City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Apr '22
  • 290,048

Unemployment Rate Comparison
  • Unemployment Rate

    Apr '22
  • 5.2%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Mar '21 Mar '22 Net Change % Change
Taxable Retail 100.0% $42,532.2M $57,774.0M $15,241.8M 35.8%
Food Services and Drinking Places 19.2% $6,170.7M $11,114.7M $4,944.0M 80.1%
Motor Vehicle and Parts Dealers 11.2% $5,190.5M $6,498.4M $1,307.9M 25.2%
Merchant Wholesalers, Durable Goods 6.7% $3,131.6M $3,895.2M $763.6M 24.4%
General Merchandise Stores 7.7% $3,830.3M $4,466.5M $636.2M 16.6%
Clothing and Clothing Accessories Stores 7.2% $2,367.7M $4,156.9M $1,789.3M 75.6%
Building Material and Garden Equipment & Supplies 4.8% $2,249.0M $2,787.8M $538.8M 24.0%
Miscellaneous Store Retailers 3.2% $1,456.1M $1,869.1M $413.0M 28.4%
Rental and Leasing Services 3.0% $1,219.8M $1,710.4M $490.6M 40.2%
Food and Beverage Stores 2.9% $1,572.2M $1,656.4M $84.2M 5.4%
Professional, Scientific, and Technical Services 2.0% $798.0M $1,127.0M $329.0M 41.2%

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

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.