City of Las Vegas Monthly Economic Update

September 2018

City of Las Vegas Employment
  • Employment

    Aug '18
  • 298,368

Unemployment Rate Comparison
  • Unemployment Rate

    Aug '18
  • 5.1%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jul '17 Jul '18 Net Change % Change
Taxable Retail 100.0% $40,963.9M $42,864.6M $1,900.7M 4.6%
Food Services and Drinking Places 24.5% $10,622.7M $10,489.4M -$133.3M -1.3%
Motor Vehicle and Parts Dealers 11.3% $4,703.5M $4,849.9M $146.3M 3.1%
General Merchandise Stores 8.3% $3,422.4M $3,542.5M $120.1M 3.5%
Clothing and Clothing Accessories Stores 7.9% $3,339.5M $3,399.8M $60.4M 1.8%
Merchant Wholesalers, Durable Goods 6.0% $2,301.9M $2,551.2M $249.3M 10.8%
Building Material and Garden Equipment & Supplies 4.1% $1,599.5M $1,742.7M $143.2M 9.0%
Rental and Leasing Services 3.7% $1,490.8M $1,582.0M $91.2M 6.1%
Food and Beverage Stores 3.1% $1,273.1M $1,347.3M $74.2M 5.8%
Miscellaneous Store Retailers 2.6% $771.1M $1,118.0M $346.9M 45.0%
Electronics and Appliance Stores 2.5% $1,112.8M $1,083.3M -$29.5M -2.7%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Aug '18

Vacancy Rate

16.5%

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

Lease Rate

$2.02

  • 2.0% vs. Prior Yr.
  • 1.0% vs. prior Qtr.
Retail Market

Q2 '18

Vacancy Rate

7.5%

  • -1.0% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.77

  • 4.3% vs. Prior Yr.
  • -0.9% vs. Prior Qtr.
Industrial Market

Q2 '18

Vacancy Rate

5.9%

  • -1.1% vs. Prior Yr.
  • -0.0% vs. Prior Qtr.

Lease Rate

$0.64

  • 9.5% vs. Prior Yr.
  • 4.4% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

Las Vegas (NV) Las Vegas MSA (NV) Source: SalesTraq

  • Existing Home

    $257K

    Aug '18
  • New Home

    $465K

    Aug '18
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    148

    Aug '18
  • New Home

    1,481

    Aug '18
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    185

    Apr '18
  • Permit Value

    16M

    Feb '17
Vacant Land Transactions

Acres Sold

Q2 '18

$0.64

  • 257.8% vs. Prior Yr.
  • 35.5% vs. Prior Qtr.

Total Value

Q3 '17

$70,869,400

  • 264.9% vs. Prior Yr.
  • 67.8% vs. Prior Qtr.

Price Per Square Foot

Q3 '17

$11.01

  • 2.0% vs. Prior Yr.
  • 23.8% vs. Prior Qtr.