City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Feb '21
  • 281,288

Unemployment Rate Comparison
  • Unemployment Rate

    Feb '21
  • 9.4%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jan '20 Jan '21 Net Change % Change
Taxable Retail 100.0% $47,772.9M $41,111.4M -$6,661.6M -13.9%
Food Services and Drinking Places 15.0% $10,973.0M $6,171.8M -$4,801.1M -43.8%
Motor Vehicle and Parts Dealers 11.8% $5,113.6M $4,857.0M -$256.6M -5.0%
General Merchandise Stores 9.0% $3,741.2M $3,706.1M -$35.2M -0.9%
Merchant Wholesalers, Durable Goods 7.4% $3,162.7M $3,049.6M -$113.1M -3.6%
Clothing and Clothing Accessories Stores 5.4% $3,467.9M $2,229.2M -$1,238.7M -35.7%
Building Material and Garden Equipment & Supplies 5.3% $1,847.1M $2,159.1M $312.0M 16.9%
Miscellaneous Store Retailers 3.3% $1,372.0M $1,361.7M -$10.3M -0.7%
Food and Beverage Stores 3.8% $1,386.4M $1,555.0M $168.6M 12.2%
Rental and Leasing Services 3.0% $1,766.2M $1,243.7M -$522.5M -29.6%
Furniture and Home Furnishings Stores 2.1% $875.5M $857.0M -$18.5M -2.1%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q4 '20

Vacancy Rate

15.3%

  • 2.3% vs. Prior Yr.
  • 0.9% vs. Prior Qtr.

Lease Rate

$2.03

  • -1.6% vs. Prior Yr.
  • 0.5% vs. prior Qtr.
Retail Market

Q4 '20

Vacancy Rate

7.0%

  • 0.2% vs. Prior Yr.
  • 0.1% vs. Prior Qtr.

Lease Rate

$1.83

  • -1.4% vs. Prior Yr.
  • -3.9% vs. Prior Qtr.
Industrial Market

Q4 '20

Vacancy Rate

6.0%

  • 0.0% vs. Prior Yr.
  • 0.2% vs. Prior Qtr.

Lease Rate

$0.71

  • 3.1% vs. Prior Yr.
  • 1.0% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $308K

    Jan '21
  • New Home

    $435K

    Jan '21
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    115

    Jan '21
  • New Home

    1,073

    Jan '21
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    200

    Feb '21
  • Permit Value

    $66M

    Feb '21
Vacant Land Transactions

Acres Sold

Q4 '20

226.6

  • -27.7% vs. Prior Yr.
  • 523.9% vs. Prior Qtr.

Total Value

Q4 '20

$133,371,503

  • -27.1% vs. Prior Yr.
  • 725.0% vs. Prior Qtr.

Price Per Square Foot

Q4 '20

$13.51

  • 0.8% vs. Prior Yr.
  • 32.2% vs. Prior Qtr.