City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    May '21
  • 285,614

Unemployment Rate Comparison
  • Unemployment Rate

    May '21
  • 8.8%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Apr '20 Apr '21 Net Change % Change
Taxable Retail 100.0% $45,475.9M $44,614.8M -$861.1M -1.9%
Food Services and Drinking Places 15.0% $9,806.9M $6,701.7M -$3,105.2M -31.7%
Motor Vehicle and Parts Dealers 12.4% $4,770.1M $5,522.1M $752.1M 15.8%
General Merchandise Stores 8.9% $3,668.8M $3,949.3M $280.5M 7.6%
Merchant Wholesalers, Durable Goods 7.2% $3,080.2M $3,228.6M $148.4M 4.8%
Clothing and Clothing Accessories Stores 5.9% $3,063.8M $2,637.4M -$426.4M -13.9%
Building Material and Garden Equipment & Supplies 5.2% $1,907.1M $2,298.5M $391.5M 20.5%
Miscellaneous Store Retailers 3.5% $1,311.9M $1,541.3M $229.4M 17.5%
Food and Beverage Stores 3.6% $1,413.8M $1,587.8M $174.0M 12.3%
Rental and Leasing Services 2.8% $1,706.5M $1,261.5M -$445.0M -26.1%
Furniture and Home Furnishings Stores 2.2% $817.1M $968.6M $151.5M 18.5%

Source: Nevada Department of Taxation

Commercial Real Estate Market

Office Market

Q1 '21

Vacancy Rate

15.3%

  • 2.6% vs. Prior Yr.
  • 0.1% vs. Prior Qtr.

Lease Rate

$2.03

  • -1.0% vs. Prior Yr.
  • -0.4% vs. prior Qtr.
Retail Market

Q1 '21

Vacancy Rate

6.9%

  • 0.3% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.84

  • -0.8% vs. Prior Yr.
  • 0.9% vs. Prior Qtr.
Industrial Market

Q1 '21

Vacancy Rate

5.9%

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

Lease Rate

$0.71

  • 3.5% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Housing Market

Median Closing Price

Existing Home

New Home

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

  • Existing Home

    $340K

    May '21
  • New Home

    $477K

    May '21
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    1,478

    May '21
  • New Home

    177

    May '21
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    227

    Jun '21
  • Permit Value

    $83M

    Jun '21
Vacant Land Transactions

Acres Sold

Q4 '20

226.6

  • -27.7% vs. Prior Yr.
  • 523.9% vs. Prior Qtr.

Total Value

Q4 '20

$133,371,503

  • -27.1% vs. Prior Yr.
  • 725.0% vs. Prior Qtr.

Price Per Square Foot

Q4 '20

$13.51

  • 0.8% vs. Prior Yr.
  • 32.2% vs. Prior Qtr.