Executive Summary
Employment
- The total employment level in the state is 1,352,900.
- Nevada added back 8,000 jobs over the month but is up by 87,700 since September 2020, an annual increase of 6.9%.
- Las Vegas employment increased by 4,800 jobs (0.5%) since August 2021 and saw an increase of 71,700 jobs (8.0%) since September 2020.
- Reno employment had a increase of 1,100 jobs (0.4%) since August 2021 and saw an increase of 11,900 jobs (5.0%) since September 2020.
- Carson City employment was unchanged since August 2021 and saw an increase of 600 jobs (2.0%) since September 2020.
- The state has the second highest over-the-year employment growth rate ranking in the U.S behind only Hawaii but ahead of Texas (5.9%) and Washington (5.4%).
Unemployment
- The state’s unemployment rate in September is 7.5 percent, down slightly from 7.7 percent in August 2021 and down 5.5 percentage points when compared to September 2020.
- The unemployment rates were 7.4 percent in the Las Vegas metro area, 3.5 percent in Reno, and 3.9 percent in the Carson area in September 2021.
- The state is tied with California for the highest unemployment rate ranking in the U.S.
- In Nevada’s counties, the lowest unemployment rate was in White Pine County at 2.4 percent, and Clark County had the highest rate at 7.4 percent.
- As of September 2021, veterans in Nevada have an unemployment rate of 8.4% (expressed as a 12-month moving average).
- All counties’ unemployment rates have declined significantly over the year with Clark County leading the way, down 24.3 percent.
Unemployment Insurance
- In September, 6,852 initial claims for unemployment insurance were filed in Nevada, a decrease of 974 claims, or 12.4 percent, from August when there were 7,826 claims.
- The number of regular program weeks claimed and compensated decreased from March, resulting in $32.8 million in benefit payments, an decrease of 27.8 percent from the previous month.
- Beginning borrowing in December, Nevada’s Unemployment Insurance Trust Fund borrowed over $330 million through April.
Gross Domestic Product (GDP)
- The US experienced an annual decrease of 9.4 percent in second quarter of 2020 but has seen an increases of 19.4 since that time.
- Nevada saw steady growth in its GDP until 2020 when it decreased by 6.4 percent.
Producer Price Index
- Producer input prices have increased by 49.9 or nearly 27 percent from May 2020 to September 2021
- The Producer Price Index retail has increased in the 17 of the 22 months since December 2020 for a total percentage increase of 16.7 percent
Labor Turnover
For September 2021, Nevada ranks second nationally in terms of hire rate and has ranked in the top ten every month since December 2019.
Leisure and Hospitality along with Financial Services have realized the lowest hire rates from September 2020 to September 2021.
Housing
- Nationwide, housing inventory increased by just over 5,000 units from August 2021 but it is still far below early 2020 levels. Nevada’s housing inventory increased by 400 over the month but also far below levels found in late 2019 to early 2020.
- The median listing price was unchanged from August 2021 but rose by just over $30,000 or 8.5 percent from September 2020 ($349,975). Nevada’s median listing price rose by $11,950 (2.7 percent) compared to August 2021, up by $94,450 (26 percent) over the year
Current Employment Overview
In September 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 1,352,900 is roughly 94 percent of its February 2020 peak level. The state has recovered 247,200 jobs or roughly 73 percent of the jobs lost during the pandemic. In each of the last 12 months, the state added jobs compared to the prior month, yet Nevada remains 89,900 jobs below its February 2020 level. Nevada added 14,600 unadjusted jobs over the month in September, considerably better than monthly average in 2021 of 9,000.
Seasonally Adjusted Recent Peak v Current Employment Levels
| Sep-21 | Value | Recent Peak | Peak Date | Peak-Current | % Recovered | Recent High |
|---|---|---|---|---|---|---|
| Total nonfarm | 1,352.9 | 1,442.8 | Feb-20 | -89.9 | 93.8% | 1,352.9 |
| Mining and logging | 14.6 | 15.1 | May-21 | -0.5 | 96.7% | 14.6 |
| Construction | 91.7 | 99.1 | Mar-20 | -7.4 | 92.5% | 91.7 |
| Manufacturing | 59.3 | 60.3 | May-21 | -1.0 | 98.3% | 59.3 |
| Durable goods | 39.9 | 41.1 | May-21 | -1.2 | 97.1% | 39.9 |
| Nondurable goods | 19.4 | 19.6 | NA | -0.2 | 99.0% | 19.4 |
| Trade, transportation, and utilities | 280.6 | 281.3 | Jun-21 | -0.7 | 99.8% | 280.6 |
| Wholesale Trade | 38.4 | 38.9 | Nov-19 | -0.5 | 98.7% | 38.4 |
| Retail trade | 154.9 | 154.7 | Jun-21 | 0.2 | 100.1% | 154.9 |
| Transportation, Warehousing, and Utilities | 87.3 | 88.8 | Jul-21 | -1.5 | 98.3% | 87.3 |
| Information | 14.5 | 16.3 | May-18 | -1.8 | 89.0% | 14.5 |
| Financial activities | 68.9 | 70.4 | Jan-20 | -1.5 | 97.9% | 68.9 |
| Finance and insurance | 41.4 | 41.3 | NA | 0.1 | 100.2% | 41.4 |
| Real estate and rental and leasing | 27.5 | 30.2 | Jan-20 | -2.7 | 91.1% | 27.5 |
| Professional and business services | 195.7 | 204.6 | Dec-19 | -8.9 | 95.7% | 195.7 |
| Professional and technical services | 65.6 | 64.9 | Jul-21 | 0.7 | 101.1% | 65.6 |
| Management of companies and enterprises | 25.9 | 28.2 | Mar-20 | -2.3 | 91.8% | 25.9 |
| Administrative and waste services | 104.2 | 113.2 | Dec-19 | -9.0 | 92.0% | 104.2 |
| Education and health services | 144.4 | 149.1 | Feb-20 | -4.7 | 96.8% | 144.4 |
| Educational services | 11.6 | 13.6 | Sep-18 | -2.0 | 85.3% | 11.6 |
| Health care and social assistance | 132.8 | 136.2 | Feb-20 | -3.4 | 97.5% | 132.8 |
| Leisure and hospitality | 277.8 | 356.5 | Dec-19 | -78.7 | 77.9% | 277.8 |
| Arts, entertainment, and recreation | 27.5 | 35.3 | Jan-20 | -7.8 | 77.9% | 27.5 |
| Accommodation and food services | 250.3 | 322.5 | Feb-19 | -72.2 | 77.6% | 250.3 |
| Other services | 43.4 | 43.3 | Feb-20 | 0.1 | 100.2% | 43.4 |
| Government | 162.0 | 167.3 | Mar-20 | -5.3 | 96.8% | 162.0 |
| Federal | 20.6 | 23.0 | Aug-20 | -2.4 | 89.6% | 20.6 |
| State government | 40.7 | 43.7 | Jan-21 | -3.0 | 93.1% | 40.7 |
| Local government | 100.7 | 106.2 | Mar-20 | -5.5 | 94.8% | 100.7 |
| 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 79,000 of the 89,900 jobs, or 88 percent, yet to be recovered.
Employment Growth Rankings
According to the BLS, Nonfarm payroll employment increased over the month in 37 states and the District of Columbia, decreased in 9 states, and was essentially unchanged in 5 states in September 2021. The largest job gains occurred in Texas (+91,800), Florida (+78,700), and California (+55,300). The largest percentage increase occurred in Florida (+0.9 percent), followed by Oklahoma (0.8 percent) and Texas (+0.8 percent each). Employment decreased in Louisiana (-27,300, or -1.5 percent) and Tennessee (-6,500, or -0.2 percent)
From May 2007 to May 2012, the United States as a whole experienced a growth rate in nonfarm employment greater than Nevada. The average gap between the United States and Nevada was 1.8%. From June 2012 to March 2020, the converse held true where Nevada’s employment growth exceeded that of the nation. This coincides with a period of relatively strong GDP growth nationwide. April 2020 is when the primary economic impacts of the pandemic were felt. Leisure and Hospitality, a relatively large component of Nevada’s economy was deemed nonessential and ordered to close. This likely explains why Nevada was affected more than the nation both in decline and then the subsequent growth. Nevada’s job growth has exceeded the nation’s for the six months, April 2021 to September 2021, with the average gap being 5.2 percent.
Current Unemployment Overview
The state’s September 2021 unemployment rate declined 0.2 percentage point from August’s revised level of 7.7 percent. The national rate declined by 0.4 percentage point to 4.8 percent. The 2.7 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 22 percent since April 2020 but remains relatively high at 7.5 percent. In February 2020, the month before the virus outbreak, the Las Vegas MSA’s jobless rate was just 3.6 percent. In September 2021, Las Vegas, the state’s largest population center, has an unemployment rate of 7.4 percent, ranking 374 of 389 metropolitan areas in the nation. 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 8.2 percent in August, but was still dramatically lower than its sky-high 33.3 percent jobless rate in April 2020, after Governor Steve Sisolak ordered Nevada casinos and other businesses to be closed to help contain the spreading of the coronavirus outbreak, leaving the Strip a surreal site of barricaded resort entrances and empty sidewalks.
Unemployment History and Rankings
Economy in Focus: Macroeconomic Trends
Gross Domestic Product
Gross Domestic Product (GDP) is the total value of final goods and services produced within a certain area over a given period. It is the most closely watched economic indicator being that it measures total output.
National GDP had seen mostly positive but incremental growth nationally since second quarter of 2009. For the second quarter of 2020, GDP decreased by 9.4% annually and 9.3 quarter over quarter. This set a record for the largest decrease on record for both time frames. Since that time, GDP has more than recovered. GDP has grown nearly 19% from second quarter to 2020 to third quarter of 2021.
Inflation
Inflation is measured in a variety of ways. The most commonly used metric is the Consumer Price Index. Another commonly used metric is the Personal Consumption Expenditure (PCE). While they both measure the change in consumer prices, there are some differennces. First, the CPI uses data from consumer surveys and the PCE is created via data from the gross domestic product report. Additionally, the CPI only covers out-of-pocket expenditures on goods and services purchased and neglects indirectly paid items such as medical expenses paid by employer-provided insurance or Medicare/Medicaid. Lastly, the formula used to create the CPI is more likely to be affected by categories with wide price swings such as energy, gasoline, and computers.
Inflation as measured by the CPI was up 0.9 percent over the month and 6.2 percent over the year in September 2021. 6.2 percent represents the largest annual increase since December 1990. The monthly increase of 0.9 percent marks only the fourth time that the monthly increase has been 0.9 percent or greater.
The PCE rose by 4.4% annually and 0.3% over the month. The 4.4 percent annual increase marks the highest increase in the PCE since December 1990. The lesser increase is likely due to the PCE taking a greater number of goods and services into account and the basket of goods used in the PCE not being as more adaptable. In the formulation of the CPI, they use the exact same market basket of goods/services month after month whereas the PCE allows for substitution if consumers buy less of one item at a given time.
Producer Price Index
The producer price index (PPI), published by the Bureau of Labor Statistics (BLS), is a group of indexes that calculates and represents the average movement in selling prices from domestic production over time. It measures inflation of input costs to production. It is regarded as a lagged indicator of consumer price inflation. For example, increase in the producer price index in one year will translate to consumer price inflation the next year.
The price hit a relative low point at 185.5 in May 2020 but has since risen to 235.4 as of September 2021. This represents an increase of nearly 27 percent over the span of 17 months. Additionally, The price has seen annual increases of greater than 19.7 percent for the months of May 2021 to September 2021 and monthly increases for the past ten months. Prior to this, the producer price index had decreased on a year over year basis for 17 of the previous 18 months (May 2019 to November 2020).
Transportation and Warehousing 1’s producer price index was at 146.8 for September 2021, down by 3.3 (-2.2 percent) over August 2021, and up 14 points (9.5 percent). This industry saw a relative low point in April 2020 of 132. Since then, the price has risen in 12 of the 17 months since that time.
The producer price index for retail trade stood at 152.4 stood at 152.4 for September 2021, up by 1.3 units from August 2021, and 13 over September 2021 (9,3 percent). Retail trade experienced a trough in December 2019 at 131.7. Since that time, the price has increased in 17 of the 22 months with a total percentage increase of 16.7%.
Employment Cost
The Employment Cost Index (ECI) is a quarterly economic series published by the Bureau of Labor Statistics that details the growth of total employee compensation. The employment cost index takes wages as well as health insurance, retirement plans, bonuses and paid time off. It is especially useful in economic analysis because it is not affected by changes in relative employment of industries and occupations with different wage and compensation levels. Employment costs have been steadily increasing since 2002 with a few periods of slower but still positive growth,2009 and 2020.
Gold Prices
Recently gold prices have held stable between $1750 and $1875 per ounce. This differs from 2018 to 2020 when gold prices rose from $1187.30 on August 23, 2018 to a record high of $2061.50 in August 2020.
Nevada’s gold mining sector (NAICS code 212221) ranks highest among all states in the US for employment. An estimated 75% of all employment tied to gold ore mining nationally is found in Nevada. Gold ore Mining also accounts for roughly 70% of total mining employment statewide. Its importance to the state and especially Elko, Eureka, Lander, and Humboldt counties is undoubtable. Gold prices are going to have profound impacts to the State and its relatively large gold ore mining sector.
Related to this, the Producer Price Index for Gold Mining shows a sharp increase from 300.1 in August 2018 to a peak at 516.6 in August 2020. This tells you that the price of inputs in gold mining increased during this time. It is very likely that the increase in price of gold is correlated to this increased cost of production during this time period, August 2018 to August 2020.
Job Openings and Labor Turnover (JOLTS)
Job Openings and Labor Turnovers (JOLTS) is a data set provided by the Bureau of Labor Statistics (BLS). This data looks at how the number of jobs changes from month to month and not just the total. It is composed of Hires, Job Openings, Separations, Layoffs/Discharges, and Quits.
Hires are defined as all additions to the payroll, full time or part time, during a given month. The hires rate is computed by dividing the number of people hired by the number of people employed and multiplying the resulting quotient by 100.
Job Openings are all positions that are open on the last business day of the month. A job is only considered open if it meets the following three conditions. The job openings rate is computed by dividing the number of job openings by the sum of the number of people employed and the number of job openings and multiplying the resulting quotient by 100.
- A specific position exists and there is work available for that position.
- The job could start within 30 days
- There is active recruiting for workers from outside the establishment location that has the opening.
Separation is a broad category where employees are separated from the payroll for any length of time. Quits, Layoffs, and Discharges are subcategories of this broader category. The separations rate is computed by dividing the number of workers separated from their jobs by the number of people employed and multiplying the resulting quotient by 100.
Quits is defined as when an employee voluntarily stops employment. Retirements or being transferred to another location is classified as other separation. Discharges are involuntary separations initiated by the employers. Examples are layoffs with no intent to rehire, firings, discharges because positions were eliminated, discharges due to downsizing or plant closure, or termination of seasonal employees. The quits, layoffs and discharges, and “other separations” rates are computed similarly, by dividing the number of workers who, respectively, quit their jobs, were laid off or discharged, and were otherwise separated, by the number of people employed and multiplying the resulting quotient by 100.
For further information on the methodology and definitions used to create this data set, go to https://www.bls.gov/jlt/jltdef.htm.
How has Nevada fared in comparison to other states and the nation as a whole? For the month of September 2021, Nevada ranks 2nd in terms of hire rate and 18th for job openings. The Silver State has ranked in the top 10 in hire rate every month since December 2019. This tells one that Nevada fares relatively well when one looks at the number of people hired as a percentage of total nonfarm employment. During this same time, Nevada has ranked in the top 25 in job openings 18 of the last 22 months with an average rank of 15.
On the other side of the equation, Nevada ranks second in total separations, fourth in layoffs/discharges, and third in quit rate for September 2021.
From 2011 to 2020, Nevada had ranked annually between 13th and 28th when it comes to separations rate. With the onset of the pandemic in March 2020, the separations rate greatly increased. The state has ranked no better than ninth since January 2020. Where layoffs/discharges are concerned, Nevada has ranked first in 10 of the 21 months since January 2020 with an average rank of fourth.
From 2010 to 2020, Nevada had an average rank of 14th in the nation for the quits rate. 2021 saw a marked increase in this metric with an average rank of fourth for the first nine months of the year.
Nevada Summary Tables
Levels
| Measure | Level | 12 Month Average | Series High | High Date | Series Low | Low Date |
|---|---|---|---|---|---|---|
| Hires | 83,000 | 81,417 | 144,000 | June 2020 | 33,000 | June 2009 |
| Job openings | 102,000 | 99,167 | 158,000 | June 2021 | 18,000 | July 2009 |
| Layoffs and discharges | 20,000 | 23,750 | 247,000 | March 2020 | 13,000 | February 2019 |
| Quits | 61,000 | 46,750 | 79,000 | May 2021 | 14,000 | March 2009 |
| Total separations | 85,000 | 75,417 | 298,000 | March 2020 | 37,000 | March 2013 |
Rates
| Measure | Rate | National Rank | 12 Month Average | Series High | High Date | Series Low | Low Date |
|---|---|---|---|---|---|---|---|
| Hires | 6.2% | 2 | 6.2% | 12.0% | June 2020 | 2.9% | June 2009 |
| Job openings | 7.0% | 18 | 7.0% | 10.6% | June 2021 | 1.6% | July 2009 |
| Layoffs and discharges | 1.5% | 4 | 1.8% | 17.3% | March 2020 | 0.9% | February 2019 |
| Quits | 4.5% | 3 | 3.6% | 6.0% | May 2021 | 1.2% | March 2009 |
| Total separations | 6.3% | 2 | 5.8% | 20.8% | March 2020 | 3.1% | August 2015 |
JOLTS Rate by State
Labor Turnover by Industry
Hires Rate by Industry
The following tables show how various industries nationally have fared when it comes to hire rate and quits rate.
February 2020 to April 2020 was when most of the COVID-19 regulations and lockdowns first were enacted and at their most stringent and impactful. During this time, the national saw an increase in the seasonally adjusted unemployment rate from 3.5 percent in February 2020 to 14.8 in April 2020. The hires rate decreased by 23 percent for total nonfarm employment nationally during this time. The industry that saw the greatest decline was information 2. The information sector saw annual decreases in its hire rate from April 2020 to March 2021 with an average decrease of 8.3 percent over that time. Since that time, this sector has seen some modest recovery in terms of the hire rate.
| Industry | September 2019 | February 2020 | April 2020 | September 2020 | September 2021 | February 2020 to April 2020 % change | Sept 2019 to 2020 % change | Sept 2020 to 2021 % change |
|---|---|---|---|---|---|---|---|---|
| Total Nonfarm | 3.9 | 3.9 | 3.0 | 4.2 | 4.4 | -23 | 8 | 5 |
| Mining and Logging | 3.1 | 3.3 | 2.7 | 3.9 | 3.1 | -18 | 26 | -21 |
| Construction | 5.9 | 5.1 | 3.1 | 5.3 | 4.7 | -39 | -10 | -11 |
| Manufacturing | 2.7 | 2.8 | 3.1 | 3.2 | 3.9 | 11 | 19 | 22 |
| Trade, Transportation, and Utilities | 4.4 | 4.5 | 4.3 | 4.7 | 5.0 | -4 | 7 | 6 |
| Information | 3.2 | 3.3 | 1.4 | 3.8 | 3.9 | -58 | 19 | 3 |
| Financial Activities | 2.6 | 2.7 | 1.9 | 2.9 | 2.9 | -30 | 12 | 0 |
| Professional and Business Services | 5.5 | 5.2 | 4.2 | 5.6 | 5.8 | -19 | 2 | 4 |
| Education and Health Services | 3.1 | 3.1 | 2.4 | 3.0 | 3.5 | -23 | -3 | 17 |
| Health Care and Social Assistance | 3.2 | 3.3 | 2.5 | 3.2 | 3.9 | -24 | 0 | 22 |
| Leisure and Hospitality | 6.9 | 6.5 | 4.9 | 8.2 | 8.3 | -25 | 19 | 1 |
| Other Services | 3.3 | 3.8 | 3.4 | 5.3 | 4.7 | -11 | 61 | -11 |
| Government | 1.7 | 1.7 | 1.0 | 1.5 | 1.2 | -41 | -12 | -20 |
Quits Rate by Industry
The rate of folks voluntarily separating from the payroll or quitting has increased in recent times compared to when the pandemic began in March to April 2020.
The industry that saw the greatest increase in rate of quits from February 2020 to April 2020 was Mining and Logging. This tells you that fewer people quit their jobs in the mining and logging industry during this time. Other Services and Leisure and Hospitality have seen the highest annual increase in quit rates from September 2020 to September 2021. This marks in an increase in quit rates for these industries when compared to the period, September 2019 to September 2020
| Industry | September 2019 | February 2020 | April 2020 | September 2020 | September 2021 | February 2020 to April 2020 % change | Sept 2019 to 2020 % change | Sept 2020 to 2021 % change |
|---|---|---|---|---|---|---|---|---|
| Total Nonfarm | 2.3 | 2.2 | 1.6 | 2.3 | 3.0 | -27 | 0 | 30 |
| Mining and Logging | 1.5 | 1.9 | 0.9 | 1.3 | 1.5 | -53 | -13 | 15 |
| Construction | 2.4 | 2.0 | 1.4 | 2.0 | 2.5 | -30 | -17 | 25 |
| Manufacturing | 1.7 | 1.5 | 1.0 | 2.1 | 2.7 | -33 | 24 | 29 |
| Trade, Transportation, and Utilities | 2.7 | 2.8 | 1.8 | 2.7 | 3.6 | -36 | 0 | 33 |
| Information | 1.4 | 1.8 | 1.5 | 1.3 | 1.5 | -17 | -7 | 15 |
| Financial Activities | 1.5 | 1.5 | 0.8 | 1.3 | 1.5 | -47 | -13 | 15 |
| Professional and Business Services | 3.0 | 2.9 | 2.3 | 3.3 | 3.3 | -21 | 10 | 0 |
| Education and Health Services | 1.8 | 2.0 | 1.8 | 2.0 | 2.8 | -10 | 11 | 40 |
| Health Care and Social Assistance | 1.9 | 2.1 | 1.9 | 2.2 | 2.9 | -10 | 16 | 32 |
| Leisure and Hospitality | 4.4 | 4.1 | 3.6 | 4.5 | 6.4 | -12 | 2 | 42 |
| Other Services | 2.1 | 2.1 | 1.0 | 2.1 | 3.1 | -52 | 0 | 48 |
| Government | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | 0 | 12 | 11 |
Nevada Trends
Relative Activity Comparison
Quits as a share of total separations tells you what percentage of separations were voluntary. In the U.S. and Nevada, this ratio had been trending up from 2009 to 2019. Both areas saw a major decrease in April 2020. The United States as a whole realized a decrease from 60 percent in February 2020 to 17 percent in March/April 2020. The Silver state saw a decrease from 51% to 9% during the same time span. This coincides with the rise in layoffs/discharges at the same time. The layoffs/discharges rate went from 2.3 percent in February to 17.3 percent in March and 16.5 percent in April. By May 2021, quits as a share of total separations would rise to a record high of 74.5 in May 2021 whereas layoffs/discharges would come back down to a relatively normal 1.6 percent.
The ratio of hires to separations tells you how many are added to the payroll versus those who are separated from the payroll. Prior to 2020, this ratio had mostly ranged from 80% to 120%. 80 percent would indicate that for every eight people hired that ten were separated. On the other hand, 120 percent tells you that for every twelve that were hired, 10 were separated. The nation would see a decrease in this ratio from 1.046 in February to an average of 32.4 for March and April 2020. Nevada would experience a similar decrease going from .85 in February 2020 to roughly 21 percent n March and April 2020. By June 2020, it would increase rapidly to a record high of 200%. This would be followed by a sharp increase in the months to follow in both areas.
Real Median Household Income
Real median household 3 is income earned by a household after inflation is taken into account.
From 2012 to 2019, the Nation as a whole and Nevada saw an overall increase in real median household income. A profound decrease was realized in 2020. This is likely due to COVID-19 and the employment impacts that were felt in the first half of 2020.
Housing Price and Availability
Housing (ownership or renting) is traditionally the largest single expenditure that a family or individual faces. Due to this relatively high importance in society’s purchases, it acts as a proxy for more general economic trends.
Housing inventory defined as the count of active single-family and condo/townhome listings for a given market during a specified month. Nationwide, housing inventory was at nearly 646,000 as of September 2021. This was a increase of nearly 5,300 units or 0.8 percent over August 2021. While this increase is positive, it falls below the average level of 1,333,325 that the nation held from July 2016 to November 2019. Nevada’s housing inventory increased by 5.7 percent in September 2021. However, inventory has been mostly declining since July 2019 when inventory stood at 13,150 units.
Median listing price is the price that a buyer would see in the middle of a distribution of all listed prices. This can differ from the actual price that a housing unit is sold for. Nationally, the median listing price has been on the rise since December 2019 when it stood at just under $300,000. The median listing price for September 2021 is $380,000, unchanged from August 2021. This represents an increase of $30,000 over the year (8.5%).
Nevada has seen its median listing price rise as well. As of November 2019, Nevada’s median listing price was at $335,000. Since that time, it has increased steadily to $449,450 as of September 2021. This is a total increase of $109,450 or 32.2 percent increase since that time. Over the month, the price rose by $11,950 or 2.6 percent while over the year it is up by \94,450 or 26.6 percent.
While there are other factors involved, the lesser availability of housing likely contributes to the increased listing price experienced nationally and in Nevada.
Appendix: Data Tables and Summary Information
Nevada Employment Summary
| Nevada Seasonally Adjusted CES Sector Summary | ||||||
|---|---|---|---|---|---|---|
| September 2021 | Monthly Change | Annual Change | Annual Growth Rate | Series Maximum | Percent of Employment | |
| Total nonfarm | 1,352,900 | 8,000 | 87,700 | 6.9% | 1,442,800 | 100.0% |
| Super Sectors | ||||||
| Mining and logging | 14,600 | −200 | −300 | −2.0% | 15,800 | 1.1% |
| Construction | 91,700 | −1,400 | −700 | −0.8% | 146,400 | 6.8% |
| Manufacturing | 59,300 | −400 | 3,500 | 6.3% | 60,300 | 4.4% |
| Trade, transportation, and utilities | 280,600 | 2,200 | 19,100 | 7.3% | 283,300 | 20.7% |
| Information | 14,500 | 500 | 1,000 | 7.4% | 21,400 | 1.1% |
| Financial activities | 68,900 | 400 | 3,400 | 5.2% | 70,400 | 5.1% |
| Professional and business services | 195,700 | 500 | 19,300 | 10.9% | 204,600 | 14.5% |
| Education and health services | 144,400 | 2,200 | 1,700 | 1.2% | 149,100 | 10.7% |
| Leisure and hospitality | 277,800 | 3,300 | 31,500 | 12.8% | 356,500 | 20.5% |
| Other services | 43,400 | 500 | 6,400 | 17.3% | 45,200 | 3.2% |
| Government | 162,000 | 400 | 2,800 | 1.8% | 167,300 | 12.0% |
| Nevada Non-Seasonally Adjusted CES Sector Summary | ||||||
|---|---|---|---|---|---|---|
| September 2021 | Monthly Change | Annual Change | Annual Growth Rate | Series Maximum | Percent of Employment | |
| Total nonfarm | 1,358,300 | 14,600 | 89,800 | 7.1% | 1,454,500 | 100.0% |
| Super Sectors | ||||||
| Mining and logging | 14,800 | −300 | −200 | −1.3% | 16,100 | 1.1% |
| Construction | 93,000 | −1,600 | −400 | −0.4% | 148,800 | 6.8% |
| Manufacturing | 59,400 | −600 | 3,700 | 6.6% | 60,800 | 4.4% |
| Trade, transportation, and utilities | 278,500 | 2,900 | 18,000 | 6.9% | 290,500 | 20.5% |
| Information | 14,200 | 300 | 900 | 6.8% | 21,500 | 1.0% |
| Financial activities | 68,500 | −400 | 3,000 | 4.6% | 70,400 | 5.0% |
| Professional and business services | 196,800 | 200 | 20,900 | 11.9% | 205,200 | 14.5% |
| Education and health services | 143,800 | 1,800 | 1,600 | 1.1% | 149,000 | 10.6% |
| Leisure and hospitality | 280,500 | 500 | 33,100 | 13.4% | 360,400 | 20.7% |
| Other services | 44,200 | 700 | 7,100 | 19.1% | 45,800 | 3.3% |
| Government | 164,600 | 11,100 | 2,100 | 1.3% | 171,000 | 12.1% |
For more information visit our CES Page4, see the summary tables at the end of the document, or check out our industry dashboard5.
Nevada Unemployment Summary
| Nevada Seasonally Adjusted LAUS Summary | ||||
|---|---|---|---|---|
| Labor Force | Unemployed Individuals | Employed Individuals | Unemployment Rate | |
| Current | 1,549,196 | 106,116 | 1,443,080 | 6.8 |
| Change Previous Month | −3,154 | −6,220 | 3,066 | −0.4 |
| Change Previous Year | 40,094 | −24,936 | 65,030 | −1.9 |
| Maximum | 1,599,451 | 442,217 | 1,539,656 | 29.5 |
| Nevada Non-Seasonally Adjusted LAUS Summary | ||||
|---|---|---|---|---|
| Labor Force | Unemployed Individuals | Employed Individuals | Unemployment Rate | |
| Current | 1,541,975 | 83,274 | 1,458,701 | 5.4 |
| Change Previous Month | −5,285 | −4,512 | −773 | −0.3 |
| Change Previous Year | 28,428 | −43,174 | 71,602 | −3.0 |
| Maximum | 1,611,382 | 442,479 | 1,553,906 | 29.7 |
Figures for our unemployment estimates come from the Local Area Unemployment Statistics (LAUS) program sponsored by the Bureau of Labor Statistics6. This program produces monthly and annual estimates for numerous economic indicators based on place of residence.
Las Vegas MSA Area Summary
| Las Vegas Non-Seasonally Adjusted CES Sector Summary | ||||||
|---|---|---|---|---|---|---|
| September 2021 | Monthly Change | Annual Change | Annual Growth Rate | Series Maximum | Percent of Employment | |
| Total nonfarm | 969,800 | 9,200 | 73,400 | 8.2% | 1,063,400 | 100.0% |
| Super Sectors | ||||||
| Mining and logging | 400 | 0 | 0 | 0.0% | 700 | 0.0% |
| Construction | 66,600 | −1,200 | 0 | 0.0% | 112,000 | 6.9% |
| Manufacturing | 24,500 | −200 | 1,000 | 4.3% | 27,700 | 2.5% |
| Trade, transportation, and utilities | 199,500 | 2,200 | 15,800 | 8.6% | 209,400 | 20.6% |
| Information | 9,900 | 100 | 600 | 6.5% | 15,700 | 1.0% |
| Financial activities | 52,400 | −500 | 1,900 | 3.8% | 55,200 | 5.4% |
| Professional and business services | 147,700 | 1,200 | 16,600 | 12.7% | 158,000 | 15.2% |
| Education and health services | 105,500 | 1,300 | 2,200 | 2.1% | 109,000 | 10.9% |
| Leisure and hospitality | 227,900 | 800 | 31,500 | 16.0% | 297,300 | 23.5% |
| Other services | 33,600 | 300 | 5,700 | 20.4% | 34,500 | 3.5% |
| Government | 101,800 | 5,200 | −1,900 | −1.8% | 111,200 | 10.5% |
| Las Vegas Non-Seasonally Adjusted LAUS Summary | ||||
|---|---|---|---|---|
| Labor Force | Unemployed Individuals | Employed Individuals | Unemployment Rate | |
| Current | 1,118,530 | 82,595 | 1,035,935 | 7.4 |
| Change Previous Month | −961 | −9,159 | 8,198 | −0.8 |
| Change Previous Year | −9,250 | −90,566 | 81,316 | −8.0 |
| Maximum | 1,185,697 | 369,657 | 1,142,431 | 33.3 |
Reno MSA Area Summary
| Reno CES Sector Summary | ||||||
|---|---|---|---|---|---|---|
| September 2021 | Monthly Change | Annual Change | Annual Growth Rate | Series Maximum | Percent of Employment | |
| Total nonfarm | 248,500 | 2,200 | 10,500 | 4.4% | 253,700 | 100.0% |
| Super Sectors | ||||||
| Mining and logging | 500 | 0 | 0 | 0.0% | 1,400 | 0.2% |
| Construction | 17,900 | −100 | −1,100 | −5.8% | 25,500 | 7.2% |
| Manufacturing | 27,000 | 400 | 2,600 | 10.7% | 27,600 | 10.9% |
| Trade, transportation, and utilities | 54,900 | −300 | 1,600 | 3.0% | 56,600 | 22.1% |
| Information | 3,000 | 0 | 100 | 3.4% | 3,800 | 1.2% |
| Financial activities | 11,600 | 0 | 600 | 5.5% | 11,700 | 4.7% |
| Professional and business services | 34,700 | −900 | 2,500 | 7.8% | 36,300 | 14.0% |
| Education and health services | 27,800 | 200 | 700 | 2.6% | 28,700 | 11.2% |
| Leisure and hospitality | 33,800 | −400 | 2,700 | 8.7% | 44,500 | 13.6% |
| Other services | 6,500 | 100 | 500 | 8.3% | 7,400 | 2.6% |
| Government | 30,800 | 3,200 | 300 | 1.0% | 32,000 | 12.4% |
| Reno Non-Seasonally Adjusted LAUS Summary | ||||
|---|---|---|---|---|
| Labor Force | Unemployed Individuals | Employed Individuals | Unemployment Rate | |
| Current | 262,683 | 9,231 | 253,452 | 3.5 |
| Change Previous Month | −20 | −1,934 | 1,914 | −0.8 |
| Change Previous Year | 3,277 | −8,505 | 11,782 | −3.3 |
| Maximum | 272,605 | 47,996 | 259,518 | 19.9 |
Carson City MSA Area Summary
| Carson City CES Sector Summary | ||||||
|---|---|---|---|---|---|---|
| September 2021 | Monthly Change | Annual Change | Annual Growth Rate | Series Maximum | Percent of Employment | |
| Total nonfarm | 30,700 | −200 | 700 | 2.3% | 33,600 | 100.0% |
| Super Sectors | ||||||
| Manufacturing | 2,500 | 0 | 100 | 4.2% | 4,200 | 8.1% |
| Trade, transportation, and utilities | 4,800 | 0 | 400 | 9.1% | 5,300 | 15.6% |
| Professional and business services | 2,500 | 0 | 200 | 8.7% | 2,600 | 8.1% |
| Leisure and hospitality | 3,400 | −100 | 200 | 6.2% | 4,500 | 11.1% |
| Government | 9,000 | 0 | −300 | −3.2% | 10,900 | 29.3% |
| Carson City Non-Seasonally Adjusted LAUS Summary | ||||
|---|---|---|---|---|
| Labor Force | Unemployed Individuals | Employed Individuals | Unemployment Rate | |
| Current | 26,460 | 1,020 | 25,440 | 3.9 |
| Change Previous Month | −148 | −206 | 58 | −0.7 |
| Change Previous Year | 39 | −863 | 902 | −3.2 |
| Maximum | 29,773 | 5,219 | 27,603 | 20.9 |
County Unemployment Rates
Demographics Data
In September 2021 the unemployment rate for women was 5.2 percent compared to the rate for men which was 6.2 percent.
In September 2021 the unemployment rates for hispanics, blacks, and whites were 4.7 percent, 16.9 percent, and 4.4 percent respectively.
The unemployment rates by different age groups in September 2021 were 7.1 percent for 16-24 year-olds, 6 percent for 25-34 year-olds, 3.7 percent for 35-44 year-olds, 6.8 percent for 44-54 year-olds, and 5.3 percent for 55 and up. A more comprehensive report on unemployment demographics by county can be found on nevadaworkforce.com7.
As of September 2021, veterans in Nevada have an unemployment rate of 8.4% (expressed as a 12-month moving average). This is down from 8.7% in August. In September 2020 the veteran unemployment rate was 7.8%. In comparison, the total unemployment rate is 9.2% this month (again, expressed as a 12-month moving average), down from 9.9% in August. In September 2020 the total unemployment rate was 11.4%.
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.
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
The Las Vegas area received 2,935,600 visitors in September 2021. The Las Vegas Convention and Visitors Authority (LVCVA)8 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).
The Reno area received 349,700 visitors in September 2021. Reno-Sparks MSA visitor volume is provided by the Reno Sparks Convention and Visitors Authority (RSCVA)9. 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 in Nevada were $6,302,412,792 in August 2021. Taxable sales are provided by the Nevada Department of Taxation10.
R&A Dashboard: Taxable Sales by Area
Gaming Win
Gaming win in Nevada was $1,158,168,180 in September 2021. Gaming win data is provided by the Nevada Gaming Control Board11.
R&A Dashboard: Gaming Win by Area
Housing
| 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 | −7.3% | −7.9% | −9.0% | −10.5% | −11.9% | −12.7% | −12.5% | −11.4% | −10.2% | −9.2% | −8.6% | −8.3% |
| 2012 | −7.9% | −6.9% | −5.0% | −2.3% | 0.9% | 3.8% | 6.2% | 8.0% | 9.6% | 11.5% | 13.7% | 16.3% |
| 2013 | 19.5% | 22.4% | 24.7% | 26.2% | 27.0% | 27.2% | 27.0% | 26.8% | 26.7% | 26.3% | 25.7% | 24.6% |
| 2014 | 22.6% | 20.4% | 18.2% | 15.9% | 14.0% | 12.9% | 12.4% | 11.6% | 10.8% | 10.1% | 9.6% | 9.4% |
| 2015 | 9.3% | 9.2% | 9.0% | 9.3% | 9.7% | 9.9% | 9.7% | 9.7% | 9.9% | 10.2% | 10.2% | 10.0% |
| 2016 | 9.8% | 9.9% | 9.9% | 9.8% | 9.2% | 8.6% | 8.6% | 8.7% | 8.5% | 8.2% | 8.1% | 8.2% |
| 2017 | 8.4% | 8.5% | 8.6% | 8.7% | 9.1% | 9.8% | 10.2% | 10.7% | 11.1% | 11.6% | 12.3% | 12.8% |
| 2018 | 12.9% | 13.2% | 13.9% | 14.6% | 15.0% | 14.9% | 14.3% | 13.6% | 13.1% | 12.4% | 11.2% | 10.2% |
| 2019 | 9.5% | 8.8% | 7.6% | 6.4% | 5.5% | 4.7% | 4.1% | 3.8% | 3.4% | 3.1% | 3.2% | 3.7% |
| 2020 | 4.3% | 4.9% | 5.0% | 4.5% | 4.2% | 4.6% | 5.4% | 6.4% | 7.4% | 8.5% | 9.8% | 10.8% |
| 2021 | 11.2% | 11.9% | 13.6% | 16.3% | 19.3% | 21.7% | 23.4% | 24.6% | 25.4% | NA | NA | NA |
Inflation
Consumer Price Index
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.
The Transportation and Warehousing sector includes industries providing transportation of passengers and cargo, warehousing and storage for goods, scenic and sightseeing transportation, and support activities related to modes of transportation. Establishments in these industries use transportation equipment or transportation related facilities as a productive asset. The type of equipment depends on the mode of transportation. The modes of transportation are air, rail, water, road, and pipeline.↩︎
The main components of the information sector are the publishing industries, including software publishing, and both traditional publishing and publishing exclusively on the Internet; the motion picture and sound recording industries; the broadcasting industries, including traditional broadcasting and those broadcasting exclusively over the Internet; the telecommunications industries; Web search portals, data processing industries, and the information services industries↩︎
A household consists of all the people who occupy a housing unit. A house, an apartment or other group of rooms, or a single room, is regarded as a housing unit when it is occupied or intended for occupancy as separate living quarters; that is, when the occupants do not live with any other persons in the structure and there is direct access from the outside or through a common hall.↩︎
CES Dashboard: http://nevadaworkforce.com/CES↩︎
Industry Dashboard: http://nvlmi.mt.gov/Portals/197/Dashboards/CES-Industry-Dashboard.html↩︎
Bureau of Labor Statistics LAUS program: https://www.bls.gov/lau/↩︎
Demographics Report: http://nevadaworkforce.com/Portals/197/Other%20Publications/Demographics%20Report/Current_Release.pdf↩︎
LVCVA: https://www.lvcva.com/↩︎
RSCVA: https://www.visitrenotahoe.com/event-venues/reno-sparks-convention-center/↩︎
Nevada Department of Taxation, Taxable Sales: https://tax.nv.gov/↩︎
Gaming Control Board, Gaming Win: https://gaming.nv.gov/index.aspx?page=172↩︎