City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Nov '19
  • 309,363

Unemployment Rate Comparison
  • Unemployment Rate

    Nov '19
  • 3.7%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Oct '18 Oct '19 Net Change % Change
Taxable Retail 100.0% $43,581.6M $46,881.7M $3,300.1M 7.6%
Food Services and Drinking Places 23.0% $10,365.2M $10,793.6M $428.4M 4.1%
Motor Vehicle and Parts Dealers 10.8% $4,879.1M $5,079.7M $200.6M 4.1%
General Merchandise Stores 7.9% $3,586.5M $3,721.4M $134.9M 3.8%
Clothing and Clothing Accessories Stores 7.3% $3,391.4M $3,414.3M $22.9M 0.7%
Merchant Wholesalers, Durable Goods 6.6% $2,664.2M $3,110.1M $445.9M 16.7%
Rental and Leasing Services 3.8% $1,595.7M $1,769.5M $173.8M 10.9%
Building Material and Garden Equipment & Supplies 3.9% $1,776.9M $1,848.3M $71.4M 4.0%
Miscellaneous Store Retailers 2.8% $1,132.9M $1,321.3M $188.4M 16.6%
Food and Beverage Stores 2.9% $1,349.9M $1,361.0M $11.0M 0.8%
Electronics and Appliance Stores 2.4% $1,094.0M $1,115.3M $21.3M 1.9%

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

    $270K

    Nov '19
  • New Home

    $471K

    Nov '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    162

    Nov '19
  • New Home

    1,018

    Nov '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    157

    Dec '19
  • Permit Value

    $59M

    Dec '19
Vacant Land Transactions

Acres Sold

Q3 '19

131.7

  • -33.4% vs. Prior Yr.
  • 160.2% vs. Prior Qtr.

Total Value

Q3 '19

$96,232,957

  • 55.9% vs. Prior Yr.
  • 406.2% vs. Prior Qtr.

Price Per Square Foot

Q3 '19

$16.77

  • 133.9% vs. Prior Yr.
  • 94.5% vs. Prior Qtr.