Nevada by the Numbers Blog

The Pandemic is Resetting Nevada’s Economy: The Path Forward

The Nevada Governor’s Office of Economic Development released the state’s post-pandemic economic plan, prepared by SRI International. RCG Economics was fortunate to participate in the study, along with Brookings Mountain West. As part of this release, RCG is making available both the full SRI report as well as the more detailed version of our economic forecast. Click here to see both reports. RCG forecasted economic conditions in Nevada through the end of 2021. In its full Economic Forecast, RCG projected a wide range of indicators for the state, the Las Vegas MSA and the Reno-Sparks MSA. They include: Aggregate GDP GDP of selected sectors Taxable sales Nonfarm jobs Unemployment rate Visitor volume A variety of tax revenue sources Other indicators RCG found that: It will likely take, at a minimum, until the end of 2022 for Nevada’s economy to return to its pre-pandemic long-term growth trend The pandemic will inalterably change the structure of the state’s economy Nevada, and especially Southern Nevada, should embrace these changes To reduce the chances of another economic disaster: Nevada must move aggressively toward a state economy that Is much more resilient than it is today, [...]

By jrestrepo|2022-03-07T16:14:26-08:00January 28, 2021|Economic Forecasting, Nevada by the Numbers Blog, Public Policy Issues, RCG Blog|Comments Off

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 jrestrepo|2022-03-07T16:14:27-08:00March 20, 2020|Nevada by the Numbers Blog|Comments Off

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 jrestrepo|2022-03-07T16:14:27-08:00March 9, 2020|Nevada by the Numbers Blog|Comments Off

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 jrestrepo|2022-03-07T16:14:27-08:00March 9, 2020|Nevada by the Numbers Blog|Comments Off

Nevada Gaming Revenue Sees Strong January Growth

Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $1,038,196,869 for the month of January 2020 according to the state's Gaming Control Board. This amounts to a 5.48% increase compared to January 2019, when licensees reported a gaming win of $984,227,816. For the fiscal year (July 1, 2019 through January 31, 2020), gaming win has increased 2.57%. In Southern Nevada, Downtown led the way with a 13.47% increase in gaming win, with the Strip also posting strong 7.49% gains. North Las Vegas and the Boulder Strip, meanwhile, posted moderate contractions. For the fiscal year to date, all areas except North Las Vegas have seen growth, with Downtown again at the head of the pack. Up North, South Lake Tahoe posted the strongest increase at 17.93% with solid gains across the region. The only exception is North Lake Tahoe, which has losses of more than 6% for January and the fiscal year to date. The State collected $73,049,145 in percentage fees during the month of February 2020, based upon the taxable revenues generated in January 2020. This represents an 18.31% (or $16,378,484) decrease compared to the prior year’s February, when [...]

By jrestrepo|2022-03-07T16:14:27-08:00February 28, 2020|Nevada by the Numbers Blog|Comments Off

Las Vegas Home Prices Ease Slightly in January

A report by the Greater Las Vegas Association of REALTORS® (GLVAR) shows that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January 2020 was $305,000. That was down 2.6% from December, but up 1.7% from January of 2019. Meanwhile, the median price of local condos and townhomes sold in January was $175,000. That was down 1.7% from December, but up 2.9% from January of 2019. Before slowing down in the last year or so, 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 GLVAR, 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. GLVAR expects a new record will be set this year. The total number of existing local homes, condos and townhomes sold during January was 2,875. Sales were down from December. But compared to the same time last year, January sales were up 25.2% for [...]

By jrestrepo|2022-03-07T16:14:28-08:00February 9, 2020|Nevada by the Numbers Blog|Comments Off

Nevada Gaming Posts Strong December Gains

According the state's Gaming control Board, Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $1,057,602,710 for the month of December 2019. This amounts to a 5.79% increase compared to December 2018, when licensees reported a gaming win of $999,678,537. For the fiscal year (July 1, 2019 through December 31, 2019), gaming win has increased 2.09%. In Southern Nevada, the Strip posted a healthy 4.53% gain, driven by strong slot and table returns. Baccarat was down significantly; while trade tensions have eased we should see what impact the coronavirus outbreak may have on this game in the months to come. All of Clark County saw growth, with North Las Vegas and the Boulder Strip posting gains over 20 percent. Downtown continues to lead for the fiscal year to date. In Northern Nevada, the story was different. Most areas took a loss, with the exception of Sparks and South Lake Tahoe which saw 8.1% growth in gaming win. North Lake Tahoe was the loss leader with a 7.17% decline. The State collected $50,439,646 in percentage fees during the month of January 2020, based upon the taxable revenues generated in December [...]

By jrestrepo|2022-03-07T16:14:28-08:00February 9, 2020|Nevada by the Numbers Blog|Comments Off

Las Vegas Home Prices End Year Near All-Time High

Local home prices continued to rise as the year came to an end, and fewer existing homes were sold in Southern Nevada during 2019 compared to the previous year, according to a report by the Greater Las Vegas Association of REALTORS® (GLVAR). GLVAR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during December was $312,990. That was up 6.0% from $295,250 in December of 2018. Meanwhile, the median price of local condos and townhomes sold in December was $178,000. That was up 8.9% from $163,500 in December of 2018. 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 bottom. According to GLVAR, 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. According to GLVAR, the total number of existing local homes, condos, townhomes and other residential properties sold in Southern Nevada during 2019 was 41,269. That’s [...]

By jrestrepo|2022-03-07T16:14:28-08:00January 7, 2020|Nevada by the Numbers Blog|Comments Off

Nevada Gaming Revenues Cool Down in November

Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $937,471,737 for the month of November 2019. This amounts to a 3.07% decrease compared to November 2018, when licensees reported a gaming win of $967,117,904. For the fiscal year (July 1, 2019 through November 30, 2019), gaming win has increased 1.34%. In Southern Nevada, the Strip was close to the state average with a 3.09% contraction from a year ago. Downtown, which is performing the best of the Clark County regions for the year to date, posted an even higher 6.02% loss. Only Mesquite and outlying areas posted growth in November. Looking north, South Lake Tahoe saw a major decline of 19.17% while the north shore of the lake saw gaming win essentially flat. Sparks posted the only growth, a healthy 9.23% gain over the year. To the east, West Wendover also saw growth over 9 percent. Despite this, the State collected $59,390,135 in percentage fees during the month of December 2019*, based upon the taxable revenues generated in November 2019. This represents a 1.74% (or $1,013,479) increase compared to the prior year’s December, when percentage fee collections were $58,376,656.

By jrestrepo|2022-03-07T16:14:28-08:00January 1, 2020|Nevada by the Numbers Blog|Comments Off

Las Vegas Home Prices Stay Level in November

A report released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR) shows home prices in Southern Nevada stayed the same from October to November but are still up from one year ago. GLVAR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $307,000. That’s the same median price as October, but up 4.1% from $295,000 in November of 2018. Meanwhile, the median price of local condos and townhomes sold in November was $175,000. That was up 6.1% from $164,900 in November of 2018. Before slowing down this year, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back toward their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before prices began falling during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012. The total value of local real estate transactions tracked through the MLS during November was nearly $880 million for homes and more than $101 [...]

By jrestrepo|2022-03-07T16:14:28-08:00December 6, 2019|Nevada by the Numbers Blog|Comments Off

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