City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Jan '23
  • 300,414

Unemployment Rate Comparison
  • Unemployment Rate

    Mar '23
  • 5.9%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Feb '22 Feb '23 Net Change % Change
Taxable Retail 100.0% $56,937.5M $63,435.3M $6,497.8M 11.4%
Food Services and Drinking Places 19.7% $10,805.5M $12,480.0M $1,674.5M 15.5%
Motor Vehicle and Parts Dealers 10.9% $6,444.6M $6,903.3M $458.7M 7.1%
Merchant Wholesalers, Durable Goods 7.1% $3,815.0M $4,532.4M $717.4M 18.8%
Clothing and Clothing Accessories Stores 7.1% $4,089.0M $4,477.9M $388.9M 9.5%
General Merchandise Stores 7.0% $4,470.4M $4,455.0M -$15.4M -0.3%
Building Material and Garden Equipment & Supplies 4.6% $2,741.8M $2,905.4M $163.6M 6.0%
Miscellaneous Store Retailers 3.0% $1,860.0M $1,927.0M $67.0M 3.6%
Food and Beverage Stores 2.7% $1,646.3M $1,719.7M $73.3M 4.5%
Rental and Leasing Services 2.9% $1,674.5M $1,837.4M $162.9M 9.7%
Professional, Scientific, and Technical Services 1.7% $1,117.3M $1,096.0M -$21.3M -1.9%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q4 '22

Vacancy Rate

14.7%

  • 0.3% vs. Prior Yr.
  • 0.2% vs. Prior Qtr.

Lease Rate

$2.16

  • 3.8% vs. Prior Yr.
  • 0.0% vs. prior Qtr.
Retail Market

Q4 '22

Vacancy Rate

5.3%

  • -1.3% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.91

  • 2.0% vs. Prior Yr.
  • 0.6% vs. Prior Qtr.
Industrial Market

Q4 '22

Vacancy Rate

4.9%

  • 0.2% vs. Prior Yr.
  • 0.3% vs. Prior Qtr.

Lease Rate

$0.78

  • 9.2% vs. Prior Yr.
  • 6.8% 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

    360

    May '22
  • Permit Value

    $126M

    May '22
Vacant Land Transactions

Acres Sold

Q4 '22

68.4

  • -70.0% vs. Prior Yr.
  • -44.1% vs. Prior Qtr.

Total Value

Q4 '22

$66,810,927

  • -49.3% vs. Prior Yr.
  • -31.9% vs. Prior Qtr.

Price Per Square Foot

Q4 '22

$22.43

  • 69.1% vs. Prior Yr.
  • 21.7% vs. Prior Qtr.