Nevada Employment Growth Softened Prior to COVID-19

According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) February 2020 economic report, employment in Nevada is down 1,000 jobs over the month but up 18,300 over the year, a growth rate of 1.3 percent. This marks the first time since July 2012 that Nevada employment grew at a slower rate than the national average. The state’s unemployment rate was 3.6 percent, unchanged from January and down half a percentage point when compared to last February. It worth noting that the state's employment and unemployment data is measured as of the week that includes the 12th day of each month, so these statistics reflect a period before COVID-19 had any significant effect on employment  in Nevada. The seasonally adjusted job loss in February was due to the private sector workforce missing expectations. Construction added the most jobs out of all sectors, for the 12-month period ending in February 2020, increasing by an average of 6,500 jobs over the same time in the year prior. February also marked 110 consecutive months of year-over-year job gains. DETR’s report also notes that Nevada’s Unemployment Insurance (UI) increased by a little more than [...]

By |2022-03-07T16:14:27-08:00March 20, 2020|Nevada by the Numbers Blog|Comments Off on Nevada Employment Growth Softened Prior to COVID-19

Las Vegas Home Prices Reach New Heights in February

Existing local home prices finally broke their all-time record, according to a report released Friday by Las Vegas REALTORS®. LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February 2020 was $316,000. That was up 3.6% from January and up 6.7% from February of 2019. Meanwhile, LVR reported that the median price of local condos and townhomes sold in February was $175,000, the same as January and up 6.1% from February of 2019. Before slowing down last year, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back from their post-recession low point. According to LVR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before falling during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012. The total number of existing local homes, condos and townhomes sold during February was 3,089. Compared to the same time last year, February sales were up 25.7% for homes and up 14.0% for condos and townhomes. According [...]

By |2022-03-07T16:14:27-08:00March 9, 2020|Nevada by the Numbers Blog|Comments Off on Las Vegas Home Prices Reach New Heights in February

Nevada Unemployment Hits All-Time Low

According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) January 2020 economic report, employment in Nevada is up 3,900 jobs over the month and up 22,800 over the year, a growth rate of 1.6 percent. DETR notes that is at the low end of the range seen over the last year (1.5% - 3.4%), and is the fourth month of job growth in the 1.5% to 1.7% range. Construction added the most jobs out of all sectors, increasing by an average of 6,700 jobs over the same time in the year prior. The private sector drove job growth by beating seasonal expectations coming out of the holiday season, while adjusted public sector jobs fell by 700. The state’s unemployment rate is 3.6 percent this month, down 0.1 percentage point from December and down half a percentage point when compared to last January. That is the lowest rate dating back to 1976, and is down more than 10 percentage points from its all-time high. For the first time since July 2007, there is no longer a gap between Nevada’s unemployment rate and the nation’s. The US Bureau of Labor Statistics [...]

By |2022-03-07T16:14:27-08:00March 9, 2020|Nevada by the Numbers Blog|Comments Off on Nevada Unemployment Hits All-Time Low
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