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Archive for June, 2009

Las Vegas Construction Jobs to See Slow Recovery

Wednesday, June 24th, 2009

Las Vegas construction jobs, as well as business and tourism jobs, are expected to make for a slow economic recovery in Southern Nevada.

The Center for Business and Economic Research at the University of Nevada, Las Vegas recently released data that found those three industries in Southern Nevada are expected to take at least two years to recover from the current economic recession.

CBER Director Keith Schwer said it will take longer for Southern Nevada to recover than the rest of the nation, because the Las Vegas economy is a one-industry, consumer-based system that is experiencing a decrease in the housing and construction industries, an unemployment rate higher than the national average and a decrease in visitors.

“Southern Nevada’s economy is dependent upon discretionary spending,” he said. “In an economic downturn that’s the first type of spending that will be cut back. We need to be prepared for a sharper downturn that you might ordinarily expect in other more diversified economies.

“Economic diversification is one of the recommendations from this report,” Schwer added. “Las Vegas is a destination resort so the critical factor for our economy to recover quickly would be a global economic rebound and then the U.S. economy picking up.”

In particular, the report found that the construction industry will continue to be slow and unemployment will most likely increase, causing more foreclosures. That means unless population growth occurs, a decrease in the Las Vegas housing market could continue through 2011.

On a good note, the opening of new leisure and hospitality properties will help create jobs. However, until consumers are confident enough about their job prospects, they will remain cautious about spending money on things like leisure travel and tourism. Because of this, the tourism industry will market low-cost packages, which help the industry begin to recover, but won’t be enough to improve hotel and casino revenue streams right away.

And even after the two year lag, further job losses are expected in the construction, tourism and housing industries, a trend that is noticeable in current job data.

For instance, during May, the Las Vegas-Paradise area’s construction industry employed 78,900 workers, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 80,000 workers during April and a 17.3 percent decrease from last year. At the same time, the leisure and hospitality industry employed 257,300 workers during May, down from 257,400 workers during April and a 6.3 percent decrease from last year.

Las Vegas Jobs with Fortune 500 Companies

Wednesday, June 17th, 2009

If you live in Nevada, particularly Las Vegas, you probably already know the area’s economy isn’t exactly up to par right now. However, there are several places you can look for Las Vegas jobs.

Although the Las Vegas-Paradise area’s unemployment rate remained at 10.4 percent from March to April, the area still managed to lose more jobs. The area had a total non-farm employment of 871,400 workers during April, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 875,600 workers during March and a 5.9 percent decrease from last year.

If you’re one of the many among this troubled economy looking for work, you might want to consider checking out local Fortune 500 companies. As a whole, Nevada is home to nine Fortune 500 companies. Of those companies, seven reside in Las Vegas, while two reside in Reno. These companies, which are worth more than most and often more successful, are usually hiring, making them great places to target during your job search.

The Fortune 500 companies found in Las Vegas include:

  • Harrah’s Entertainment
  • MGM Mirage
  • Las Vegas Sands
  • NV Energy
  • Wynn Resorts
  • Southwest Gas
  • Boyd Gaming

As you can see, the majority of these companies in Las Vegas deal with the gambling, hospitality or tourism industries. Reno is home to International Game Technology, a company that manufactures gaming machinery, and Amerco, a trucking company.

Las Vegas Construction Jobs Lost Total 14,400

Wednesday, June 10th, 2009

Tens of thousands of Las Vegas construction jobs have been lost during the last year.

The Associated General Contractors recently issued a report that found construction employment in Las Vegas decreased by 15.2 percent from April 2008 to April 2009. A total of 14,400 jobs were lost in the industry during the year, leaving only 80,100 employed construction workers.

And those numbers don’t include the thousands of jobs lost during the last few months due to a halt on construction of Fontainebleau Resort. The Nevada Department of Employment, Training and Rehabilitation found that the construction industry lost 1,200 jobs from March to April, and 22,600 jobs from last year.

“Nevada’s construction woes are not unique to the state, though the build up and fall of the industry has been more severe than most,” DETR Chief Economist Bill Anderson said. “During the peak of the ‘housing boom,’ year-over-year employment growth neared 18 percent in Nevada. Compare that to the 5.2 percent employment growth in the nation as a whole over the same time period.

“At its height, the construction industry accounted for 11.2 percent of all jobs in the state, and only 5.7 percent for the nation,” he added. “Through 2009, the ratio of construction jobs has fallen to 8.1 percent of all jobs in Nevada, a level similar to the early 1990s.”

Aside from Las Vegas, the AGC found 275 other metro areas that saw a decrease in construction employment throughout the year. The construction industry has seen the biggest overall decline in employment when compared to the rest of the economy. Construction workers account for 20 percent of all jobs lost during the last year.

Because of statistics like these, the AGC has asked the federal government to speed up the process for handing out stimulus money.

Job loss figures like these are exactly what prompted Congress and the administration to craft a stimulus package designed to get Americans back to work as quickly as possible,” AGC Chief Economist Ken Simonson said. “Putting these funds to good use as quickly as possible is the best way to get Americans back to work and the economy back on track.”

Jobs in Las Vegas Decline, Unemployment Stabilizes

Tuesday, June 2nd, 2009

Although the city’s unemployment rate did not increase, some jobs in Las Vegas were still lost during April, as nine industries shed positions.

The unemployment rate in the City of Las Vegas remained at 10.4 percent from March to April, marking the first time the city hasn’t did not see an unemployment increase since November 2008. However, the city’s unemployment rate is still higher than the national unemployment rate of 8.9 percent.

The Las Vegas-Paradise area had a total non-farm employment of 871,400 workers during April, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 875,600 workers during March and a 5.9 percent decrease from last year.

As seems to be the trend throughout the country, the construction industry took the biggest hit when compared to last year. That industry employed 80,100 workers during April, down from 81,100 workers during March and a 15.2 percent decrease from last year.

Other industries in Las Vegas that saw an over-the-year jobs decrease during April include:

  • manufacturing by 7.8 percent
  • trade, transportation and utilities by 4.2 percent
  • information by 8 percent
  • financial activities by 5.4 percent
  • professional and business services by 9.3 percent
  • leisure and hospitality by 6.1 percent
  • other services by .4 percent
  • government by 2.9 percent

The area’s mining and logging industry employed 400 workers during April, the same as during March and the same as last year.

Only one industry saw an over-the-year increase in jobs during April. The area’s education and health services industry employed 68,500 workers during April, up from 68,200 workers during March and a 3.5 percent increase from last year.