October Las Vegas Employment Highlights
- Investments Contributing to Increases in Construction Employment
- Increase in Average Weekly Wages
- Anticipated Population Growth
Southern Nevada’s economy is experiencing both opportunities and challenges. Over the past year, the region added 41,100 jobs, a growth rate of 3.7%. This expansion has been primarily driven by the construction and government sectors, which contributed 9,600 and 9,500 jobs, respectively. Employment growth in the construction sector has been fueled by high demand for projects in the Las Vegas Valley, with over $30 billion in developments either underway or in the planning stages. The leisure and hospitality sector also experienced a notable increase, adding 6,900 jobs, while professional and business services expanded by 5,700 jobs.
Despite these employment gains, Southern Nevada’s unemployment rate remains notably higher than the national average. As of August 2024, the region reported an unemployment rate of 6.1%, 2.0 percentage points above the national average of 4.1%. Additionally, initial unemployment claims filed in August reached 12,089, marking a 17.9% increase compared to the same period last year. This indicates that, despite near-record employment levels, some individuals still face challenges in securing work. Importantly, the job seekers are largely a function of more people re-entering the workforce with substantially more of them only reporting short-term periods of unemployment relative to those experiencing long-term unemployment.
Shifting Labor Trends
Wages are also impacted by ongoing shifts in labor supply and demand. In August, the average weekly wage in Southern Nevada rose to $1,030, a 4.4% increase from the previous year. However, despite this growth, local wages remain 14.3% below the national average of $1,201 per week. Despite these gains in wages, it will be important to monitor future spending levels as the pressures from inflation and the costs of living may be impactful.
Looking ahead, the rising population in Southern Nevada is expected to play a pivotal role in shaping the region’s economic landscape. As more residents continue to move to the area, the demand for jobs and services will continue to rise, driving further employment opportunities across various sectors.
You can find more of our monthly economic indicators on our News Center.
