City of Las Vegas Monthly Economic Update

September 2018

City of Las Vegas Employment
  • Employment

    Oct '18
  • 302,149

Unemployment Rate Comparison
  • Unemployment Rate

    Oct '18
  • 4.6%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Sep '17 Sep '18 Net Change % Change
Taxable Retail 100.0% $41,161.0M $43,239.0M $2,077.9M 5.0%
Food Services and Drinking Places 24.0% $10,661.4M $10,384.5M -$276.9M -2.6%
Motor Vehicle and Parts Dealers 11.3% $4,713.8M $4,896.1M $182.3M 3.9%
General Merchandise Stores 8.3% $3,440.1M $3,570.7M $130.6M 3.8%
Clothing and Clothing Accessories Stores 7.8% $3,329.3M $3,376.8M $47.6M 1.4%
Merchant Wholesalers, Durable Goods 6.0% $2,334.5M $2,596.3M $261.8M 11.2%
Building Material and Garden Equipment & Supplies 4.1% $1,624.3M $1,762.6M $138.4M 8.5%
Rental and Leasing Services 3.7% $1,497.7M $1,593.0M $95.3M 6.4%
Miscellaneous Store Retailers 2.7% $822.9M $1,166.1M $343.2M 41.7%
Food and Beverage Stores 3.1% $1,287.6M $1,343.6M $56.0M 4.3%
Electronics and Appliance Stores 2.5% $1,088.8M $1,091.3M $2.5M 0.2%

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

    150

    Nov '18
  • Permit Value

    $75M

    Nov '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.