City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Sep '20
  • 265,162

Unemployment Rate Comparison
  • Unemployment Rate

    Sep '20
  • 14.1%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Aug '19 Aug '20 Net Change % Change
Taxable Retail 100.0% $46,360.7M $42,926.2M -$3,434.5M -7.4%
Food Services and Drinking Places 18.6% $10,809.1M $7,973.6M -$2,835.5M -26.2%
Motor Vehicle and Parts Dealers 11.1% $5,034.9M $4,775.8M -$259.1M -5.1%
General Merchandise Stores 8.6% $3,690.8M $3,677.5M -$13.3M -0.4%
Merchant Wholesalers, Durable Goods 7.0% $3,112.3M $3,008.6M -$103.7M -3.3%
Clothing and Clothing Accessories Stores 6.0% $3,417.4M $2,593.6M -$823.8M -24.1%
Building Material and Garden Equipment & Supplies 4.7% $1,843.7M $2,003.5M $159.9M 8.7%
Food and Beverage Stores 3.4% $1,350.6M $1,479.1M $128.5M 9.5%
Rental and Leasing Services 3.4% $1,723.9M $1,470.4M -$253.6M -14.7%
Miscellaneous Store Retailers 3.0% $1,299.6M $1,308.4M $8.8M 0.7%
Furniture and Home Furnishings Stores 1.9% $851.2M $800.3M -$50.9M -6.0%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q3 '20

Vacancy Rate

14.3%

  • 1.0% vs. Prior Yr.
  • 1.3% vs. Prior Qtr.

Lease Rate

$2.02

  • -2.2% vs. Prior Yr.
  • -1.4% vs. prior Qtr.
Retail Market

Q3 '20

Vacancy Rate

6.8%

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

Lease Rate

$1.89

  • -1.7% vs. Prior Yr.
  • 3.1% vs. Prior Qtr.
Industrial Market

Q3 '20

Vacancy Rate

6.1%

  • -0.5% vs. Prior Yr.
  • 0.1% vs. Prior Qtr.

Lease Rate

$0.70

  • 2.4% vs. Prior Yr.
  • 2.3% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $290K

    Aug '20
  • New Home

    $479K

    Aug '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    171

    Aug '20
  • New Home

    1,229

    Aug '20
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    212

    Sep '20
  • Permit Value

    $74M

    Sep '20
Vacant Land Transactions

Acres Sold

Q2 '20

399.6

  • 689.3% vs. Prior Yr.
  • 303.4% vs. Prior Qtr.

Total Value

Q2 '20

$103,493,689

  • 444.4% vs. Prior Yr.
  • 265.2% vs. Prior Qtr.

Price Per Square Foot

Q2 '20

$5.95

  • -31.0% vs. Prior Yr.
  • -9.5% vs. Prior Qtr.