City of Las Vegas

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City of Las Vegas Monthly Economic Update

City of Las Vegas Employment

  • Employment

    Mar '24

  • 313,173

Unemployment Rate Comparison

  • Unemployment Rate

    Mar '24

  • 5.2%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Feb '23 Feb '24 Net Change % Change
Taxable Retail 100.0% $63,435.3M $65,794.7M $2,359.4M 3.7%
Food Services and Drinking Places 19.8% $12,480.0M $13,035.1M $555.1M 4.4%
Motor Vehicle and Parts Dealers 10.4% $6,903.3M $6,848.1M -$55.2M -0.8%
Clothing and Clothing Accessories Stores 6.8% $4,477.9M $4,474.1M -$3.8M -0.1%
General Merchandise Stores 6.7% $4,455.0M $4,387.9M -$67.1M -1.5%
Merchant Wholesalers, Durable Goods 6.8% $4,532.4M $4,476.3M -$56.1M -1.2%
Building Material and Garden Equipment & Supplies 4.0% $2,905.4M $2,654.5M -$250.9M -8.6%
Rental and Leasing Services 2.8% $1,837.4M $1,814.8M -$22.5M -1.2%
Miscellaneous Store Retailers 2.9% $1,927.0M $1,888.4M -$38.6M -2.0%
Food and Beverage Stores 2.6% $1,719.7M $1,720.9M $1.3M 0.1%
Professional, Scientific, and Technical Services 2.5% $1,096.0M $1,623.5M $527.4M 48.1%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q4 '23

Vacancy Rate

13.7%

  • -0.6% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$2.16

  • 0.0% vs. Prior Yr.
  • 0.0% vs. prior Qtr.
Retail Market

Q4 '23

Vacancy Rate

5.4%

  • -0.4% vs. Prior Yr.
  • 0.2% vs. Prior Qtr.

Lease Rate

$1.99

  • 5.1% vs. Prior Yr.
  • 0.9% vs. Prior Qtr.
Industrial Market

Q4 '23

Vacancy Rate

4.8%

  • -0.5% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$0.78

  • -0.5% vs. Prior Yr.
  • -0.6% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    $375K

    Dec '21

  • New Home

    $542K

    Dec '21
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    1,401

    Dec '21

  • New Home

    199

    Dec '21
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    360

    May '22

  • Permit Value

    $126M

    May '22
Vacant Land Transactions

Acres Sold

Q4 '22

68.4

  • -70.0% vs. Prior Yr.
  • -44.1% vs. Prior Qtr.

Total Value

Q4 '22

$66,810,927

  • -49.3% vs. Prior Yr.
  • -31.9% vs. Prior Qtr.

Price Per Square Foot

Q4 '22

$22.43

  • 69.1% vs. Prior Yr.
  • 21.7% vs. Prior Qtr.