City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Apr '20
  • 196,662

Unemployment Rate Comparison
  • Unemployment Rate

    Apr '20
  • 31.6%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Mar '19 Mar '20 Net Change % Change
Taxable Retail 100.0% $44,998.7M $46,860.4M $1,861.8M 4.1%
Food Services and Drinking Places 22.2% $10,486.8M $10,426.4M -$60.4M -0.6%
Motor Vehicle and Parts Dealers 10.6% $4,940.3M $4,966.5M $26.2M 0.5%
General Merchandise Stores 7.9% $3,634.8M $3,723.7M $88.9M 2.4%
Merchant Wholesalers, Durable Goods 6.7% $2,923.0M $3,118.2M $195.3M 6.7%
Building Material and Garden Equipment & Supplies 4.0% $1,815.2M $1,882.9M $67.7M 3.7%
Food and Beverage Stores 3.0% $1,356.9M $1,407.9M $51.1M 3.8%
Rental and Leasing Services 3.8% $1,630.1M $1,757.8M $127.6M 7.8%
Clothing and Clothing Accessories Stores 7.0% $3,370.5M $3,287.9M -$82.6M -2.5%
Professional, Scientific, and Technical Services 1.7% $747.9M $803.1M $55.2M 7.4%
Miscellaneous Store Retailers 2.9% $1,220.9M $1,342.0M $121.1M 9.9%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q1 '20

Vacancy Rate

12.6%

  • -1.5% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$2.08

  • 0.9% vs. Prior Yr.
  • 0.0% vs. prior Qtr.
Retail Market

Q1 '20

Vacancy Rate

6.5%

  • -0.7% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.85

  • -2.3% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.
Industrial Market

Q1 '20

Vacancy Rate

6.3%

  • -0.1% vs. Prior Yr.
  • -0.0% vs. Prior Qtr.

Lease Rate

$0.68

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

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $264K

    Jan '20
  • New Home

    $448K

    Jan '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    145

    Jan '20
  • New Home

    903

    Jan '20
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    87

    Apr '20
  • Permit Value

    $23M

    Apr '20
Vacant Land Transactions

Acres Sold

Q4 '19

313.3

  • 82.1% vs. Prior Yr.
  • 137.9% vs. Prior Qtr.

Total Value

Q4 '19

$182,891,742

  • 104.6% vs. Prior Yr.
  • 90.1% vs. Prior Qtr.

Price Per Square Foot

Q4 '19

$13.40

  • 12.3% vs. Prior Yr.
  • -20.1% vs. Prior Qtr.