City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Nov '20
  • 273,612

Unemployment Rate Comparison
  • Unemployment Rate

    Nov '20
  • 11.4%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Oct '19 Oct '20 Net Change % Change
Taxable Retail 100.0% $46,881.7M $42,384.3M -$4,497.4M -9.6%
Food Services and Drinking Places 17.3% $10,817.5M $7,351.4M -$3,466.2M -32.0%
Motor Vehicle and Parts Dealers 11.5% $5,038.9M $4,863.9M -$175.1M -3.5%
General Merchandise Stores 8.7% $3,711.1M $3,699.6M -$11.6M -0.3%
Merchant Wholesalers, Durable Goods 7.2% $3,148.2M $3,052.0M -$96.2M -3.1%
Clothing and Clothing Accessories Stores 5.9% $3,413.6M $2,501.3M -$912.3M -26.7%
Building Material and Garden Equipment & Supplies 4.9% $1,848.5M $2,061.8M $213.3M 11.5%
Food and Beverage Stores 3.6% $1,356.6M $1,518.1M $161.5M 11.9%
Miscellaneous Store Retailers 3.2% $1,330.0M $1,335.5M $5.5M 0.4%
Rental and Leasing Services 3.2% $1,769.5M $1,368.1M -$401.4M -22.7%
Furniture and Home Furnishings Stores 1.9% $867.6M $824.9M -$42.6M -4.9%

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

    $295K

    Oct '20
  • New Home

    $473K

    Oct '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    136

    Oct '20
  • New Home

    1,319

    Oct '20
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    169

    Oct '20
  • Permit Value

    $61M

    Oct '20
Vacant Land Transactions

Acres Sold

Q3 '20

36.3

  • -72.4% vs. Prior Yr.
  • -90.9% vs. Prior Qtr.

Total Value

Q3 '20

$16,166,360

  • -83.2% vs. Prior Yr.
  • -84.4% vs. Prior Qtr.

Price Per Square Foot

Q3 '20

$10.22

  • -39.1% vs. Prior Yr.
  • 71.9% vs. Prior Qtr.