City of Las Vegas Monthly Economic Update

February 2019

City of Las Vegas Employment
  • Employment

    Jun '19
  • 300,005

Unemployment Rate Comparison
  • Unemployment Rate

    Jun '19
  • 5.0%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  May '18 May '19 Net Change % Change
Taxable Retail 100.0% $42,344.3M $45,618.5M $3,274.2M 7.7%
Food Services and Drinking Places 23.0% $10,724.4M $10,477.5M -$246.8M -2.3%
Motor Vehicle and Parts Dealers 11.2% $4,780.5M $5,087.0M $306.5M 6.4%
General Merchandise Stores 8.0% $3,523.8M $3,663.6M $139.7M 4.0%
Clothing and Clothing Accessories Stores 7.5% $3,378.6M $3,400.8M $22.2M 0.7%
Merchant Wholesalers, Durable Goods 6.5% $2,491.6M $2,958.5M $466.9M 18.7%
Building Material and Garden Equipment & Supplies 4.0% $1,717.1M $1,829.6M $112.4M 6.5%
Rental and Leasing Services 3.6% $1,575.2M $1,640.4M $65.2M 4.1%
Food and Beverage Stores 3.0% $1,327.4M $1,360.4M $33.0M 2.5%
Miscellaneous Store Retailers 2.7% $1,031.6M $1,251.1M $219.4M 21.3%
Electronics and Appliance Stores 2.5% $1,079.7M $1,126.7M $47.0M 4.4%

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

    $265K

    May '19
  • New Home

    $448K

    May '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    172

    May '19
  • New Home

    1,420

    May '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    302

    Jul '19
  • Permit Value

    143M

    Jul '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.