Nevada Economy in Brief

October 2021

Research & Analysis Bureau

December 17, 2021

Executive Summary

Employment

  • The total employment level in the state is 1,416,300.
  • Nevada added back 19,800 jobs over the month but is up by 133,800 since October 2020, an annual increase of 10.4%.
  • Las Vegas employment increased by 12,200 jobs (1.2%) since September 2021 and saw an increase of 111,600 jobs (12.2%) since October 2020.
  • Reno employment had a increase of 3,400 jobs (1.4%) since September 2021 and saw an increase of 13,700 jobs (5.7%) since October 2020.
  • Carson City employment had a increase of 200 jobs (0.7%) since September 2021 and saw an increase of 800 jobs (2.7%) since October 2020.
  • The state has the second highest over-the-year employment growth rate ranking in the U.S behind only Hawaii but ahead of Florida (6.2%) and California (5.6%).

Unemployment

  • The state’s unemployment rate in October is 5.4 percent, down slightly from 5.6 percent in September 2021 and down 6.7 percentage points when compared to October 2020.
  • The unemployment rates were 5.8 percent in the Las Vegas metro area, 2.9 percent in Reno, and 3.3 percent in the Carson area in October 2021.
  • The state has the eleventh highest unemployment rate ranking in the U.S with Alabama having the highest at 6.3 percent and Utah having the lowest at 2.3 percent.
  • In Nevada’s counties, the lowest unemployment rate was in Eureka County at 2.0 percent, and Clark County had the highest rate at 5.8 percent.
  • As of October 2021, veterans in Nevada have an unemployment rate of 8.2% (expressed as a 12-month moving average).
  • Every counties’ unemployment rates have declined significantly over the year with Clark County leading the way, down 7.6 percent.

Unemployment Insurance

  • In October, 6,538 initial claims for unemployment insurance were filed in Nevada, a decrease of 314 claims, or 4.6 percent, from August when there were 6,852 claims.
  • The number of regular program weeks claimed and compensated decreased from September, resulting in $26.5 million in benefit payments, an decrease of 19.4 percent from the previous month.
  • After borrowing for most of 2021, Nevada’s Unemployment Insurance Trust Fund stands at a balance of 198.3 million as of October 31, 2021.

Current Employment Overview

In October 2021, we remain on the path to recovery, but some areas of the state are still experiencing significant disruptions. The state’s current employment level of 1,416,300 is roughly 97.7 percent of its February 2020 peak level. The state has recovered 311,200 jobs or roughly 90.3 percent of the jobs lost during the pandemic. In each of the last 22 months, the state added jobs compared to the prior month, yet Nevada remains 33,300 jobs below its February 2020 level. Nevada added 6,300 unadjusted jobs over the month in October, slightly better than monthly average in 2021 of 5,500.

Comparing Job Loss in 2020 Recession to 2001 and 2007 Recessions

Seasonally Adjusted Recent Peak v Current Employment Levels

Oct-21 Value Recent Peak Peak Date Peak-Current % Recovered Recent High
Total nonfarm 1,416.3 1,449.6 Feb-20 -33.3 97.7% 1,416.3
Mining and logging 14.6 15.2 Nov-20 -0.6 96.1% 14.6
Construction 95.9 99.6 Jan-20 -3.7 96.3% 95.9
Manufacturing 62.4 61.5 Aug-21 0.9 101.5% 62.4
Durable goods 41.9 41.3 Aug-21 0.6 101.5% 41.9
Nondurable goods 20.5 20.2 NA 0.3 101.5% 20.5
Trade, transportation, and utilities 282.9 277.2 Aug-21 5.7 102.1% 282.9
Wholesale Trade 38.8 38.9 Nov-19 -0.1 99.7% 38.8
Retail trade 151.1 149.7 Aug-21 1.4 100.9% 151.1
Transportation, Warehousing, and Utilities 93.0 88.9 Aug-21 4.1 104.6% 93.0
Information 15.8 16.3 May-18 -0.5 96.9% 15.8
Financial activities 71.3 71.3 Aug-21 0.0 100.0% 71.3
Finance and insurance 42.5 42.7 NA -0.2 99.5% 42.5
Real estate and rental and leasing 28.8 30.1 Nov-19 -1.3 95.7% 28.8
Professional and business services 200.8 203.3 Dec-19 -2.5 98.8% 200.8
Professional and technical services 64.8 64.0 Aug-21 0.8 101.2% 64.8
Management of companies and enterprises 26.9 28.2 Dec-19 -1.3 95.4% 26.9
Administrative and waste services 109.1 111.7 Dec-19 -2.6 97.7% 109.1
Education and health services 153.5 149.9 Jul-21 3.6 102.4% 153.5
Educational services 14.0 13.8 Jul-21 0.2 101.4% 14.0
Health care and social assistance 139.5 136.1 Jul-21 3.4 102.5% 139.5
Leisure and hospitality 318.5 361.7 Feb-20 -43.2 88.1% 318.5
Arts, entertainment, and recreation 32.5 35.9 Jan-20 -3.4 90.5% 32.5
Accommodation and food services 286.0 327.3 NA -41.3 87.4% 286.0
Accommodation and food services 286.0 327.3 Mar-19 -41.3 87.4% 286.0
Other services 40.6 43.4 Feb-20 -2.8 93.5% 40.6
Government 160.0 167.9 Mar-20 -7.9 95.3% 160.0
Federal 20.5 23.0 Aug-20 -2.5 89.1% 20.5
State government 39.3 42.6 Aug-17 -3.3 92.3% 39.3
Local government 100.2 106.4 Mar-20 -6.2 94.2% 100.2
Current Employment Statisitics Data
Recent High: April 2020-Current | Recent Peak: Jan 2017 - March 2020.
Information compiled by DETR's Research & Analysis Bureau

Industries in the state that have fully recovered all the jobs lost during the pandemic include mining and logging, manufacturing, and finance and insurance. Industries yet to fully recover the jobs lost are construction, trade, transportation, and utilities, information, professional and business services, education and health services, leisure and hospitality, and government. While the majority of the state’s industries are still down from the pandemic, some have weathered the pandemic much better than others. Leisure and hospitality industry, which combine account for 75,800 of the 77,900 jobs, or 88 percent, yet to be recovered.

Employment Growth Rankings

According to the BLS, Nonfarm payroll employment increased over the month in 45 states and the District of Columbia but decreased in 6 states in October 2021. The largest job gains occurred in Texas (+85,800), New York (+80,700), and California (+72,600). The largest percentage increase occurred in Louisiana (+2.2 percent), followed by Alaska (1.9 percent) and Nevada (+1.4 percent each). Employment decreased in Ohio (-5,100, or -0.1 percent), Rhode Island (-1,400 or -.3 percent) and Kansas (-1,200, or -0.1 percent)

State Employment Rankings Over the Year

Nevada vs. US Employment Annual Growth Rates

Current Unemployment Overview

The state’s October 2021 unemployment rate declined 0.2 percentage point from September’s revised level of 5.6 percent. The national rate declined by 0.1 percentage point to 4.6 percent. The 0.8 percent gap between the Silver State and the United States compares favorably to the average gap of 4.9% for the year 2020.The state’s unemployment rate has dropped 23.1 percent since April 2020 but remains relatively high at 5.4 percent. In February 2020, the month before the virus outbreak, the Las Vegas MSA’s jobless rate was just 3.6 percent. In October 2021, Las Vegas, the state’s largest population center, has an unemployment rate of 5.8 percent, ranking 329 of 389 metropolitan areas in the nation 1. Las Vegas’ share of unemployed workers remained stubbornly high despite a notable bump in tourism according to the Las Vegas Convention and Visitor’s Authority. Las Vegas’ unemployment rate decreased from 6.6 percent in September, but was still dramatically lower than its sky-high 33.3 percent jobless rate in April 2020.

Unemployment History and Rankings

Comparison of Nevada's unemployment rate to all states, 1976 to present.

Ranking State Unemployment Rates, June 2021

Appendix: Data Tables and Summary Information

Nevada Employment Summary

Seasonally adjusted and Non-adjusted annual employment growth estimates for Nevada.

Nevada Seasonally Adjusted CES Sector Summary
October 2021 Monthly Change Annual Change Annual Growth Rate Series Maximum Percent of Employment
Total nonfarm 1,416,300 19,800 133,800 10.4% 1,449,600 100.0%
Super Sectors
Mining and logging 14,600 −200 −500 −3.3% 15,800 1.0%
Construction 95,900 −2,100 3,100 3.3% 146,400 6.8%
Manufacturing 62,400 600 6,100 10.8% 62,400 4.4%
Trade, transportation, and utilities 282,900 4,400 18,000 6.8% 282,900 20.0%
Information 15,800 0 2,400 17.9% 21,400 1.1%
Financial activities 71,300 400 4,200 6.3% 71,300 5.0%
Professional and business services 200,800 6,000 23,100 13.0% 203,300 14.2%
Education and health services 153,500 3,800 9,000 6.2% 153,500 10.8%
Leisure and hospitality 318,500 7,100 65,200 25.7% 361,700 22.5%
Other services 40,600 500 2,800 7.4% 43,400 2.9%
Government 160,000 −700 400 0.3% 167,900 11.3%
Nevada Non-Seasonally Adjusted CES Sector Summary
October 2021 Monthly Change Annual Change Annual Growth Rate Series Maximum Percent of Employment
Total nonfarm 1,427,300 20,800 126,900 9.8% 1,454,500 100.0%
Super Sectors
Mining and logging 14,700 −100 −500 −3.3% 16,100 1.0%
Construction 97,800 −1,100 3,500 3.7% 148,800 6.9%
Manufacturing 62,600 800 6,200 11.0% 62,600 4.4%
Trade, transportation, and utilities 284,200 6,300 15,900 5.9% 284,200 19.9%
Information 15,800 0 2,600 19.7% 21,500 1.1%
Financial activities 71,500 700 3,900 5.8% 71,500 5.0%
Professional and business services 203,700 8,300 21,800 12.0% 205,200 14.3%
Education and health services 153,600 4,600 8,000 5.5% 153,600 10.8%
Leisure and hospitality 318,600 600 61,300 23.8% 360,400 22.3%
Other services 40,900 400 2,600 6.8% 42,700 2.9%
Government 163,900 300 1,600 1.0% 171,000 11.5%

For more information visit our CES Page2, see the summary tables at the end of the document, or check out our industry dashboard3.

Nevada Unemployment Summary

Nevada labor force and employed individuals.

Nevada unemployed individuals and unemployment rate.

Nevada Seasonally Adjusted LAUS Summary
Labor Force Unemployed Individuals Employed Individuals Unemployment Rate
Current 1,490,463 80,022 1,410,441 5.4
Change Previous Month −545 −3,733 3,188 −0.2
Change Previous Year −26,137 −103,177 77,040 −6.7
Maximum 1,558,067 406,325 1,499,069 28.5
Nevada Non-Seasonally Adjusted LAUS Summary
Labor Force Unemployed Individuals Employed Individuals Unemployment Rate
Current 1,494,382 75,745 1,418,637 5.1
Change Previous Month −1,554 −10,115 8,561 −0.6
Change Previous Year −26,100 −97,164 71,064 −6.3
Maximum 1,565,577 384,461 1,512,122 27.5

Figures for our unemployment estimates come from the Local Area Unemployment Statistics (LAUS) program sponsored by the Bureau of Labor Statistics4. This program produces monthly and annual estimates for numerous economic indicators based on place of residence.

Las Vegas MSA Area Summary

Seasonally adjusted and Non-adjusted employment estimates for the Las Vegas MSA.

Las Vegas Non-Seasonally Adjusted CES Sector Summary
October 2021 Monthly Change Annual Change Annual Growth Rate Series Maximum Percent of Employment
Total nonfarm 1,032,600 16,900 110,600 12.0% 1,063,400 100.0%
Super Sectors
Mining and logging 400 0 0 0.0% 700 0.0%
Construction 70,100 −300 2,800 4.2% 112,000 6.8%
Manufacturing 26,200 300 2,000 8.3% 27,700 2.5%
Trade, transportation, and utilities 202,100 5,000 12,500 6.6% 202,100 19.6%
Information 11,700 0 2,400 25.8% 15,700 1.1%
Financial activities 55,400 700 3,400 6.5% 55,400 5.4%
Professional and business services 155,700 6,600 20,200 14.9% 158,000 15.1%
Education and health services 112,600 3,400 7,100 6.7% 112,600 10.9%
Leisure and hospitality 262,800 300 57,100 27.8% 297,300 25.5%
Other services 30,200 800 2,000 7.1% 32,900 2.9%
Government 105,400 100 1,100 1.1% 111,200 10.2%

Time series of the Las Vegas MSA unemployment rate 2005 to present.

Las Vegas Non-Seasonally Adjusted LAUS Summary
Labor Force Unemployed Individuals Employed Individuals Unemployment Rate
Current 1,098,809 63,836 1,034,973 5.8
Change Previous Month −1,763 −8,941 7,178 −0.8
Change Previous Year −12,077 −84,993 72,916 −7.6
Maximum 1,151,130 321,394 1,110,825 31.1

Reno MSA Area Summary

Seasonally adjusted and Non-adjusted employment estimates for the Reno Sparks MSA.

Reno CES Sector Summary
October 2021 Monthly Change Annual Change Annual Growth Rate Series Maximum Percent of Employment
Total nonfarm 251,000 3,200 12,300 5.2% 254,200 100.0%
Super Sectors
Mining and logging 300 0 0 0.0% 1,400 0.1%
Construction 20,400 −100 1,400 7.4% 25,500 8.1%
Manufacturing 27,900 200 3,500 14.3% 28,400 11.1%
Trade, transportation, and utilities 55,900 0 2,400 4.5% 57,300 22.3%
Information 3,000 −100 100 3.4% 3,800 1.2%
Financial activities 11,200 −200 200 1.8% 11,400 4.5%
Professional and business services 32,200 −100 200 0.6% 34,700 12.8%
Education and health services 27,400 100 200 0.7% 28,700 10.9%
Leisure and hospitality 34,800 −200 3,600 11.5% 44,500 13.9%
Other services 7,200 −100 800 12.5% 7,400 2.9%
Government 30,700 3,700 −100 −0.3% 32,000 12.2%

Time series of the Reno Sparks MSA unemployment rate 2005 to present.

Reno Non-Seasonally Adjusted LAUS Summary
Labor Force Unemployed Individuals Employed Individuals Unemployment Rate
Current 251,011 8,075 242,936 3.2
Change Previous Month 1,175 −2,123 3,298 −0.9
Change Previous Year −4,522 −9,792 5,270 −3.8
Maximum 262,415 41,615 253,298 18.2

Carson City MSA Area Summary

Seasonally adjusted and Non-adjusted employment estimates for the carson City MSA.

Carson City CES Sector Summary
October 2021 Monthly Change Annual Change Annual Growth Rate Series Maximum Percent of Employment
Total nonfarm 30,700 200 600 2.0% 33,600 100.0%
Super Sectors
Manufacturing 2,500 0 0 0.0% 4,200 8.1%
Trade, transportation, and utilities 4,800 0 400 9.1% 5,300 15.6%
Professional and business services 2,600 0 100 4.0% 2,700 8.5%
Leisure and hospitality 3,500 0 300 9.4% 4,500 11.4%
Government 9,000 100 −200 −2.2% 10,900 29.3%

Time series of the Carson City MSA unemployment rate 2005 to present.

Carson City Non-Seasonally Adjusted LAUS Summary
Labor Force Unemployed Individuals Employed Individuals Unemployment Rate
Current 25,067 892 24,175 3.6
Change Previous Month −109 −231 122 −0.9
Change Previous Year −1,020 −1,006 −14 −3.7
Maximum 26,966 4,520 25,409 19.1

County Unemployment Rates

County unemployment rates.

Demographics Data

Time series of the unemployment rate by gender 2005 to present.

In October 2021 the unemployment rate for women was 5.8 percent compared to the rate for men which was 3.8 percent.

Time series of the unemployment rate by race 2005 to present.

In October 2021 the unemployment rates for hispanics, blacks, and whites were 6 percent, 10.3 percent, and 3.8 percent respectively.

Time series of the unemployment rate by race 2005 to present.

The unemployment rates by different age groups in October 2021 were 10.3 percent for 16-24 year-olds, 3.8 percent for 25-34 year-olds, 3.9 percent for 35-44 year-olds, 2.7 percent for 44-54 year-olds, and 4.6 percent for 55 and up. A more comprehensive report on unemployment demographics by county can be found on nevadaworkforce.com5.

As of October 2021, veterans in Nevada have an unemployment rate of 8.2% (expressed as a 12-month moving average). This is down from 8.4% in September. In September 2020 the veteran unemployment rate was 8.2%. In comparison, the total unemployment rate is 8.3% this month (again, expressed as a 12-month moving average), down from 8.8% in September. In October 2020 the total unemployment rate was 12.1%.

People with Disabilities

Information from the monthly Current Population Survey (CPS), sponsored by the Census Bureau and the Bureau of Labor Statistics (BLS), allows us to analyze the unemployment rate of Nevadans with disabilities. Estimates for people with disabilities are available since 2009. Please note that, the CPS estimates in less populous states, are subject to rather large sampling error. Sampling error measures the variation that occurs by chance because a sample rather than the entire population is surveyed.

The unemployment rate of people with disabilities is a simple measure: the ratio of the people with disabilities who are unemployed relative to people with disabilities in the labor force (either as workers or job seekers). CPS classifies persons as having a disability if they have a physical, mental, or emotional conditions that cause serious difficulty with their daily activities.

Unemployment rate for people with disabilities.

In mid-2010 the unemployment rate for Nevadans with disabilities peaked at 24.9 percent (expressed as a 12-month moving average). Nationwide the rate peaked at 14.6 percent in late 2011. For the year ending January 2021, the unemployment rate for people with disabilities in the Silver State is 14.7 percent, this is down 10.2 percentage points from mid-2010. In the U.S. the rate stands at 12.9 percent, down 1.7 percentage points from late 2011.

Visitor Volumes

Visitor volume for the Las Vegas area

The Las Vegas area received 3,334,700 visitors in March 2022. The Las Vegas Convention and Visitors Authority (LVCVA)6 compiles and distributes monthly LVCVA tourism data comes from several agencies including the LVCVA, McCarran International Airport, the Nevada Gaming Control Board and the NV Department of Transportation (NDOT).

Visitor volume for the Reno area

The Reno area received 346,621 visitors in March 2022. Reno-Sparks MSA visitor volume is provided by the Reno Sparks Convention and Visitors Authority (RSCVA)7. In addition, the RSCVA is a tax collection agency, responsible for the redistribution of public monies to various other governmental bodies.

Taxable Sales

Taxable Sales for the State of Nevada

Taxable sales in Nevada were $5,944,746,441 in February 2022. Taxable sales are provided by the Nevada Department of Taxation8.

R&A Dashboard: Taxable Sales by Area

Gaming Win

Taxable Sales for the State of Nevada

Gaming win in Nevada was $1,355,229,902 in March 2022. Gaming win data is provided by the Nevada Gaming Control Board9.

R&A Dashboard: Gaming Win by Area

Housing

Data on residential construction and housing pricesData on residential construction and housing pricesData on residential construction and housing prices

Nevada House Price Growth
12-month % change in Freddie Mac House Price Index
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 −7.2% −7.8% −9.0% −10.6% −12.1% −12.8% −12.5% −11.4% −10.1% −9.2% −8.7% −8.4%
2012 −7.9% −6.8% −4.9% −2.1% 1.0% 3.8% 6.2% 7.8% 9.4% 11.3% 13.6% 16.3%
2013 19.5% 22.4% 24.6% 26.1% 26.9% 27.2% 27.1% 27.0% 26.8% 26.5% 25.8% 24.6%
2014 22.6% 20.4% 18.3% 16.1% 14.2% 13.1% 12.6% 11.8% 10.9% 10.1% 9.6% 9.3%
2015 9.1% 9.0% 8.9% 9.2% 9.6% 9.7% 9.5% 9.6% 9.9% 10.3% 10.3% 10.2%
2016 10.1% 10.1% 10.1% 9.8% 9.2% 8.7% 8.7% 8.8% 8.5% 8.1% 7.9% 8.0%
2017 8.2% 8.4% 8.5% 8.6% 9.1% 9.7% 10.1% 10.5% 11.0% 11.6% 12.3% 12.8%
2018 12.9% 13.1% 13.8% 14.6% 15.1% 14.9% 14.3% 13.6% 13.2% 12.4% 11.2% 10.2%
2019 9.5% 8.8% 7.6% 6.4% 5.4% 4.6% 4.0% 3.6% 3.2% 3.0% 3.2% 3.7%
2020 4.3% 4.8% 4.9% 4.5% 4.2% 4.5% 5.4% 6.4% 7.3% 8.5% 9.7% 10.7%
2021 11.2% 11.8% 13.5% 16.2% 19.3% 21.7% 23.3% 24.4% 25.0% 25.3% NA NA

Shiller Housing Index

Inflation

Consumer Price Index

Consumer Price Index by Product Type

Acknowledgements

Prepared by the Research and Analysis Bureau with contributions from: Christopher Robison, Dave Schmidt, Jason Gortari, Dionny McDonnell, Marianne Segurson, and Tim Wilcox.

Special thanks to all the R and RStudio developers that built the packages to make this possible. Packages used in this report include tidyverse, tidyquant, readxl, cowplot, tigris, tidycensus, viridis, ggthemes, scales, data.table, RcppRoll, plotly, patchwork, knitr, ggforce, DT, and gt.

This workforce product was funded by a grant awarded by the U.S. Department of Labor’s Employment and Training Administration. The product was created by the recipient and does not necessarily reflect the official position of the U.S. Department of Labor. The U.S. Department of Labor makes no guarantees, warranties, or assurances of any kind, express or implied, with respect to such information, including any information on linked sites and including, but not limited to, accuracy of the information or its completeness, timeliness, usefulness, adequacy, continued availability, or ownership. This product is copyrighted by the institution that created it. Internal use by an organization and/or personal use by an individual for non-commercial purposes is permissible. All other uses require the prior authorization of the copyright owner.

  1. https://www.bls.gov/web/metro/laummtrk.htm↩︎

  2. CES Dashboard: http://nevadaworkforce.com/CES↩︎

  3. Industry Dashboard: http://nvlmi.mt.gov/Portals/197/Dashboards/CES-Industry-Dashboard.html↩︎

  4. Bureau of Labor Statistics LAUS program: https://www.bls.gov/lau/↩︎

  5. Demographics Report: http://nevadaworkforce.com/Portals/197/Other%20Publications/Demographics%20Report/Current_Release.pdf↩︎

  6. LVCVA: https://www.lvcva.com/↩︎

  7. RSCVA: https://www.visitrenotahoe.com/event-venues/reno-sparks-convention-center/↩︎

  8. Nevada Department of Taxation, Taxable Sales: https://tax.nv.gov/↩︎

  9. Gaming Control Board, Gaming Win: https://gaming.nv.gov/index.aspx?page=172↩︎