City of Las Vegas Monthly Economic Update

February 2019

City of Las Vegas Employment
  • Employment

    Mar '19
  • 298,311

Unemployment Rate Comparison
  • Unemployment Rate

    Mar '19
  • 3.9%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Feb '18 Feb '19 Net Change % Change
Taxable Retail 100.0% $41,786.4M $44,764.7M $2,978.3M 7.1%
Food Services and Drinking Places 23.4% $10,668.7M $10,473.3M -$195.5M -1.8%
Motor Vehicle and Parts Dealers 11.1% $4,783.5M $4,985.1M $201.6M 4.2%
General Merchandise Stores 8.1% $3,502.1M $3,636.8M $134.7M 3.8%
Merchant Wholesalers, Durable Goods 6.3% $2,425.6M $2,837.6M $412.0M 17.0%
Clothing and Clothing Accessories Stores 7.5% $3,360.5M $3,361.8M $1.3M 0.0%
Building Material and Garden Equipment & Supplies 4.0% $1,687.0M $1,803.5M $116.5M 6.9%
Rental and Leasing Services 3.7% $1,538.4M $1,635.2M $96.9M 6.3%
Food and Beverage Stores 3.0% $1,316.1M $1,356.7M $40.6M 3.1%
Miscellaneous Store Retailers 2.8% $949.8M $1,234.3M $284.6M 30.0%
Electronics and Appliance Stores 2.5% $1,068.4M $1,109.7M $41.3M 3.9%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q1 '19

Vacancy Rate

14.4%

  • -1.3% vs. Prior Yr.
  • -0.7% vs. Prior Qtr.

Lease Rate

$2.06

  • 3.0% vs. Prior Yr.
  • 2.0% vs. prior Qtr.
Retail Market

Q1 '19

Vacancy Rate

7.4%

  • -0.5% vs. Prior Yr.
  • -0.3% vs. Prior Qtr.

Lease Rate

$1.89

  • 6.1% vs. Prior Yr.
  • -0.6% vs. Prior Qtr.
Industrial Market

Q1 '19

Vacancy Rate

6.7%

  • 0.7% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.

Lease Rate

$0.67

  • 9.6% vs. Prior Yr.
  • 1.8% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

Las Vegas (NV) Las Vegas MSA (NV) Source: SalesTraq

  • Existing Home

    $261K

    Mar '19
  • New Home

    $460K

    Mar '19
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    153

    Mar '19
  • New Home

    1,217

    Mar '19
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    190

    Apr '19
  • Permit Value

    47M

    Apr '19
Vacant Land Transactions

Acres Sold

Q4 '18

172.0

  • 304.7% vs. Prior Yr.
  • -13.0% vs. Prior Qtr.

Total Value

Q4 '18

$89,379,016

  • 482.9% vs. Prior Yr.
  • 44.8% vs. Prior Qtr.

Price Per Square Foot

Q4 '18

$11.93

  • 43.9% vs. Prior Yr.
  • 66.4% vs. Prior Qtr.