Strong and steady optimism was tempered by concerns about affordable housing and "irrational exuberance" in the Las Vegas condominium market at an economic forecasting and business expo Thursday.

Southern Nevada's economy is growing at "healthy but not unprecedented rates," economist R. Keith Schwer told developers, politicians and business owners gathered at the annual event sponsored by the Las Vegas Chamber of Commerce.

Schwer, a University of Nevada, Las Vegas professor, predicted median income levels would rise 7 percent, gross gambling revenues would increase 5 percent and the number of jobs would grow 4.5 percent in 2006. He predicted the region's population, estimated at 1.8 million, would grow by about 70,000 people this year, or 3.9 percent.

Read more about the state of the Las Vegas condominium market at http://www.lasvegassun.com.