City of Las Vegas Monthly Economic Update

February 2019

City of Las Vegas Employment
  • Employment

    May '19
  • 301,774

Unemployment Rate Comparison
  • Unemployment Rate

    May '19
  • 4.2%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Apr '18 Apr '19 Net Change % Change
Taxable Retail 100.0% $42,148.8M $45,246.8M $3,098.0M 7.4%
Food Services and Drinking Places 23.1% $10,687.9M $10,461.0M -$227.0M -2.1%
Motor Vehicle and Parts Dealers 11.1% $4,815.0M $5,015.9M $200.9M 4.2%
General Merchandise Stores 8.1% $3,502.4M $3,655.3M $152.9M 4.4%
Merchant Wholesalers, Durable Goods 6.5% $2,463.1M $2,927.9M $464.8M 18.9%
Clothing and Clothing Accessories Stores 7.5% $3,367.7M $3,383.8M $16.1M 0.5%
Building Material and Garden Equipment & Supplies 4.0% $1,705.5M $1,824.3M $118.8M 7.0%
Rental and Leasing Services 3.6% $1,556.5M $1,641.7M $85.2M 5.5%
Food and Beverage Stores 3.0% $1,323.3M $1,359.6M $36.3M 2.7%
Miscellaneous Store Retailers 2.7% $1,005.5M $1,230.0M $224.5M 22.3%
Electronics and Appliance Stores 2.5% $1,074.8M $1,128.6M $53.8M 5.0%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q1 '19

Vacancy Rate

14.4%

  • -1.3% vs. Prior Yr.
  • -0.7% vs. Prior Qtr.

Lease Rate

$2.06

  • 3.0% vs. Prior Yr.
  • 2.0% vs. prior Qtr.
Retail Market

Q1 '19

Vacancy Rate

7.4%

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

Lease Rate

$1.89

  • 6.1% vs. Prior Yr.
  • -0.6% vs. Prior Qtr.
Industrial Market

Q1 '19

Vacancy Rate

6.7%

  • 0.7% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.

Lease Rate

$0.67

  • 9.6% vs. Prior Yr.
  • 1.8% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $265K

    May '19
  • New Home

    $448K

    May '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    172

    May '19
  • New Home

    1,420

    May '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    146

    Jun '19
  • Permit Value

    31M

    Jun '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.