City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Jul '20
  • 256,344

Unemployment Rate Comparison
  • Unemployment Rate

    Jul '20
  • 15.6%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jun '19 Jun '20 Net Change % Change
Taxable Retail 100.0% $45,901.5M $43,834.8M -$2,066.7M -4.5%
Food Services and Drinking Places 19.9% $10,501.1M $8,702.7M -$1,798.5M -17.1%
Motor Vehicle and Parts Dealers 10.9% $5,003.8M $4,786.0M -$217.8M -4.4%
General Merchandise Stores 8.4% $3,674.6M $3,676.3M $1.7M 0.0%
Merchant Wholesalers, Durable Goods 6.9% $3,039.7M $3,039.8M $0.1M 0.0%
Building Material and Garden Equipment & Supplies 4.5% $1,835.6M $1,976.5M $140.9M 7.7%
Clothing and Clothing Accessories Stores 6.2% $3,405.4M $2,729.4M -$676.0M -19.9%
Food and Beverage Stores 3.3% $1,352.5M $1,443.7M $91.2M 6.7%
Miscellaneous Store Retailers 2.9% $1,272.9M $1,292.2M $19.3M 1.5%
Rental and Leasing Services 3.7% $1,649.5M $1,606.2M -$43.2M -2.6%
Professional, Scientific, and Technical Services 1.9% $722.5M $818.5M $96.0M 13.3%

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

    $290K

    Jun '20
  • New Home

    $452K

    Jun '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    221

    Jun '20
  • New Home

    991

    Jun '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.