City of Las Vegas Monthly Economic Update

September 2018

City of Las Vegas Employment
  • Employment

    Jan '19
  • 296,483

Unemployment Rate Comparison
  • Unemployment Rate

    Jan '19
  • 4.8%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Dec '17 Dec '18 Net Change % Change
Taxable Retail 100.0% $41,476.4M $44,318.9M $2,842.5M 6.9%
Food Services and Drinking Places 23.6% $10,662.4M $10,475.3M -$187.1M -1.8%
General Merchandise Stores 8.2% $3,466.2M $3,641.0M $174.8M 5.0%
Motor Vehicle and Parts Dealers 11.2% $4,754.8M $4,966.3M $211.5M 4.4%
Clothing and Clothing Accessories Stores 7.7% $3,311.1M $3,416.0M $105.0M 3.2%
Merchant Wholesalers, Durable Goods 6.1% $2,384.2M $2,715.5M $331.3M 13.9%
Rental and Leasing Services 3.7% $1,515.3M $1,645.7M $130.4M 8.6%
Food and Beverage Stores 3.1% $1,300.6M $1,360.0M $59.4M 4.6%
Building Material and Garden Equipment & Supplies 4.0% $1,664.3M $1,792.0M $127.8M 7.7%
Electronics and Appliance Stores 2.5% $1,088.0M $1,104.9M $16.9M 1.5%
Miscellaneous Store Retailers 2.8% $896.4M $1,236.6M $340.2M 37.9%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q4 '18

Vacancy Rate

15.1%

  • -1.2% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$2.02

  • 1.0% vs. Prior Yr.
  • -1.5% vs. prior Qtr.
Retail Market

Q4 '18

Vacancy Rate

7.7%

  • -0.2% vs. Prior Yr.
  • 0.0% vs. Prior Qtr.

Lease Rate

$1.90

  • 9.1% vs. Prior Yr.
  • 2.7% vs. Prior Qtr.
Industrial Market

Q4 '18

Vacancy Rate

6.4%

  • -0.3% vs. Prior Yr.
  • 0.5% vs. Prior Qtr.

Lease Rate

$0.66

  • 6.3% vs. Prior Yr.
  • 3.9% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $260K

    Jan '19
  • New Home

    $436K

    Jan '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    105

    Jan '19
  • New Home

    832

    Jan '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    186

    Feb '19
  • Permit Value

    $141M

    Feb '19
Vacant Land Transactions

Acres Sold

Q3 '18

197.7

  • 33.8% vs. Prior Yr.
  • 23.9% vs. Prior Qtr.

Total Value

Q4 '18

$89,379,016

  • 482.9% vs. Prior Yr.
  • 44.8% vs. Prior Qtr.

Price Per Square Foot

Q4 '18

$11.93

  • 43.9% vs. Prior Yr.
  • 66.4% vs. Prior Qtr.