City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Oct '21
  • 291,352

Unemployment Rate Comparison
  • Unemployment Rate

    Oct '21
  • 6.7%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Sep '20 Sep '21 Net Change % Change
Taxable Retail 100.0% $42,665.0M $51,246.4M $8,581.4M 20.1%
Food Services and Drinking Places 17.4% $7,632.2M $8,905.5M $1,273.4M 16.7%
Motor Vehicle and Parts Dealers 11.7% $4,808.5M $6,018.9M $1,210.4M 25.2%
General Merchandise Stores 8.3% $3,687.9M $4,229.9M $542.0M 14.7%
Clothing and Clothing Accessories Stores 6.7% $2,549.4M $3,422.2M $872.7M 34.2%
Merchant Wholesalers, Durable Goods 6.9% $3,012.8M $3,557.0M $544.2M 18.1%
Building Material and Garden Equipment & Supplies 5.0% $2,037.0M $2,537.6M $500.6M 24.6%
Miscellaneous Store Retailers 3.4% $1,329.3M $1,767.5M $438.2M 33.0%
Professional, Scientific, and Technical Services 1.9% $811.8M $951.3M $139.5M 17.2%
Rental and Leasing Services 2.9% $1,432.0M $1,471.9M $39.9M 2.8%
Food and Beverage Stores 3.1% $1,497.2M $1,609.2M $112.0M 7.5%

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

    $349K

    Jun '21
  • New Home

    $494K

    Jun '21
Home Closings

Existing Home

New Home

Source: SalesTraq

  • Existing Home

    1,592

    Jun '21
  • New Home

    202

    Jun '21
Permits

Total Permits

Permit Value

Source: SalesTraq

  • Total Permits

    287

    Oct '21
  • Permit Value

    $107M

    Oct '21
Vacant Land Transactions

Acres Sold

Q2 '21

320.1

  • -19.9% vs. Prior Yr.
  • 42.4% vs. Prior Qtr.

Total Value

Q2 '21

$170,591,112

  • 64.8% vs. Prior Yr.
  • 47.6% vs. Prior Qtr.

Price Per Square Foot

Q2 '21

$12.24

  • 105.8% vs. Prior Yr.
  • 3.6% vs. Prior Qtr.