City of Las Vegas

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City of Las Vegas Monthly Economic Update

City of Las Vegas Employment

  • Employment

    Feb '24

  • 313,572

Unemployment Rate Comparison

  • Unemployment Rate

    Feb '24

  • 5.3%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jan '23 Jan '24 Net Change % Change
Taxable Retail 100.0% $62,999.0M $65,505.4M $2,506.4M 4.0%
Food Services and Drinking Places 19.7% $12,356.8M $12,906.8M $550.0M 4.5%
Motor Vehicle and Parts Dealers 10.4% $6,886.6M $6,805.4M -$81.3M -1.2%
General Merchandise Stores 6.7% $4,464.0M $4,376.0M -$88.0M -2.0%
Merchant Wholesalers, Durable Goods 6.9% $4,484.5M $4,525.0M $40.5M 0.9%
Clothing and Clothing Accessories Stores 6.8% $4,473.7M $4,422.4M -$51.3M -1.1%
Building Material and Garden Equipment & Supplies 4.1% $2,940.7M $2,659.3M -$281.4M -9.6%
Rental and Leasing Services 2.7% $1,838.6M $1,794.3M -$44.3M -2.4%
Miscellaneous Store Retailers 2.9% $1,909.7M $1,894.6M -$15.2M -0.8%
Food and Beverage Stores 2.6% $1,716.3M $1,714.1M -$2.3M -0.1%
Professional, Scientific, and Technical Services 2.5% $1,080.9M $1,625.4M $544.5M 50.4%

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.