City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Dec '22
  • 299,424

Unemployment Rate Comparison
  • Unemployment Rate

    Dec '22
  • 5.5%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Oct '21 Oct '22 Net Change % Change
Taxable Retail 100.0% $52,424.9M $61,612.2M $9,187.3M 17.5%
Food Services and Drinking Places 19.5% $9,329.4M $12,013.5M $2,684.1M 28.8%
Motor Vehicle and Parts Dealers 10.9% $6,087.6M $6,721.6M $634.0M 10.4%
Merchant Wholesalers, Durable Goods 7.1% $3,561.5M $4,384.1M $822.6M 23.1%
Clothing and Clothing Accessories Stores 7.1% $3,543.0M $4,378.8M $835.8M 23.6%
General Merchandise Stores 7.2% $4,289.7M $4,453.5M $163.8M 3.8%
Building Material and Garden Equipment & Supplies 4.8% $2,582.8M $2,968.3M $385.6M 14.9%
Rental and Leasing Services 3.0% $1,513.8M $1,824.7M $310.9M 20.5%
Miscellaneous Store Retailers 3.0% $1,794.1M $1,849.1M $55.1M 3.1%
Food and Beverage Stores 2.7% $1,608.4M $1,693.8M $85.4M 5.3%
Professional, Scientific, and Technical Services 1.8% $980.4M $1,135.0M $154.6M 15.8%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q3 '22

Vacancy Rate

14.3%

  • -0.3% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$2.16

  • 4.3% vs. Prior Yr.
  • 0.6% vs. prior Qtr.
Retail Market

Q3 '22

Vacancy Rate

5.5%

  • -1.3% vs. Prior Yr.
  • -0.3% vs. Prior Qtr.

Lease Rate

$1.89

  • 2.2% vs. Prior Yr.
  • 0.5% vs. Prior Qtr.
Industrial Market

Q3 '22

Vacancy Rate

4.7%

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

Lease Rate

$0.73

  • 1.5% vs. Prior Yr.
  • 0.8% 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

Q1 '22

203.0

  • -9.7% vs. Prior Yr.
  • -10.9% vs. Prior Qtr.

Total Value

Q1 '22

$136,284,823

  • 17.9% vs. Prior Yr.
  • 3.5% vs. Prior Qtr.

Price Per Square Foot

Q1 '22

$15.41

  • 30.5% vs. Prior Yr.
  • 16.2% vs. Prior Qtr.