City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Oct '22
  • 298,895

Unemployment Rate Comparison
  • Unemployment Rate

    Oct '22
  • 5.8%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Sep '21 Sep '22 Net Change % Change
Taxable Retail 100.0% $51,246.4M $61,099.6M $9,853.2M 19.2%
Food Services and Drinking Places 19.5% $8,905.5M $11,929.6M $3,024.1M 34.0%
Motor Vehicle and Parts Dealers 11.0% $6,018.9M $6,692.4M $673.4M 11.2%
Merchant Wholesalers, Durable Goods 7.1% $3,557.0M $4,312.3M $755.3M 21.2%
Clothing and Clothing Accessories Stores 7.1% $3,422.2M $4,366.5M $944.4M 27.6%
General Merchandise Stores 7.3% $4,229.9M $4,462.7M $232.8M 5.5%
Building Material and Garden Equipment & Supplies 4.9% $2,537.6M $2,970.9M $433.3M 17.1%
Miscellaneous Store Retailers 3.0% $1,767.5M $1,834.5M $67.0M 3.8%
Rental and Leasing Services 2.9% $1,471.9M $1,794.8M $322.9M 21.9%
Food and Beverage Stores 2.8% $1,609.2M $1,683.7M $74.5M 4.6%
Electronics and Appliance Stores 2.0% $1,062.7M $1,214.9M $152.2M 14.3%

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.