City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Mar '22
  • 288,645

Unemployment Rate Comparison
  • Unemployment Rate

    Mar '22
  • 5.2%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Feb '21 Feb '22 Net Change % Change
Taxable Retail 100.0% $41,079.3M $56,937.5M $15,858.2M 38.6%
Food Services and Drinking Places 19.0% $5,930.9M $10,805.5M $4,874.6M 82.2%
Motor Vehicle and Parts Dealers 11.3% $4,885.4M $6,444.6M $1,559.2M 31.9%
General Merchandise Stores 7.9% $3,707.9M $4,470.4M $762.5M 20.6%
Merchant Wholesalers, Durable Goods 6.7% $3,072.8M $3,815.0M $742.2M 24.2%
Clothing and Clothing Accessories Stores 7.2% $2,193.2M $4,089.0M $1,895.8M 86.4%
Building Material and Garden Equipment & Supplies 4.8% $2,199.2M $2,741.8M $542.7M 24.7%
Miscellaneous Store Retailers 3.3% $1,379.5M $1,860.0M $480.5M 34.8%
Rental and Leasing Services 2.9% $1,221.2M $1,674.5M $453.2M 37.1%
Food and Beverage Stores 2.9% $1,569.1M $1,646.3M $77.2M 4.9%
Electronics and Appliance Stores 2.0% $886.8M $1,166.7M $280.0M 31.6%

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

    474

    Feb '22
  • Permit Value

    $149M

    Feb '22
Vacant Land Transactions

Acres Sold

Q4 '21

228.0

  • 0.6% vs. Prior Yr.
  • 0.8% vs. Prior Qtr.

Total Value

Q4 '21

$131,715,683

  • -1.2% vs. Prior Yr.
  • -15.3% vs. Prior Qtr.

Price Per Square Foot

Q4 '21

$13.26

  • -1.8% vs. Prior Yr.
  • -16.0% vs. Prior Qtr.