City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Jun '22
  • 291,333

Unemployment Rate Comparison
  • Unemployment Rate

    Jun '22
  • 5.9%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  May '21 May '22 Net Change % Change
Taxable Retail 100.0% $46,214.9M $59,120.8M $12,906.0M 27.9%
Food Services and Drinking Places 19.6% $7,299.3M $11,569.8M $4,270.4M 58.5%
Motor Vehicle and Parts Dealers 11.1% $5,653.3M $6,535.2M $881.8M 15.6%
General Merchandise Stores 7.6% $4,025.6M $4,484.1M $458.5M 11.4%
Clothing and Clothing Accessories Stores 7.2% $2,898.4M $4,259.4M $1,360.9M 47.0%
Merchant Wholesalers, Durable Goods 6.8% $3,292.6M $4,029.9M $737.3M 22.4%
Building Material and Garden Equipment & Supplies 4.8% $2,334.8M $2,852.3M $517.5M 22.2%
Rental and Leasing Services 3.0% $1,314.0M $1,754.8M $440.8M 33.5%
Miscellaneous Store Retailers 3.1% $1,598.0M $1,859.4M $261.4M 16.4%
Food and Beverage Stores 2.8% $1,600.8M $1,663.8M $63.0M 3.9%
Electronics and Appliance Stores 2.0% $976.1M $1,200.7M $224.6M 23.0%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q3 '21

Vacancy Rate

14.5%

  • 0.8% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$2.04

  • 0.5% vs. Prior Yr.
  • 0.0% vs. prior Qtr.
Retail Market

Q3 '21

Vacancy Rate

6.7%

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

Lease Rate

$1.84

  • -3.3% vs. Prior Yr.
  • -0.8% vs. Prior Qtr.
Industrial Market

Q3 '21

Vacancy Rate

4.9%

  • -0.9% vs. Prior Yr.
  • -0.5% vs. Prior Qtr.

Lease Rate

$0.72

  • 1.1% vs. Prior Yr.
  • 0.7% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    $375K

    Dec '21
  • New Home

    $542K

    Dec '21
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    1,401

    Dec '21
  • New Home

    199

    Dec '21
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    360

    May '22
  • Permit Value

    $126M

    May '22
Vacant Land Transactions

Acres Sold

Q1 '22

203.0

  • -9.7% vs. Prior Yr.
  • -10.9% vs. Prior Qtr.

Total Value

Q1 '22

$136,284,823

  • 17.9% vs. Prior Yr.
  • 3.5% vs. Prior Qtr.

Price Per Square Foot

Q1 '22

$15.41

  • 30.5% vs. Prior Yr.
  • 16.2% vs. Prior Qtr.