Welcome to 2024. Following three years of economic extremes, from historic high unemployment and business lockdowns to the pandemic-caused bust and stimulus-caused boom, it's been a ride. The Governor's Economic Advisory Council, launched in tumultuous 2020, is lead by Bob Potts, deputy director, Governor's Office of Economic Development (GOED). The council collects data … [Read more...] about Extreme Takeoffs and Soft Landings
RCG Economics
Upskilling NevadaA Look at the State’s Workforce Development Post-Pandemic
"Overall, Nevada's job market has been performing at a relatively strong pace post-pandemic," said Brian Gordon, principal, Applied Analysis. "The state continues to be near or at the top of the list in terms of overall growth performance nationwide. At the same time, Nevada has ranked atop the list in terms of the overall unemployment rate. So, Nevada is faced with this unique … [Read more...] about Upskilling Nevada
Industry FocusEconomic Development
Relatively speaking, Nevada’s economy is in its infancy. And despite success in gaming, tourism and entertainment, the Silver State’s economic development faces numerous challenges. Recently, economic specialists met at a roundtable sponsored by City National Bank and held in Las Vegas to discuss the current and future economy of Nevada including its lack of funding, a missing … [Read more...] about Industry Focus
Changes AheadA Look at Nevada’s Economic Forecast for 2023
A changing of the guard at the highest level of state government means a potential change in headwinds for the 2023 economic forecast. "You are going to have a Republican [in the] Governor's Mansion, a super majority in the Assembly but not in the Senate, even though the Senate and Assembly are both Democrat controlled," explained Cindy Creighton, president, Nevada … [Read more...] about Changes Ahead
Closed:The Great Resignation and Workforce Development
In August, 4.3 million U.S. workers quit their jobs, according to Department of Labor (DOL). Food services lost 892,000 workers, 721,000 employees quit the retail industry and even more workers left education and healthcare. The start of the pandemic saw record high unemployment and by July 2021 the United States hit another record high – 11.1 million jobs … [Read more...] about Closed:
Economic Forecast 2021Recovery vs. Recession
February 2020: Nevada’s economy was at a peak. Unemployment stood at 3.6 percent. The state led the nation in new job creation. March 2020: Governor Sisolak ordered all nonessential businesses to close and Nevada entered the worst recession since 2008. In two months, 280,000 Nevadans lost jobs. The COVID-19 recession was a faster, larger drop than the Great Recession, … [Read more...] about Economic Forecast 2021
Temporarily Closed for BusinessNevada Versus COVID-19
Seemingly overnight the coronavirus (COVID-19) pandemic has swept through the world and changed every aspect of daily activity. From home-life and recreation to work and business operations, individuals everywhere have had to quickly learn to adapt to an unprecedented event. Working from home has been a trial by fire as businesses throughout Nevada closed their doors after … [Read more...] about Temporarily Closed for Business
Shifts OccurringNevada’s Tourism Industry
“Strong” and “evolving”— that’s how Lt. Governor Kate Marshall, chair of TravelNevada described the Silver State’s tourism industry today. Its robustness is evidenced by visitor spending, which has increased year-over-year since 2009. In calendar year 2018, the 56 million people who visited Nevada collectively spent $65.5 billion here, up from $63.7 billion the year … [Read more...] about Shifts Occurring
The Return of Office 2019Nevada’s CRE Office Industry
Nevada’s commercial real estate office market is healthy, but not considered robust. Hit hard during the 2008 recession, it’s good to see vacancy rates dropping and rents increasing, but there’s been very little new product built in the last decade, which accounts for at least some of the continuing drop in vacancy rates. “The office market is not where we’d like it to be, … [Read more...] about The Return of Office 2019
Industrial Summary: Fourth Quarter 2017
Northern Nevada By CBRE Reno The Northern Nevada industrial real estate market showed strong performance in Q4 2017. With approximately 1.4 million square feet of positive net absorption recorded this quarter, the region’s 2017 positive absorption total grew to 3.9 million square feet. The completion of two new Class A speculative projects in Q4 added much-needed space to … [Read more...] about Industrial Summary: Fourth Quarter 2017
Nevada’s Economic Outlook: 2018 Blue Skies Ahead
It’s been a decade since the great recession hit Nevada. As we start the new year of 2018, the state’s economy overall remains in recovery mode, with the majority of related metrics remaining below their peaks in 2006 and 2007. Looking forward, we can expect continued steady, incremental growth of the economy in the Silver State at both regional ends, experts said, which is … [Read more...] about Nevada’s Economic Outlook: 2018 Blue Skies Ahead
Office Summary: Third Quarter 2017
Southern Nevada Las Vegas Valley’s office vacancy rate in Q3 2017 declined by 0.9 points to 18.3 percent from Q2 2017. Compared to Q3 2016, the office vacancy rate was down 1.8 points, from 20.1 percent. Vacancy rates ranged from 15.9 percent for Class C space to a high of 20.8 percent for Class B space in Q3. Las Vegas Valley’s office vacancy rate in Q3 2017 declined by 0.9 … [Read more...] about Office Summary: Third Quarter 2017
Industrial Summary: Third Quarter 2017
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q3, 2017 was 5.5 percent, down 0.5 percentage points from the second quarter. Vacancies were down all product types except for light industrial. The quarter also saw a large amount of completions. The Valley’s industrial market remains healthy and continues to grow. Q3, 2017 saw 2.3 million square … [Read more...] about Industrial Summary: Third Quarter 2017
Retail Summary: Second Quarter 2017
Southern Nevada After a small first quarter increase of 0.3 points from 10.5 percent vacancy in the Las Vegas retail market held firm at 10.8 percent in Q2. The Valley’s anchored retail market is generally stabilized, though there remains room for improvement. Some submarkets have fared better than others, such as the Northeast with a 5.8 percent vacancy rate. At the other end … [Read more...] about Retail Summary: Second Quarter 2017
Office Summary: Second Quarter 2017
Southern Nevada Las Vegas Valley’s office vacancy rate in Q2 2017 declined by 1.1 points to 19.2 percent from Q1 2017. Compared to Q2 2016, the office vacancy rate was down 1 point, from 20.2 percent. Vacancy rates ranged from 15.7 percent for Class C space to a high of 23.3 percent for Class A space in Q2. Las Vegas Valley’s office vacancy rate in Q2 2017 declined by 1.1 … [Read more...] about Office Summary: Second Quarter 2017