, 845,000 taxpayers will have lower income tax bills in 2004 and more than 160,000 business taxpayers can use their tax savings to invest in new equipment, hire additional workers, and increase pay to those workers. That's good news for Nevada's families for months to come. Thank you so much for the work you do to keep our economy running – your contributions are invaluable for both the economy and for our national spirit. Thank you for having me here with you today.