City of Las Vegas

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City of Las Vegas Monthly Economic Update

City of Las Vegas Employment

  • Employment

    Jul '23

  • 305,486

Unemployment Rate Comparison

  • Unemployment Rate

    Jul '23

  • 6.3%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  May '22 May '23 Net Change % Change
Taxable Retail 100.0% $59,120.8M $64,104.8M $4,984.0M 8.4%

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.