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Vegas employment climbs

Thursday, June 6th, 2019

Vegas employment has gotten stronger, according to recent labor statistics.

Total employment rose by 3.6% over the year, double the current U.S. growth rate (1.8%).

Professional and business services have added the most jobs over the year out of all sectors through April, up 15,200 jobs on an annualized basis.

Opening establishments accounted for 14,640 new (gross) jobs (roughly 18 percent of the total gross job gain) in third quarter 2018, an increase of 1,970 jobs.

Nevada has had the fastest over the year growth rate in jobs in the nation since October of 2018.

The civilian labor force, employed population 16 years and over, is comprised of 46.4 percent women and 53.6 percent men according to the American Census Survey.

Nevada’s labor force grew at 2.8 percent over the year, outperforming the national labor growth rate of one percent.

The unemployment rate in Nevada dropped 0.2 percentage point over the month to four percent, the lowest rate since April 2006.

Initial claims for unemployment insurance (UI) benefits saw their second straight year-overyear uptick in April; rising by one percent.

Nevada’s UI Trust Fund ended the first quarter of 2019 with a balance of nearly $1.52 billion, another record level.

Nevada has a record number of employers in the UI system through the first quarter of 2019, with a reading of nearly 73,300. The number of employers has increased by almost 2,700, or 3.8 percent relative to the same quarter in 2018.

Year-to-date through April, 114,618 ads have been posted for jobs in Nevada, an increase of 40,782 (55.2 percent) from the same period last year.

Vegas jobs grow

Thursday, June 6th, 2019

According to recent labor statistics, Vegas jobs are growing.

Employment in Nevada increased by 2,800 jobs over the month and is up 49,600 over the year. The state’s unemployment rate in April declined over the month by 0.2 percentage point to four percent and is down half a percentage point when compared to last April.

DETR’s report also notes Nevada’s UI Trust Fund ended the first quarter of 2019 with a balance of nearly $1.52 billion and an Average High Cost Multiple (AHCM) of 1.25.

Nevada’s current AHCM indicates that the current balance in the UI Trust Fund would cover 15 months of unemployment insurance benefits if a recession similar to the Great Recession were to occur.

“Nevada’s employment growth rate has ranked first in the Nation since last October and has been double the rate of national job gains for seven consecutive months now. Strong employment growth continues to put downward pressure on the unemployment rate, resulting in the lowest such rate in 13 years, and one of the lowest rates the state has seen dating back to 1976. Further, the rate of unemployed or discouraged workers in the State averaged 4.4 percent in the year ending in March 2019, down 5,500 or one percent from the same time a year ago. While celebrating ongoing strong job growth in the Silver State, there is still room for improvement in this measure and other measures of labor underutilization. Overall, these numbers suggest the Silver State’s job market is tight, comparable to levels seen from 2004 through 2007.” said David Schmidt, Chief Economist for DETR.

Unemployment in Vegas drops

Wednesday, May 8th, 2019

New data shows that unemployment in Vegas has dropped.

Employment in Nevada increased by 1,700 jobs over the month and is up 47,200 over the year, according to the state Department of Employment, Training and Rehabilitation’s (DETR) March 2019 economic report.

The state’s unemployment rate in March declined over the month by 0.1 percentage point to 4.2 percent and is down half a percentage point when compared to last March.

“I am pleased to see that this month’s report highlights several positive employment measures, an encouraging economy for employers, a declining unemployment rate, and an increase in personal income,” Governor Steve Sisolak said. “As workforce outcomes continue to improve around the state, we must continue our efforts to ensure quality job opportunities for all Nevadans.”

Additional March Report Highlights:

Total employment rose by 3.4% over the year, in the middle of the range seen over the last year (2.9 – 4.1%), and more than double the current U.S. growth rate (1.7%).

The unemployment rate in Nevada dropped 0.1 percentage point over the month to 4.2 percent, the lowest rate since April 2007.

Initial claims for unemployment insurance benefits saw their first year-over-year uptick in fifteen months in March; rising by half a percent.

In March 2019, the Nevada and national long-term unemployment rate were approximately 0.8 percent. Additionally, both rates are returning to the historical rates that averaged 0.7 percent for Nevada and 0.9 percent for the nation from 1999 through 2008.

Healthcare jobs in Vegas climb

Wednesday, May 8th, 2019

As the economy grows, healthcare jobs in Vegas also continue to increase.

According to the Department of Employment, Training and Rehabilitation’s March 2019 statewide economic report, jobs increased by 3.4 percent, the fastest pace in the nation for the 6th consecutive month. In the state’s metropolitan areas (MSA), the Reno-Sparks area added jobs at a rate of 5.8 percent, while Las Vegas and Carson City grew by 2.8 and 3.3 percent respectively. All three areas grew faster than the national rate of 1.7 percent.

When compared to February, the only metropolitan area to lose jobs was Carson City with a decrease of 100 seasonally-adjusted jobs. The Las Vegas and Reno-Sparks areas had seasonally-adjusted increases of 1,700 jobs and 300 jobs in that period.

Additional March 2019 Economic Report Highlights:

Job Growth in March (Seasonally-Adjusted):

Las Vegas is up 1,700 jobs over the month and is up 27,500 over the year (2.8 percent).

Reno added 300 jobs over the month and 13,900 over the year (5.8 percent).

Carson City experienced a decrease of 100 jobs over the month, yet is up 1,000 jobs over the year (3.3 percent).

All 3 metro areas experienced faster employment growth than the Nation (up 1.7 percent)

Unemployment:

Las Vegas MSA: 3.8 percent; down 0.4 percentage point from February, and down 1.1 percentage points from a year ago.

Reno MSA: 3.1 percent; down 0.6 percentage point from February, down 0.9 percentage from this time last year.

Carson City MSA: 4.7 percent, down 0.6 percentage point from February, and down 1.4 percentage point from a year ago.

Las Vegas jobs grow

Wednesday, May 8th, 2019

More labor statistics are demonstrating how Las Vegas jobs are growing.

According to the Department of Employment, Training and Rehabilitation’s March 2019 statewide economic report, jobs increased by 3.4 percent, the fastest pace in the nation for the 6th consecutive month.

In the state’s metropolitan areas (MSA), the Reno-Sparks area added jobs at a rate of 5.8 percent, while Las Vegas and Carson City grew by 2.8 and 3.3 percent respectively.

All three areas grew faster than the national rate of 1.7 percent. When compared to February, the only metropolitan area to lose jobs was Carson City with a decrease of 100 seasonally-adjusted jobs.

The Las Vegas and Reno-Sparks areas had seasonally-adjusted increases of 1,700 jobs and 300 jobs in that period.

March’s report also shows unemployment down on a month-over-month and year-over-year basis within all the state’s metropolitan areas.

Decreases in unemployment ranged from 0.9 percent in the RenoSparks area to 1.4 percent in Carson City over the year, and between 0.4 percent in the Las Vegas area and 0.6 percent in both Carson City and Reno-Sparks areas on an over the month basis.

Unemployment also saw decreases in all 17 counties in Nevada on a year-over-year and month-over-month basis. Decreases in the counties over the year ranged from 0.1 percent in Lincoln to 1.4 percent in Carson City.

“This report shows an improving labor market around the state, with jobs rising faster than the nation in the state’s three metropolitan areas and unemployment declining in all seventeen counties over the year. Carson City did experience a seasonally-adjusted job loss over the month, while Las Vegas had the fastest rate of growth compared to February. Furthermore, unemployment in the Reno-Sparks area reached its lowest point in the last 19 years. Across the state, the labor market continues to be tight, with low unemployment and rapidly expanding job opportunities,” said David Schmidt, Chief Economist, for Nevada’s Department of Employment, Training & Rehabilitation.

Vegas jobs continue to climb

Friday, April 5th, 2019

New labor statistics demonstrate that Vegas jobs are growing.

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.

“This month’s report highlights a variety of encouraging trends showing our strong economic growth across the state,” Governor Steve Sisolak said. “We must continue to fortify our state’s economy to ensure a positive outlook for career opportunities in well-paying jobs for Nevadans and safeguard the state’s on-going economic health and future.”

DETR’s report also notes that estimates show that initial claims for unemployment insurance benefits totaled 11,390 this month. This is the lowest reading for initial claims in the Silver State since 1994.

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.

Vegas jobs climb

Friday, April 5th, 2019

More Vegas jobs are being added, according to recent labor statistics.

Employment in Nevada declined by 900 jobs over the month but is up 48,400 jobs over the year, the largest annual increase seen in February since 2006, according to the state Department of Employment, Training and Rehabilitation’s (DETR) February 2019 economic report.

The state’s unemployment rate in February declined over the month by 0.1 percentage point to 4.3 percent and is down half a percentage point when compared to last February.

“I am pleased to see that this month’s report highlights Nevada having the fastest growing private sector in the nation. Nevada’s economy remains encouraging as small business employment reaches a new record high while the unemployment rate continues to decline,” Governor Steve Sisolak said. “We must continue to seek opportunities for improvement in our state’s economy and work to provide all working Nevadans with an opportunity for a bright economic outlook moving forward.”

DETR’s report also notes that estimates show that initial claims for unemployment insurance benefits totaled 9,290 this month. This is the lowest reading for initial claims in the Silver State since 1999.

Additional February Report Highlights: • Total employment rose by 3.5% over the year, in the middle of the range seen over the last year (2.9 – 4.1%), and more than double the current U.S. growth rate (1.7%).

Statewide non-seasonally adjusted job growth added 10,700 jobs over the last 12 months in the administrative support, waste management and remediation services sector, the largest 12-month change in the industry on record dating back to 1991.

As of the third quarter of 2018, employment in Nevada’s small business firms with less than 100 employees totaled nearly 651,000, establishing a new record high continuing while continuing the trend beginning in the second quarter of 2015.

Weekly wages in Nevada averaged $936 during the third quarter of 2018. This compares to $914 during the same period last year, an increase of $22, or 2.4 percent, year-over-year.

The unemployment rate in Nevada dropped 0.1 percentage point over the month to 4.3 percent, the lowest rate since May 2007.

Performance measures and Vegas jobs

Friday, April 5th, 2019

Performance measures are putting the spotlight on Vegas jobs.

– According to a Workforce Innovation and Opportunity Act (WIOA) report recently issued by the Nevada Department of Employment, Training and Rehabilitation (DETR), the state has exceeded its mandated WIOA performance measures for the 2nd quarter of 2018.

Under the Act, the state’s performance is rated on a program year with Nevada exceeding all performance measures under Titles I and III.

“WIOA has had a major impact on state employment programs, including in Nevada. I am pleased to see these latest figures, as they clearly reflect how the local workforce boards and our agency are making great strides in improving the way we do business. It is through staff’s efforts that we are strengthening our collaboration between our workforce partners and employers and ensuring the workforce system addresses the needs of businesses and workers we serve,” said DETR Director, Dr. Tiffany Tyler-Garner.

Under Nevada’s Unified State Plan, Title I of WIOA includes the Adult, Dislocated Worker and Youth Programs. Title I programs provide workforce training, professional degree and certification programs, secondary and postsecondary education programs, employment services, career counseling and planning, veteran programs, and Job Corps services for the above-mentioned groups.

“We are delighted to see that we have exceeded Nevada’s Titles I and III WIOA performance measures for the second quarter of 2018,” said Renee Olson, Administrator of the Employment Security Division. “These latest numbers reflect our commitment to creating a workforce system that improves not only our state’s economy, but also the lives of our citizens. I am extremely proud of our staff and of their dedication to the constant improvement of our services.”

Title III falls within the Wagner-Peyser Act Program and includes employment/reemployment services integrated with the delivery of other services into a one-stop framework and provides job-seekers, including unemployment insurance claimants, with referrals and application assistance for training and educational resources and programs.

Is having new management a threat to employees at Vegas jobs?

Tuesday, March 26th, 2019

Some job seekers report having new managerial staff may be a threat to their employment when it comes to Vegas jobs, according to a recent Monster.com survey.

The current labor market is stronger than it has been in years, if not decades. In fact, the last BLS report of 2018 showed that there are 6.9 million job openings, but only 6.3 million unemployed people seeking work.

Despite what appears to be an abundance of opportunity, there are a lot of people who feel “stuck” and unsure of how to find the right fit in a new job or different position.

One in seven Americans (14%) did not feel respected during their last job search

  • Of the 14% of Americans who did not feel respected, they say the following would have helped them feel more respected by recruiters and potential employers:
    • Being told why they weren’t moved to the next stage (32%)
    • Recruiters followed up in a timely fashion after the interview (31%)
    • Company acknowledged receipt of application (28%)
    • Knowing if the application had been seen by a recruiter or hiring manager (27%)
    • Recruiter/hiring manager sent a rejection in a timely fashion (23%)
    • You were told you’d be considered for future opportunities (23%)
  • Respect is also a key driver for job satisfaction: people who are currently happy with their job cite feeling respected (45%) as among the top reasons for their satisfaction.

Three-quarters of Americans (77%) believe there are threats to their current job, such as new management (20%) and a toxic boss or working environment (19%)

  • Top perceived threats include:
    • New management (20%)
    • Toxic boss or working environment (19%)
    • Layoffs (17%)
    • Recession (16%)
      • That said, 62% of Americans think a recession in the next two years is likely—so while many expect a recession, fewer expect it to directly threaten their job.
    • Younger co-workers (15%)
    • Industry changes requiring new skills (14%)
    • Automation/technology replacing jobs (10%)
  • While 72% of Americans overall believe the job seeker has the upper hand in terms of having job options and negotiation power, younger Americans may be disproportionately benefitting from the modern search process:  83% of 18-24-year-olds and 84% of 25-34-year-olds say they have the upper hand, vs. 64% of 35-65-year-olds.
  • One in three Americans (33%) believe searching for a job today is harder than when they first started in their career.

Projects to create Vegas hospitality jobs

Wednesday, 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.