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Projects to create Vegas hospitality jobs

March 6th, 2019

A new round of projects may create more Vegas hospitality jobs.

The Las Vegas City Council approved two new economic development projects at the City Council meeting, including a new Marriott hotel on Symphony Park.

     The new AC Hotel by Marriott will be located at the corner of Grand Central Parkway and Symphony Park Avenue. This location puts the new hotel just west of The Smith Center for the Performing Arts and across Grand Central Parkway from the new convention center, The Expo at World Market Center. The Expo is scheduled to open in the summer of 2020 and developers plan for the new hotel to be open at the same time.

     The new hotel is being developed by Jackson-Shaw. Founded in 1972, Jackson-Shaw has developed 21 hotels and more than 60 million square feet of commercial real estate. The hotel will feature a new restaurant as well as space for meetings and additional retail space.

     Currently on Symphony Park, two new parking garages are nearing completion. These garages include nearly 30,000 square feet of ground-floor retail space. In addition, more than 600 future residential units  are currently under development on Symphony Park with the Aspen Heights and Southern Land Company projects.

      Symphony Park features construction-ready sites with infrastructure in place and developer incentives available. Adjacent to business catalysts that include World Market Center Las Vegas, Las Vegas North Premium Outlets and Molasky Corporate Center, Symphony Park is centrally located in Las Vegas with easy access to U.S. 95 and Interstate 15 highways.

Vegas jobs show strong growth

March 6th, 2019

A number of Vegas jobs are showing strong growth.

According to the Department of Employment, Training and Rehabilitation’s (DETR) December 2018 economic report, statewide, jobs increased by 3.9 percent, which correlates to 52,400 new jobs added since December of last year.

This is higher than the average employment increase over the last year, December through November, of approximately 43,200 jobs. The largest over the month job gain in the metropolitan statistical areas (MSAs) was realized in Las Vegas, at 2,600.

Reno added 600 jobs over the month while Carson City fell below seasonal expectations decreasing 100 jobs. The Reno MSA added jobs at a faster rate than the state in December.

Job Growth in December (Seasonally-Adjusted):

Las Vegas is up 2,600 jobs over the month and is up 35,200 over the year (3.6 percent). o Reno added 600 jobs over the month and 12,300 over the year (5.2 percent)

Carson City decreased netting out a loss of 100 jobs over the month, and held constant for year over year job changes. • Unemployment:

Las Vegas: 4.5 percent; up 0.1 percentage point from November, and down half a percentage point from a year ago.

Reno: 3.4 percent; up 0.2 percentage point from November; down 0.3 percentage from this time last year.

Carson City: 4.5 percent, up 0.4 percentage point from November, and down 0.2 percentage point from a year ago.

Vegas jobs climb

March 6th, 2019

The number of Vegas jobs has grown, according to recent labor statistics.

Nevada added 3,800 jobs over the month and 53,300 jobs over the year, according to the state Department of Employment, Training and Rehabilitation’s (DETR) January 2019 economic report.

The 53,300 jobs over last year was the largest annual increase in over 12 years. The state’s unemployment rate in January 2019 was unchanged over the month, remaining at 4.4 percent. Compared to last January, the state’s unemployment rate is down 0.4 percentage point.

Additional January Report Highlights:

Total employment rose by 3.9% over the year, at the high end of the range seen over the last year (2.8 – 3.9%), and more than double the current U.S. growth rate (1.9%).

Gross job gains in construction at expanding or opening private sector establishments totaled 9,890 in the second quarter of 2018, 13 percent of the total private sector gains in Nevada.

Employment trends show that from the low point of the recession until now, employment growth in almost all of Nevada’s industries has exceeded the growth based on national trends in those same industries nationwide.

The unemployment rate in Nevada held steady at 4.4 percent from December to January. This is down from 4.8 percent a year ago, and is the lowest rate since June 2007, nearly eleven years ago.

Retail hiring in Vegas climbs

February 9th, 2019

Several more retail jobs in Vegas have been added, according to recent labor surveys.

Nevada added 6,300 jobs over the month and 52,400 jobs over the year, according to the state Department of Employment, Training and Rehabilitation’s (DETR) December 2018 economic report. The 52,400 jobs over last year was the second largest annual increase in over 12 years, only behind last month’s numbers which were revised up by 700 jobs.

Additional December Report Highlights:

• Total employment rose by 3.9% over the year, at the high end of the range seen over the last year (2.8 – 3.9%), and more than double the current U.S. growth rate (1.8%).

• In 2018, holiday-related seasonal employment realized the addition of 12,500 jobs, the second largest on record. • Retail holiday hiring last month was the highest for any December since 2007.

• Information for the third quarter of 2018 shows personal income in Nevada reached $147 billion, up 5.6 percent from a year ago. Nevada’s year-over-year growth is the 3rd strongest in the U.S.

• From the first quarter of 2017 to the second quarter of 2018, there has been an increase of nearly 1,900 (2.4%) private sector establishments.

• Estimates show Nevada’s population at 3.03 million in 2018, up from 2.97 million in 2017, an increase of 61,990. This translates into a 2.08 percent gain, the strongest population growth in the nation.

• December 2018: Nevada veteran unemployment rate is 3.6 percent, down from 4.9 percent a year ago.

• The Nevada veteran unemployment rate in December 2018 was 3.6 percent decreasing from 4.9 percent

Unemployment in Vegas remains stable

January 28th, 2019

Unemployment in Vegas has remained low, according to recent labor analyses.

Initial claims for unemployment insurance (UI) benefits fell to a record low of 11,950. Initial claims in December decreased 8.1 percent year-over-year, or 1,060 claims, resulting in annual declines in the series in each month of 2018, according to the latest data from the Department of Employment, Training and Rehabilitation (DETR), initial claims for December.

December Claims Highlights:

Initial claims totaled 11,950 in November, virtually stable when compared to last month’s 11,940.

Initial claims decreased 8.1 percent year-over-year, or 1,060 claims, resulting in annual declines in the series in each month of 2018.

The relative trend, expressed in the 12-month moving average of the series, has continued to trend down, with a reading of 10,340 this month.

Average unemployment duration ticked up to 13.6 weeks, from 13.2 weeks a year ago.

The exhaustion rate stands at 33.7 percent, 1.5 percentage points lower than last November.

“This is the first December initial claims level below 12,000 since 1993. To put this in perspective, the number of employed persons in December 1993 was 740,000; just over half of the 1,470,000 workers in the state this December. Extrapolating from these numbers, if the labor force were the same as it is today for that period in 1993, there would have been approximately 17,000 initial claims. Turning to the annual average of claims activity, 2018 saw the least claims of any year since 1998. Relative to December 2017, claims are down 8.1 percent, or just over 1,050. The exhaustion rate is down 1.5 percentage points over the same period, to 33.7 percent; while the average duration of UI benefit receipt is up .33 weeks, to 13.6 weeks,” said Jeremey Hays, Economist at the Department of Employment, Training & Rehabilitation.

Jobs in Vegas added

January 28th, 2019

A number of Vegas jobs have been added to the economy, according to recent labor statistics.

According to the Department of Employment, Training and Rehabilitation’s (DETR) December 2018 economic report, statewide, jobs increased by 3.9 percent, which correlates to 52,400 new jobs added since December of last year.

This is higher than the average employment increase over the last year, December through November, of approximately 43,200 jobs. The largest over the month job gain in the metropolitan statistical areas (MSAs) was realized in Las Vegas, at 2,600.

Job Growth in December (Seasonally-Adjusted):

Las Vegas is up 2,600 jobs over the month and is up 35,200 over the year (3.6 percent). o Reno added 600 jobs over the month and 12,300 over the year (5.2 percent)

Carson City decreased netting out a loss of 100 jobs over the month, and held constant for year over year job changes. Unemployment:

Las Vegas: 4.5 percent; up 0.1 percentage point from November, and down half a percentage point from a year ago. o Reno: 3.4 percent; up 0.2 percentage point from November; down 0.3 percentage from this time last year.

Carson City: 4.5 percent, up 0.4 percentage point from November, and down 0.2 percentage point from a year ago.

The Reno MSA at 5.2 percent and Las Vegas MSA at 3.6 percent both have employment growth rates higher than the national growth rate of 1.8 percent.

Retail cuts in Vegas occur

January 8th, 2019

New labor statistics from Challenger, Gray, and Christmas show that retail cuts in Vegas occurred in December.

Employers at U.S.-based companies announced plans to cut 43,884 workers from their payrolls during the month, the year-to-date total is nearly 29 percent higher than last year and the highest total since 2015, according to a report by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.

In 2018, 538,659 job cuts were announced, 28.6 percent higher than the 418,770 announced in 2017. This is the highest annual total since 598,510 cuts were recorded in 2015, and the second-highest total since 2011, when 606,082 cuts were announced.

During the final quarter of the year, employers announced 172,601 job cuts, 42.8 percent higher than the 120,879 recorded in the third quarter and 77.4 percent higher than the 97,292 announced in the same quarter last year. This is the highest quarterly total since the first quarter of 2016, when 180,920 cuts were announced (see Table 5).

Last month’s job cut total is 17.3 percent lower than the 53,073 cuts announced in November and 35.3 percent higher than the 32,423 cuts announced in the same month last year.

Through December, retailers announced 98,563 cuts, 29.5 percent higher than the 76,084 announced last year. Retail cuts comprise 18.3 percent of all announced cuts this year.

Retailers began closing stores en masse in 2017, leading to large-scale layoff announcements through the end of this year. Challenger tracked 3,886 announced store closures from Retailers in 2018, after 9,801 announced closures in 2017.

Major job cut announcements in Retail came from Toys“R”Us, which closed its doors in March. Challenger tracked 30,000 cuts at that time due to the company’s bankruptcy. Meanwhile, Sears has been steadily cutting jobs and closing stores. Using WARN reports and local news stories, Challenger tracked 10,016 planned cuts at Sears and Kmart stores this year.

Manufacturing jobs in Vegas climb

January 7th, 2019

New data shows that manufacturing jobs in Vegas may be climbing, according to recent statistics.

Nevada saw 5,100 new jobs in October, seasonally-adjusted, bringing total employment to 1,397,900. This month’s over-the-month gain was 3,600 jobs higher than the Statewide increase seen in October of 2017.

The September estimate was revised down by 1,300, bringing the total two-month gain to 6,600 jobs.

October’s positive seasonally adjusted gain comes as a result of the State adding 8,600 jobs, unadjusted, when only 3,500 jobs were expected to be added based on historical patterns. The private sector saw the largest share of gains, adding 6,100 jobs, while the public sector lost 1,000.

Year to date, manufacturing is growing at the fastest rate (up 13.7 percent), after adding 6,500 through October (versus the same period last year).

Construction has added the most jobs, with a gain of 7,700 or 9.3 percent.

Other services grew by 4.9 percent and education and health services grew by 4.8 percent. Information remains the only sector to see fewer jobs year to date.

The Silver State has added 45,800 jobs since the same month last year, a gain of 3.4 percent.

National employment grew by 1.7 percent over the period, meaning the Silver State is growing twice as fast as the national average.

Nevada jobs grow

January 7th, 2019

A number of Nevada jobs have been added, according to labor statistics.

Nevada added 5,200 jobs over the month and 51,900 jobs over the year, according to the state Department of Employment, Training and Rehabilitation’s (DETR) November 2018 economic report.

The 51,900 jobs added over the last year was the largest annual increase in over 12 years, and the growth rate of 3.8 percent was among the fastest the state has seen since before the recession.

The state’s unemployment rate in November 2018 was unchanged over the month, remaining at 4.4 percent. Compared to last November, the state’s unemployment rate is down half a percentage point.

Total employment rose by 3.8% over the year, above the high end of the range seen over the last year (2.8 – 3.5%), and more than double the current U.S. growth rate (1.7%).

As of second quarter of 2018, Nevada ranks 3rd in the nation fastest-growing private sector.

As of second quarter of 2018, employment in Nevada’s small business, firms with less than 100 employees, totaled nearly 646,000.

As defined by the U.S. Bureau of Economic Analysis, Nevada gross domestic product totaled over $148 billion (in 2012 dollars) in this year’s second quarter (In “current” dollars, this equates to over $168 billion).

Manufacturing jobs in Vegas get a boost

December 5th, 2018

The number of manufacturing jobs in Vegas have grown, according to industry reports.

The state’s unemployment rate declined by 0.1 percentage point over the month, to 4.4 percent, in October 2018. This month the state’s unemployment rate is down half a percentage point over the year. Overall job growth is up 45,800 jobs and grew by 3.4 percent year-over-year. Nevada’s over the year job growth rate has remained at or over three percent since July of this year.

“Nevada’s job market continues to expand at a brisk pace, doubling the pace of national job gains over the past year which was near the high end of our recent trend. Employment expanded significantly across many industries including Construction, Professional & Business Services, and Manufacturing, and continued to drive down unemployment in the state.” said David Schmidt, Chief Economist for DETR.

Additional October Report Notes:

The Statewide unemployment rate fell by 0.1 points to 4.4% – the lowest since June 2007. This rate is 0.7 points above the U.S. rate in October (3.7%), and 0.6 points above Nevada’s all-time low unemployment rate (3.8%).

Total employment rose by 3.4% over the year, near the high end of the range seen over the last year (2.8 – 3.5%), and double the current U.S. growth rate (1.7%).

The construction industry’s year-to-date average employment growth continues to experience the largest nominal gains over the same period last year, increasing by 9,500 jobs or 11.4 percent, bringing total jobs in that industry to 92,900.

Manufacturing remains the fastest-growing industry, growing by 13.8% over the year.

Nevada’s Unemployment Trust Fund balance sits slightly in excess of $1.5 billion, another record level. This current balance could pay 5.2 years of benefits at the current payment rate ($5.5 million per week), or 1.2 years of benefits in a recession like the Great Recession.