City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Jun '20
  • 248,098

Unemployment Rate Comparison
  • Unemployment Rate

    Jun '20
  • 16.9%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  May '19 May '20 Net Change % Change
Taxable Retail 100.0% $45,618.5M $44,383.8M -$1,234.8M -2.7%
Motor Vehicle and Parts Dealers 10.7% $5,033.3M $4,750.5M -$282.8M -5.6%
Food Services and Drinking Places 20.5% $10,487.2M $9,119.4M -$1,367.8M -13.0%
General Merchandise Stores 8.3% $3,660.2M $3,672.0M $11.9M 0.3%
Merchant Wholesalers, Durable Goods 6.8% $3,007.9M $3,039.1M $31.2M 1.0%
Building Material and Garden Equipment & Supplies 4.4% $1,830.4M $1,940.9M $110.6M 6.0%
Food and Beverage Stores 3.2% $1,358.4M $1,428.9M $70.5M 5.2%
Miscellaneous Store Retailers 2.9% $1,257.2M $1,296.5M $39.3M 3.1%
Rental and Leasing Services 3.7% $1,640.6M $1,649.5M $8.9M 0.5%
Clothing and Clothing Accessories Stores 6.4% $3,400.6M $2,835.5M -$565.1M -16.6%
Professional, Scientific, and Technical Services 1.8% $758.1M $784.8M $26.7M 3.5%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q1 '20

Vacancy Rate

12.6%

  • -1.5% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$2.08

  • 0.9% vs. Prior Yr.
  • 0.0% vs. prior Qtr.
Retail Market

Q1 '20

Vacancy Rate

6.5%

  • -0.7% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.85

  • -2.3% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.
Industrial Market

Q1 '20

Vacancy Rate

6.3%

  • -0.1% vs. Prior Yr.
  • -0.0% vs. Prior Qtr.

Lease Rate

$0.68

  • -0.2% vs. Prior Yr.
  • -0.2% 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

    163

    Jul '20
  • Permit Value

    $76M

    Jul '20
Vacant Land Transactions

Acres Sold

Q1 '20

99.1

  • 21.6% vs. Prior Yr.
  • -68.4% vs. Prior Qtr.

Total Value

Q1 '20

$28,338,132

  • -34.3% vs. Prior Yr.
  • -84.5% vs. Prior Qtr.

Price Per Square Foot

Q1 '20

$6.57

  • -46.0% vs. Prior Yr.
  • -51.0% vs. Prior Qtr.