City of Las Vegas Monthly Economic Update

February 2019

City of Las Vegas Employment
  • Employment

    Aug '19
  • 302,851

Unemployment Rate Comparison
  • Unemployment Rate

    Aug '19
  • 4.6%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jul '18 Jul '19 Net Change % Change
Taxable Retail 100.0% $42,864.6M $46,032.8M $3,168.2M 7.4%
Food Services and Drinking Places 23.3% $10,457.5M $10,711.6M $254.1M 2.4%
Motor Vehicle and Parts Dealers 11.0% $4,827.3M $5,053.1M $225.8M 4.7%
General Merchandise Stores 8.0% $3,541.8M $3,690.6M $148.8M 4.2%
Clothing and Clothing Accessories Stores 7.4% $3,399.3M $3,412.8M $13.6M 0.4%
Merchant Wholesalers, Durable Goods 6.6% $2,559.1M $3,035.1M $476.0M 18.6%
Building Material and Garden Equipment & Supplies 4.0% $1,741.8M $1,842.5M $100.7M 5.8%
Rental and Leasing Services 3.6% $1,581.3M $1,652.9M $71.6M 4.5%
Miscellaneous Store Retailers 2.8% $1,077.8M $1,282.8M $204.9M 19.0%
Food and Beverage Stores 2.9% $1,345.9M $1,354.5M $8.6M 0.6%
Electronics and Appliance Stores 2.4% $1,082.0M $1,112.6M $30.5M 2.8%

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

    129

    Sep '19
  • Permit Value

    77M

    Sep '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.