City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Jan '20
  • 306,213

Unemployment Rate Comparison
  • Unemployment Rate

    Jan '20
  • 4.0%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Dec '18 Dec '19 Net Change % Change
Taxable Retail 100.0% $44,318.9M $47,552.0M $3,233.1M 7.3%
Food Services and Drinking Places 22.9% $10,472.8M $10,902.4M $429.7M 4.1%
General Merchandise Stores 7.9% $3,640.5M $3,741.3M $100.7M 2.8%
Motor Vehicle and Parts Dealers 10.8% $4,922.1M $5,121.2M $199.1M 4.0%
Clothing and Clothing Accessories Stores 7.2% $3,417.0M $3,442.7M $25.6M 0.8%
Merchant Wholesalers, Durable Goods 6.6% $2,750.5M $3,129.5M $379.0M 13.8%
Food and Beverage Stores 2.9% $1,358.6M $1,388.3M $29.8M 2.2%
Building Material and Garden Equipment & Supplies 3.9% $1,792.2M $1,844.9M $52.7M 2.9%
Rental and Leasing Services 3.7% $1,645.4M $1,754.4M $109.0M 6.6%
Miscellaneous Store Retailers 2.9% $1,167.7M $1,357.0M $189.3M 16.2%
Professional, Scientific, and Technical Services 1.6% $698.3M $775.2M $76.9M 11.0%

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

    $264K

    Jan '20
  • New Home

    $448K

    Jan '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    145

    Jan '20
  • New Home

    903

    Jan '20
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    201

    Feb '20
  • Permit Value

    $52M

    Feb '20
Vacant Land Transactions

Acres Sold

Q4 '19

313.3

  • 82.1% vs. Prior Yr.
  • 137.9% vs. Prior Qtr.

Total Value

Q4 '19

$182,891,742

  • 104.6% vs. Prior Yr.
  • 90.1% vs. Prior Qtr.

Price Per Square Foot

Q4 '19

$13.40

  • 12.3% vs. Prior Yr.
  • -20.1% vs. Prior Qtr.