City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Dec '19
  • 308,653

Unemployment Rate Comparison
  • Unemployment Rate

    Dec '19
  • 3.5%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Nov '18 Nov '19 Net Change % Change
Taxable Retail 100.0% $43,994.4M $47,063.7M $3,069.3M 7.0%
Food Services and Drinking Places 23.0% $10,421.7M $10,818.8M $397.1M 3.8%
Motor Vehicle and Parts Dealers 10.8% $4,907.0M $5,093.9M $186.8M 3.8%
General Merchandise Stores 7.9% $3,626.1M $3,718.9M $92.8M 2.6%
Clothing and Clothing Accessories Stores 7.3% $3,411.1M $3,415.1M $4.1M 0.1%
Merchant Wholesalers, Durable Goods 6.6% $2,710.7M $3,110.6M $399.9M 14.8%
Building Material and Garden Equipment & Supplies 3.9% $1,785.7M $1,847.6M $61.9M 3.5%
Food and Beverage Stores 2.9% $1,350.9M $1,386.0M $35.1M 2.6%
Rental and Leasing Services 3.7% $1,607.4M $1,764.3M $157.0M 9.8%
Miscellaneous Store Retailers 2.8% $1,150.0M $1,338.7M $188.7M 16.4%
Electronics and Appliance Stores 2.3% $1,111.6M $1,092.6M -$19.1M -1.7%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q4 '19

Vacancy Rate

13.1%

  • -1.7% vs. Prior Yr.
  • -0.3% vs. Prior Qtr.

Lease Rate

$2.08

  • 3.2% vs. Prior Yr.
  • 0.1% vs. prior Qtr.
Retail Market

Q4 '19

Vacancy Rate

6.9%

  • -0.8% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.83

  • -3.6% vs. Prior Yr.
  • -4.3% vs. Prior Qtr.
Industrial Market

Q4 '19

Vacancy Rate

6.3%

  • 0.3% vs. Prior Yr.
  • -0.3% vs. Prior Qtr.

Lease Rate

$0.68

  • 1.5% 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

    $275K

    Dec '19
  • New Home

    $482K

    Dec '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    172

    Dec '19
  • New Home

    1,139

    Dec '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    212

    Jan '20
  • Permit Value

    $42M

    Jan '20
Vacant Land Transactions

Acres Sold

Q3 '19

131.7

  • -33.4% vs. Prior Yr.
  • 160.1% 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.
  • 94.6% vs. Prior Qtr.