Employment Review Highlights:
- 43,000 jobs added in Southern Nevada within the past year
- Opening of 2 new resorts assisted with annual job growth
- Average weekly wages declined slightly over the past year
Southern Nevada added 43,000 jobs when compared to the same period from the previous year, reflecting a 3.9% growth rate. The majority of this growth was driven by the leisure and hospitality industry which added 12,000 jobs during the past year on a net basis. This was aided by the opening of two new resorts: Fontainebleau Las Vegas and Durango Casino and Resort. Moreover, the trade, transportation and utilities sector grew by 8,700 positions, while the construction sector added 6,500 employees.
Nonetheless, despite the gains in the job base, Nevada still faces an unemployment rate of 5.2%, surpassing the national average by 1.7 percentage points. Despite this disparity, there has been a decrease of 0.3 percentage points in the region’s overall unemployment rate compared to the past year. Meanwhile the national rate increased by 0.4 percentage points. In addition, the initial unemployment insurance claims rose to 10,296 in March, an increase of 6.8% from the prior year.
However, the job market continues to be impacted by labor supply and demand dynamics. The average weekly wage was $998 during April, representing a decrease of 2.4% from a year ago. Local wages remain below the national average of $1,188 per week, representing a 19% differential. The mix of jobs continues to impact broader top-line wage reports.
Southern Nevada’s economic performance remains asymmetrical, featuring solid annual job growth paired with a relatively high unemployment rate. This unique dynamic is partly due to an expanding labor force that has benefited from broader economic growth and increased investment. The area’s employment base has remained on a strong trajectory of expansion and demonstrates the regional economy’s resilience, underscoring the crucial role of a skilled workforce.
