City of Las Vegas Monthly Economic Update

February 2019

City of Las Vegas Employment
  • Employment

    Sep '19
  • 305,077

Unemployment Rate Comparison
  • Unemployment Rate

    Sep '19
  • 4.1%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Aug '18 Aug '19 Net Change % Change
Taxable Retail 100.0% $43,082.2M $46,360.7M $3,278.6M 7.6%
Food Services and Drinking Places 23.3% $10,388.8M $10,784.6M $395.7M 3.8%
Motor Vehicle and Parts Dealers 11.0% $4,864.0M $5,087.0M $223.0M 4.6%
General Merchandise Stores 8.0% $3,560.6M $3,699.0M $138.3M 3.9%
Merchant Wholesalers, Durable Goods 6.6% $2,586.6M $3,063.4M $476.8M 18.4%
Clothing and Clothing Accessories Stores 7.4% $3,382.7M $3,418.1M $35.4M 1.0%
Rental and Leasing Services 3.7% $1,586.6M $1,723.9M $137.3M 8.7%
Building Material and Garden Equipment & Supplies 4.0% $1,752.7M $1,843.2M $90.5M 5.2%
Food and Beverage Stores 2.9% $1,350.7M $1,354.2M $3.5M 0.3%
Miscellaneous Store Retailers 2.8% $1,097.4M $1,293.0M $195.6M 17.8%
Electronics and Appliance Stores 2.4% $1,086.7M $1,111.9M $25.3M 2.3%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q3 '19

Vacancy Rate

13.5%

  • -1.6% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$2.08

  • 1.6% vs. Prior Yr.
  • 0.5% vs. prior Qtr.
Retail Market

Q3 '19

Vacancy Rate

7.1%

  • -0.6% vs. Prior Yr.
  • 0.1% vs. Prior Qtr.

Lease Rate

$1.91

  • 3.4% vs. Prior Yr.
  • 0.5% vs. Prior Qtr.
Industrial Market

Q3 '19

Vacancy Rate

6.6%

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

Lease Rate

$0.68

  • 7.0% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $275K

    Sep '19
  • New Home

    $438K

    Sep '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    170

    Sep '19
  • New Home

    1,186

    Sep '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    163

    Oct '19
  • Permit Value

    36M

    Oct '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.