City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Aug '20
  • 259,317

Unemployment Rate Comparison
  • Unemployment Rate

    Aug '20
  • 14.7%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jul '19 Jul '20 Net Change % Change
Taxable Retail 100.0% $46,032.8M $43,496.9M -$2,535.9M -5.5%
Food Services and Drinking Places 19.1% $10,736.3M $8,327.1M -$2,409.2M -22.4%
Motor Vehicle and Parts Dealers 11.1% $4,994.4M $4,813.9M -$180.5M -3.6%
General Merchandise Stores 8.5% $3,684.2M $3,678.0M -$6.1M -0.2%
Merchant Wholesalers, Durable Goods 7.0% $3,090.0M $3,033.1M -$57.0M -1.8%
Clothing and Clothing Accessories Stores 6.1% $3,412.0M $2,650.8M -$761.2M -22.3%
Building Material and Garden Equipment & Supplies 4.6% $1,843.1M $1,990.5M $147.4M 8.0%
Food and Beverage Stores 3.4% $1,351.5M $1,464.1M $112.6M 8.3%
Miscellaneous Store Retailers 3.0% $1,288.1M $1,300.5M $12.4M 1.0%
Rental and Leasing Services 3.6% $1,652.8M $1,566.1M -$86.8M -5.2%
Furniture and Home Furnishings Stores 1.8% $845.2M $787.4M -$57.8M -6.8%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q2 '20

Vacancy Rate

13.1%

  • -0.8% vs. Prior Yr.
  • 0.4% vs. Prior Qtr.

Lease Rate

$2.05

  • -0.1% vs. Prior Yr.
  • 0.3% vs. prior Qtr.
Retail Market

Q2 '20

Vacancy Rate

6.4%

  • -0.5% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.79

  • -6.1% vs. Prior Yr.
  • -3.2% vs. Prior Qtr.
Industrial Market

Q2 '20

Vacancy Rate

6.0%

  • -0.6% vs. Prior Yr.
  • -0.3% vs. Prior Qtr.

Lease Rate

$0.68

  • -1.3% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $293K

    Jul '20
  • New Home

    $472K

    Jul '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    182

    Jul '20
  • New Home

    1,356

    Jul '20
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    146

    Aug '20
  • Permit Value

    $70M

    Aug '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.