City of Las Vegas Monthly Economic Update

City of Las Vegas Employment
  • Employment

    Jul '21
  • 283,427

Unemployment Rate Comparison
  • Unemployment Rate

    Jul '21
  • 9.5%

Source: Bureau of Labor Statistics - Local Area Unemployment Statistics

Clark County Taxable Retail Sales

  Trailing 12-Months
  Jun '20 Jun '21 Net Change % Change
Taxable Retail 100.0% $43,834.8M $47,524.0M $3,689.2M 8.4%
Food Services and Drinking Places 16.2% $8,709.9M $7,715.4M -$994.5M -11.4%
Motor Vehicle and Parts Dealers 12.1% $4,782.2M $5,744.4M $962.2M 20.1%
General Merchandise Stores 8.6% $3,670.3M $4,073.5M $403.2M 11.0%
Clothing and Clothing Accessories Stores 6.5% $2,729.2M $3,067.4M $338.2M 12.4%
Merchant Wholesalers, Durable Goods 7.1% $3,043.2M $3,361.8M $318.6M 10.5%
Building Material and Garden Equipment & Supplies 5.0% $1,976.3M $2,381.0M $404.7M 20.5%
Miscellaneous Store Retailers 3.5% $1,298.4M $1,652.6M $354.1M 27.3%
Rental and Leasing Services 2.9% $1,606.2M $1,364.5M -$241.8M -15.1%
Food and Beverage Stores 3.4% $1,440.8M $1,608.3M $167.5M 11.6%
Professional, Scientific, and Technical Services 1.8% $820.9M $846.7M $25.8M 3.1%

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

$2.04

  • -0.9% vs. Prior Yr.
  • 0.4% vs. prior Qtr.
Retail Market

Q2 '21

Vacancy Rate

6.7%

  • 0.5% vs. Prior Yr.
  • -0.2% vs. Prior Qtr.

Lease Rate

$1.85

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

Q2 '21

Vacancy Rate

5.5%

  • -0.2% vs. Prior Yr.
  • -0.4% vs. Prior Qtr.

Lease Rate

$0.70

  • 1.4% vs. Prior Yr.
  • -1.4% 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

    212

    Aug '21
  • Permit Value

    $133M

    Aug '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.