Economic Updates
During these uncertain times in our nation’s history, it is important to stay informed, stay connected and stay healthy. The following provides a snapshot of notable economic indicators that are updated periodically by public and private organizations. We are providing this information in a central repository to ensure you have a dedicated place to stay informed.
| Prior Period | One Year Ago | |||||
|---|---|---|---|---|---|---|
| National Indicator | Month | Latest Period | Value | Change | Value | Change |
NEVADA: CONSTRUCTION EMPLOYMENT
NEVADA: NEW RESIDENTIAL UNITS PERMITTED
NEVADA: NEW SINGLE-FAMILY UNITS PERMITTED
NEVADA: NEW MULTI-FAMILY UNITS PERMITTED
NEVADA: TAXABLE RETAIL SALES
NEVADA: TOTAL EMPLOYMENT
NEVADA: INITIAL UNEMPLOYMENT CLAIMS
NEVADA: UNEMPLOYMENT RATE
NEVADA: AVERAGE WEEKLY HOURS – PRIVATE
NEVADA: AVERAGE WEEKLY WAGES – PRIVATE
NEVADA: GROSS CASINO GAMING REVENUE
NEVADA: NEW COVID-19 CASES
Sources and Definitions
Construction Employment: Values reflect the total number of employees in Nevada engaged in the construction of buildings or engineering projects. Also included are employees primarily engaged in the preparation of sites for new construction and those subdividing land for sale as building sites. Construction work done may include new work, additions, alterations or maintenance and repairs. (Source: Bureau of Labor Statistics)
New Residential Units Permitted: Values reflect the total number of building permits issued for privately-owned housing units in Nevada. The values represent the sum of all single-family housing units and multi-family units permitted in Nevada for the given period. (Source: US Census Bureau)
New Single-Family Residential Units Permitted: Values reflect the total number of building permits issued for privately-owned single-family housing units in Nevada. (Source: US Census Bureau)
New Multi-Family Residential Units Permitted: Values reflect the total number of building permits issued for privately-owned multi-family housing units in Nevada. (Source: US Census Bureau)
Taxable Retail Sales: Values reflect the total dollar amount of retail sales transacted that are subject to sales and use tax in Nevada. (Source: Nevada Department of Taxation)
Total Employment: Also known as “Establishment-Based Employment”, values reflect the total number of employees in Nevada excluding proprietors, private household employees, unpaid volunteers, farm employees, and the unincorporated self-employed. (Source: Bureau of Labor Statistics)
Initial Unemployment Claims: Values reflect the number of new jobless claims filed by individuals in Nevada seeking to receive unemployment benefits. It is important to note that this indicator does not take into account continued unemployment insurance claims potentially filed by individuals after their initial claim is filed. (Source: Nevada Department of Employment, Training and Rehabilitation)
Unemployment Rate: Values reflect the percent of the Nevada labor force that is jobless. (Source: Bureau of Labor Statistics)
Average Weekly Hours – Private: Values reflect the average number of hours worked weekly for Nevada employees on private, nonfarm payrolls. (Source: Bureau of Labor Statistics)
Average Weekly Wages – Private: Values reflect the average wages earned weekly for Nevada employees on private, nonfarm payrolls. (Source: Bureau of Labor Statistics)
Gross Casino Gaming Revenue: Values reflect the total dollar amount of gaming revenues earned by casino operators in Nevada for a given period. (Source: Nevada Gaming Control Board)
New COVID-19 Cases: Values reflect the total number of new COVID-19 cases confirmed monthly in Nevada. (Source: Nevada Department of Health and Human Services)
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Economic conditions throughout the state of Nevada continue to be impacted by the COVID-19 health crisis and related response. Although the pandemic-related challenges persist, selected economic indicators have posted a bounce from the bottom experienced a month or two ago. Notably, overall employment has risen for two consecutive months, adding back 131,600 jobs lost (primarily in the leisure and hospitality and professional and business services sectors). This contributed to the state wide unemployment rate being reduced from an all-time high of 30.1 percent in April 2020 to 15.2 percent in June 2020. Statewide construction employment of 96, 100 in June 2020 was essentially on par from a year ago as development activity moves forward. New home permitting activity, which dropped off significantly in April2020, has started to climb back. Meanwhile, resale home prices have remained elevated throughout the crisis, primarily as a result of limited supply levels and sellers unwilling to offer deep discounts. The broader economic recovery cycle is expected to be predicated on the evolution of the heath crisis. Cautious optimism persists, but the course of the virus and actions at the federal, regional and local level will have the potential alter anticipated recovery time lines. Should California or other major feeder markets explore mandatory quarantines or travel-related restrictions, the Silver State’s progress to date would be dampened. In absence of a resurgence or intervention, an 18-to 36-month recovery time line is anticipated.
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Applied Analysis (“AA”) was retained by Nevada Builders Alliance to summarize and analyze a series of key economic indicators on a recurring basis. Relevant data were obtained from AA’s internal databases as well as national, regional and local data providers, including without limitation, state and local governments. For more information visit appliedanalysis.com.
Sources: Bureau of Labor Statistics; Nevada Department of Employment, Training and Rehabilitation; Nevada Department of Taxation; Nevada Gaming Control Board; US Census Bureau; Nevada Department of Health and Human Services. While we have no reason to doubt the accuracy of the data reported by these providers, we have not performed audit or assurance procedures on these data, and as such, we cannot attest to their completeness.
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