City of Las Vegas Monthly Economic Update

February 2019

City of Las Vegas Employment
  • Employment

    Jul '19
  • 302,114

Unemployment Rate Comparison
  • Unemployment Rate

    Jul '19
  • 4.9%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jun '18 Jun '19 Net Change % Change
Taxable Retail 100.0% $42,569.4M $45,901.5M $3,332.1M 7.8%
Food Services and Drinking Places 22.8% $10,717.9M $10,483.9M -$234.0M -2.2%
Motor Vehicle and Parts Dealers 11.0% $4,805.4M $5,061.6M $256.2M 5.3%
General Merchandise Stores 8.0% $3,525.3M $3,680.3M $154.9M 4.4%
Clothing and Clothing Accessories Stores 7.4% $3,386.3M $3,405.7M $19.4M 0.6%
Merchant Wholesalers, Durable Goods 6.5% $2,522.7M $2,985.7M $463.0M 18.4%
Building Material and Garden Equipment & Supplies 4.0% $1,725.8M $1,834.9M $109.1M 6.3%
Rental and Leasing Services 3.6% $1,568.7M $1,649.2M $80.5M 5.1%
Miscellaneous Store Retailers 2.8% $1,059.5M $1,267.6M $208.1M 19.6%
Food and Beverage Stores 3.0% $1,339.0M $1,355.0M $16.0M 1.2%
Electronics and Appliance Stores 2.4% $1,080.3M $1,120.0M $39.7M 3.7%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q2 '19

Vacancy Rate

14.0%

  • -1.5% vs. Prior Yr.
  • -0.1% vs. Prior Qtr.

Lease Rate

$2.07

  • 2.3% vs. Prior Yr.
  • 0.1% vs. prior Qtr.
Retail Market

Q2 '19

Vacancy Rate

7.0%

  • -1.1% vs. Prior Yr.
  • -0.3% vs. Prior Qtr.

Lease Rate

$1.90

  • 8.2% vs. Prior Yr.
  • 0.9% vs. Prior Qtr.
Industrial Market

Q2 '19

Vacancy Rate

6.6%

  • 1.1% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.

Lease Rate

$0.69

  • 5.7% vs. Prior Yr.
  • 0.8% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $275K

    Jul '19
  • New Home

    $444K

    Jul '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    162

    Jul '19
  • New Home

    1,398

    Jul '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    184

    Aug '19
  • Permit Value

    85M

    Aug '19
Vacant Land Transactions

Acres Sold

Q1 '19

81.5

  • -32.0% vs. Prior Yr.
  • -52.6% vs. Prior Qtr.

Total Value

Q1 '19

$43,162,520

  • -17.7% vs. Prior Yr.
  • -51.7% vs. Prior Qtr.

Price Per Square Foot

Q1 '19

$12.17

  • 21.0% vs. Prior Yr.
  • 2.0% vs. Prior Qtr.