City of Las Vegas Monthly Economic Update

September 2018

City of Las Vegas Employment
  • Employment

    Nov '18
  • 303,293

Unemployment Rate Comparison
  • Unemployment Rate

    Nov '18
  • 4.5%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Oct '17 Oct '18 Net Change % Change
Taxable Retail 100.0% $41,243.5M $43,581.6M $2,338.1M 5.7%
Food Services and Drinking Places 23.8% $10,680.0M $10,383.9M -$296.1M -2.8%
Motor Vehicle and Parts Dealers 11.3% $4,734.1M $4,915.9M $181.8M 3.8%
General Merchandise Stores 8.2% $3,447.1M $3,587.1M $140.0M 4.1%
Clothing and Clothing Accessories Stores 7.8% $3,314.4M $3,388.1M $73.8M 2.2%
Merchant Wholesalers, Durable Goods 6.1% $2,353.1M $2,639.1M $286.0M 12.2%
Building Material and Garden Equipment & Supplies 4.1% $1,637.9M $1,777.1M $139.1M 8.5%
Rental and Leasing Services 3.7% $1,509.9M $1,595.9M $86.0M 5.7%
Food and Beverage Stores 3.1% $1,290.8M $1,351.5M $60.7M 4.7%
Miscellaneous Store Retailers 2.7% $850.8M $1,193.0M $342.2M 40.2%
Electronics and Appliance Stores 2.5% $1,083.1M $1,094.8M $11.7M 1.1%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q3 '18

Vacancy Rate

16.0%

  • -0.7% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$2.04

  • 3.6% vs. Prior Yr.
  • 1.0% vs. prior Qtr.
Retail Market

Q3 '18

Vacancy Rate

7.1%

  • -1.0% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$1.86

  • 8.8% vs. Prior Yr.
  • 5.7% vs. Prior Qtr.
Industrial Market

Q3 '18

Vacancy Rate

5.9%

  • -0.7% vs. Prior Yr.
  • 0.0% vs. Prior Qtr.

Lease Rate

$0.64

  • 6.7% vs. Prior Yr.
  • 0.0% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $260K

    Oct '18
  • New Home

    $472K

    Oct '18
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    140

    Oct '18
  • New Home

    1,236

    Oct '18
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    102

    Dec '18
  • Permit Value

    $63M

    Dec '18
Vacant Land Transactions

Acres Sold

Q3 '18

$0.64

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

Total Value

Q3 '18

$61,738,500

  • -12.9% vs. Prior Yr.
  • -9.5% vs. Prior Qtr.

Price Per Square Foot

Q3 '18

$7.17

  • -34.9% vs. Prior Yr.
  • -26.9% vs. Prior Qtr.