City of Las Vegas

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City of Las Vegas Monthly Economic Update

City of Las Vegas Employment

  • Employment

    Dec '24

  • 310,453

Unemployment Rate Comparison

  • Unemployment Rate

    Dec '24

  • 6.0%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Oct '23 Oct '24 Net Change % Change
Taxable Retail 100.0% $64,901.1M $65,554.2M $653.1M 1.0%
Merchant Wholesalers, Durable Goods 6.4% $4,548.1M $4,226.5M -$321.6M -7.1%
Miscellaneous Store Retailers 2.7% $1,922.4M $1,752.9M -$169.5M -8.8%
Motor Vehicle and Parts Dealers 9.3% $6,869.2M $6,106.1M -$763.2M -11.1%
Rental and Leasing Services 2.6% $1,765.7M $1,682.8M -$82.9M -4.7%
Food Services and Drinking Places 18.2% $12,745.9M $11,917.9M -$828.0M -6.5%
Miscellaneous Manufacturing 0.7% $489.9M $451.1M -$38.8M -7.9%
Machinery Manufacturing 0.6% $509.5M $399.6M -$109.9M -21.6%
Clothing and Clothing Accessories Stores 6.2% $4,388.5M $4,039.3M -$349.2M -8.0%
Professional, Scientific, and Technical Services 1.9% $1,569.9M $1,225.0M -$344.9M -22.0%
General Merchandise Stores 6.2% $4,363.8M $4,037.9M -$326.0M -7.5%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q2 '24

Vacancy Rate

14.5%

  • 0.4% vs. Prior Yr.
  • 0.8% vs. Prior Qtr.

Lease Rate

$2.16

  • 0.0% vs. Prior Yr.
  • 0.0% vs. prior Qtr.
Retail Market

Q2 '24

Vacancy Rate

5.1%

  • -0.2% vs. Prior Yr.
  • 0.0% vs. Prior Qtr.

Lease Rate

$1.98

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

Q2 '24

Vacancy Rate

4.9%

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

Lease Rate

$0.81

  • 3.4% vs. Prior Yr.
  • 4.2% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    $399K

    Dec '23

  • New Home

    $550K

    Dec '23
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    605

    Dec '23

  • New Home

    240

    Dec '23
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    157

    Feb '23

  • Permit Value

    $55M

    Jul '22
Vacant Land Transactions

Acres Sold

Q4 '23

427.9

  • 525.8% vs. Prior Yr.
  • 224.5% vs. Prior Qtr.

Total Value

Q4 '23

$324,466,071

  • 385.6% vs. Prior Yr.
  • 230.4% vs. Prior Qtr.

Price Per Square Foot

Q4 '23

$17.41

  • -22.4% vs. Prior Yr.
  • 1.8% vs. Prior Qtr.