November Las Vegas Employment Key Takeaways
- Notable Job Growth in the Construction Sector
- Increase in Average Weekly Wages
- Rate of Job Growth Slowing
Southern Nevada’s job growth has decelerated over the past year, with the region adding 14,300 jobs—a more modest 1.2 percent growth rate. This contrasts with the 37,300 jobs added in August of this year and 17,800 in September of 2024.
The current slowdown represents the lowest growth rate since March 2021, during the height of the COVID-19 pandemic, and the slowest non-pandemic growth since August 2011 at 0.6 percent. Nevertheless, the region continues to expand, propelled by resilient key sectors that remain vital to the local economy.
Job Sector Details in the Las Vegas Valley
The construction sector continues to spearhead growth in the valley, adding 6,300 jobs in October 2024. This growth is driven by high levels of development, with notable under-construction and planned projects with price tags totaling over $32 billion.
In addition, the education and health services sector experienced a measurable increase in job counts, growing by 4,200 positions. The trade, transportation, and utilities sector also experienced growth, adding 2,300 jobs during the past 12 months.
Las Vegas Unemployment Numbers for December 2024
Southern Nevada continues to grapple with an elevated unemployment rate, which stood at 5.8 percent in October 2024. This rate exceeds the national rate of 4.1 percent by 1.7 percentage points.
Additionally, the region experienced just over 11,000 initial unemployment claims in the same month, reflecting a 7.9 percent increase compared to the previous year. While the area has experienced growth, this rise in the unemployment rate is somewhat impacted by an expanding labor pool as more folks see economic opportunity.
At the same time, some excess capacity could provide opportunities for companies relocating to or growing within the area to access a skilled and available talent pool.
Cost of Living and Wages Data for Southern Nevada
Wages, however, have experienced positive momentum. The average weekly wage in October 2024 was $1,046, reflecting a 5.1 percent increase compared to the previous year.
Yet, this remains below the national average of $1,211. Importantly, the cost of living remains attractive in Southern Nevada, particularly when stacked up against major markets in California.
What to Expect for Jobs and Employment in 2025
Looking forward, Southern Nevada’s employment position is likely to be characterized by stability. Sustained expansion in key sectors, particularly construction and healthcare, will be important in the near term. This growth is paving the way for renewed economic opportunities across the region.
Employment Review by the Numbers
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