City of Las Vegas

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City of Las Vegas Monthly Economic Update

City of Las Vegas Employment

  • Employment

    Sep '24

  • 311,467

Unemployment Rate Comparison

  • Unemployment Rate

    Sep '24

  • 6.0%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Aug '23 Aug '24 Net Change % Change
Taxable Retail 100.0% $64,815.8M $65,675.8M $860.0M 1.3%
Food Services and Drinking Places 19.8% $12,721.5M $13,020.5M $299.0M 2.3%
Motor Vehicle and Parts Dealers 10.2% $6,921.2M $6,724.2M -$197.0M -2.8%
Merchant Wholesalers, Durable Goods 7.0% $4,556.7M $4,606.2M $49.5M 1.1%
General Merchandise Stores 6.7% $4,369.2M $4,406.9M $37.7M 0.9%
Clothing and Clothing Accessories Stores 6.7% $4,406.3M $4,411.0M $4.6M 0.1%
Building Material and Garden Equipment & Supplies 3.9% $2,698.6M $2,571.4M -$127.2M -4.7%
Miscellaneous Store Retailers 2.9% $1,944.8M $1,908.7M -$36.2M -1.9%
Rental and Leasing Services 2.8% $1,802.6M $1,831.0M $28.4M 1.6%
Food and Beverage Stores 2.7% $1,713.5M $1,785.6M $72.0M 4.2%
Professional, Scientific, and Technical Services 1.9% $1,542.2M $1,219.6M -$322.6M -20.9%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q2 '24

Vacancy Rate

14.5%

  • 0.4% vs. Prior Yr.
  • 0.8% vs. Prior Qtr.

Lease Rate

$2.16

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

Q2 '24

Vacancy Rate

5.1%

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

Lease Rate

$1.98

  • 0.0% vs. Prior Yr.
  • -0.7% vs. Prior Qtr.
Industrial Market

Q2 '24

Vacancy Rate

4.9%

  • -0.6% vs. Prior Yr.
  • -0.1% vs. Prior Qtr.

Lease Rate

$0.81

  • 3.4% vs. Prior Yr.
  • 4.2% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    $399K

    Dec '23

  • New Home

    $550K

    Dec '23
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    605

    Dec '23

  • New Home

    240

    Dec '23
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    157

    Feb '23

  • Permit Value

    $55M

    Jul '22
Vacant Land Transactions

Acres Sold

Q4 '23

427.9

  • 525.8% vs. Prior Yr.
  • 224.5% vs. Prior Qtr.

Total Value

Q4 '23

$324,466,071

  • 385.6% vs. Prior Yr.
  • 230.4% vs. Prior Qtr.

Price Per Square Foot

Q4 '23

$17.41

  • -22.4% vs. Prior Yr.
  • 1.8% vs. Prior Qtr.