City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Dec '20
  • 270,332

Unemployment Rate Comparison
  • Unemployment Rate

    Dec '20
  • 10.3%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Nov '19 Nov '20 Net Change % Change
Taxable Retail 100.0% $47,063.7M $42,048.8M -$5,014.9M -10.7%
Food Services and Drinking Places 16.6% $10,842.6M $6,976.0M -$3,866.6M -35.7%
Motor Vehicle and Parts Dealers 11.5% $5,057.8M $4,852.6M -$205.2M -4.1%
General Merchandise Stores 8.8% $3,707.3M $3,698.4M -$8.9M -0.2%
Clothing and Clothing Accessories Stores 5.7% $3,414.4M $2,412.8M -$1,001.6M -29.3%
Merchant Wholesalers, Durable Goods 7.3% $3,144.6M $3,054.1M -$90.4M -2.9%
Building Material and Garden Equipment & Supplies 5.0% $1,847.8M $2,092.4M $244.6M 13.2%
Food and Beverage Stores 3.6% $1,381.2M $1,524.0M $142.8M 10.3%
Miscellaneous Store Retailers 3.2% $1,347.8M $1,343.2M -$4.5M -0.3%
Rental and Leasing Services 3.2% $1,764.3M $1,336.3M -$428.0M -24.3%
Electronics and Appliance Stores 2.1% $1,092.8M $896.1M -$196.7M -18.0%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q4 '20

Vacancy Rate

15.3%

  • 2.3% vs. Prior Yr.
  • 0.9% vs. Prior Qtr.

Lease Rate

$2.03

  • -1.6% vs. Prior Yr.
  • 0.5% vs. prior Qtr.
Retail Market

Q4 '20

Vacancy Rate

7.0%

  • 0.2% vs. Prior Yr.
  • 0.1% vs. Prior Qtr.

Lease Rate

$1.83

  • -1.4% vs. Prior Yr.
  • -3.9% vs. Prior Qtr.
Industrial Market

Q4 '20

Vacancy Rate

6.0%

  • 0.0% vs. Prior Yr.
  • 0.2% vs. Prior Qtr.

Lease Rate

$0.71

  • 3.1% vs. Prior Yr.
  • 1.0% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $304K

    Dec '20
  • New Home

    $452K

    Dec '20
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    148

    Dec '20
  • New Home

    1,269

    Dec '20
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    232

    Dec '20
  • Permit Value

    $93M

    Dec '20
Vacant Land Transactions

Acres Sold

Q3 '20

36.3

  • -72.4% vs. Prior Yr.
  • -90.9% vs. Prior Qtr.

Total Value

Q3 '20

$16,166,360

  • -83.2% vs. Prior Yr.
  • -84.4% vs. Prior Qtr.

Price Per Square Foot

Q3 '20

$10.22

  • -39.1% vs. Prior Yr.
  • 71.9% vs. Prior Qtr.