FACT SHEET April - June 2011 EMPLOYMENT

Transcription

1 LAS VEGAS VALLEY FACT SHEET April - June EMPLOYMENT June Employment by Industry Goods Producing Natural Resources & Mining Construction Manufacturing 6,74,8 3 39,6 8,5 Trade, Transportation & Utilities Information Financial Activities 36,85 4,56,778 4,7 9, 36,5 Professional & Business Services Education & Health Services Leisure & Hospitality Other Services Government 3,798,344 33,435 8,78 59,86 4,3 73,4 64, 4,4 89,9 6,55 8,6-3,77-4,8 June June 3.8% 5.3% Services Producing Total Employment Change in Employment from June Unemployment Rate The Redevelopment Area encompasses 3,948 acres within the city of. --

2 TOURISM & GAMING The Valley had more than million visitors in the second quarter of. This is a fivepercent increase over the same quarter last year, marking the seventh straight quarter of increases. A notably strong quarter for baccarat activity in Clark County pushed gaming revenues up to over $.3 billion, a 3 percent increase compared to the same quarter last year. By area, the Strip saw the largest increase at 9. percent, followed by the Boulder Strip (+3.7 percent) and the remaining county areas (+.9 percent). Downtown recorded a slight decline of.5 percent in gaming revenues compared to Q,. Visitor Volume April May June Q, Valley 3,354,83 3,369,6 3,34,9,47,835 % Change from prior year 4.8% 3.3% 7.% 5.% Gaming Revenue April May June Q, Strip $47,53, $58,43, $56,77, $,54,65, Downtown $38,866, $46,338, $38,63, $3,87, Boulder Strip $58,74, $69,646, $65,487, $93,47, Other County Areas $58,74, $57,94, $56,9, $47,89, $68,945, $853,49, $767,78, $,34,54, % Change from prior year Strip -.% 8.9% 3.3% 9.% Downtown -5.6% 7.9% -4.%.5% Boulder Strip.5%.8% 5.6% 3.7% Other County Areas.3%.%.3%.9% -.% 9.4% 9.9%.7% For-Sale Residential Redevelopment Unincorporated north Area Valley Valley NEW HOMES* Active Projects Total Units 6,46 669,899 5,83 5,74 37,94 Unsold Units,853 8,9,36,76 6,58 Closed Units Q Avg. Size (SF),85,978,68,4,57,58 Median Price $86, $89, $6, $9, $34, $,5 Median Price per SF $9 $8 $ $67 $5 $98 RESALE HOMES Closed Single Family Units Q, ,973,45,395 9,69 Closed Multi-family Units Q , ,579 Avg. Days on Market Avg. Size (SF),764,63,773,976,846,853 Median Price $4, $5, $,3 $45, $, $8, Median Price per SF $63 $4 $68 $79 $57 $69 * home units include those within subdivision projects that are actively selling. --

3 APARTMENTS Apartment Projects by Expected Completion Apartment Rents & Vacancy Average Rent Average Vacancy Rate $764.9% Redevelopment Area $ % Unincorporated Valley $797.8% $867 9.% North $797.4% Valley $756.4%,, units, units 6 units Q, Q3, Q4, units Unincorporated Valley North Apartment Projects by Type and Expected Completion Q, Q3, Q4, Type / 48 Total 48 Redevelopment Area / Total Unincorporated Valley / Total / 6 Total 6 North / Total Valley / Total BUSINESS LICENSING Business License Activity*,57 issued in Q 36,6 total active There were 4,664 business licenses issued in during the second quarter of. Unincorporated,465 issued in Q 6,9 total active,57 (5 percent) were issued in the city of, of which 4 were accounted for within its Redevelopment Area. At the end of June, there were 36,6 active business licenses in the city of, making up 3 percent of the county s total of 7,67. North 7 issued in Q 3,7 total active 334 issued in Q 7,444 total active Active Issued,, 3, 4, 5, 6, 7, *Excludes Boulder City and Mesquite. -3-

4 SPECULATIVE COMMERCIAL The city represented percent (9. million sf) of the 93. million sf of total for-lease industrial inventory in the Valley. Of the 4 million sf of total for-lease office inventory, 35 percent (4.3 million sf) was located within the city. The city of accounted for 35 percent (5 million sf) of the total 4.7 million sf of for-lease anchored retail inventory. City of Commercial Inventory (Millions of SF) Redevelopment Area share For-Lease Commercial Estimated Employment Existing Employment Under Const. Employment Industrial 4,36 Redevelopment Area 8,33 Unincorporated Valley 86, ,49 North 4,55 Valley 38,76 37 Office 6,6 488 Redevelopment Area,9 Unincorporated Valley 85,59 4,886 7 North 3,459 Valley 74,3 66 Retail 3,645 Redevelopment Area,65 Unincorporated Valley 3,54 5,43 North 6,5 Valley 84,6 4 Industrial (9. MSF) Office (4.3 MSF) Retail (5. MSF) For-Lease Commercial Market Indicators Existing Existing Vacancy Average Y-O-Y # of Under Under Projects Space (sf) (%) Rents ($) Absorption Const. Const. space (sf) Projects Space (sf) Industrial 393 9,,46 4.9% $.73-7,985 Redevelopment Area 7 4,938, % $.44-6,36 Unincorporated Valley,63 57,56, % $.56 93,58 3 5, 33 9,7, % $.49 87,83 North 4 6,686,47.7% $.36-38,333 Valley,749 93,58,749 8.% $.53 34, , Office 37 4,77,83 5.7% $.97-4,97 5, Redevelopment Area 6,57, % $.3-9,739 Unincorporated Valley 538,498, % $.9-4, ,57,78.8% $. -87,566 38,5 North 7 78,74 4.6% $.64 -,36 Valley,77 4,57,77 5.8% $.99-45,539 53,5 Retail 85 5,3,75 8.3% $. -5,843 Redevelopment Area 6 74, % $. -7,46 Unincorporated Valley 99 6,9,5 9.% $ , ,33,38 3.6% $.35 -,483 North 3,485,79.4% $.5 95,99 Valley 5 4,679,83.8% $.4-7,3 Note: Due to reclassifictions of, and adjustments to data between reporting periods, the commercial market data for the latest quarter may not necessarily be comparable to a previously reported quarter. -4-

5 BUILDING PERMITS There were 8 new single family units receiving permits in the city of in the second quarter, while no new multifamily units obtaining permits were recorded. There were new commercial and hotel/motel permits issued in with a total valuation of nearly $3. million. Two of these permits were for projects for in the Redevelopment Area. Building Permits Value Units 8 N/A Permits 8 Valuation $33,6,47 $ $3,5,46 Redevelopment Area Single Family Multifamily Commercial & Hotel/Motel Units N/A Permits Valuation $ $ $65,764 Unincorporated Units N/A Permits Valuation $55,73,77 $6,7,33 $4,334,97 Units 84 N/A Permits 84 Valuation $35,835,7 $ $,37,84 North ** Units - - N/A Permits Valuation * Units,4 56 n/a Permits, Valuation $4,583,54 $6,7,33 $57,756,843 *Excludes cities of Boulder City and Mesquite. Also North figures were not available. ** North figures were not available for this quarter. CERTIFICATES OF OCCUPANCY There were 745 certificates of occupancy recorded in the first quarter, of which (8 percent) were in the city of. Certificates of Occupancy Issued Sources: Employment: Tourism & Gaming: 34 Business Licensing: For-Sale Residential: Apartment Projects: Apartment Rents & Vacancies: For-Lease Commercial: Building Permit Activity: Certificates of Occupancy: Unincorp. 5 *North records non-residential certificates of occupancy only. 5 North * nevada Department of Employment, Training and Rehabilitation Convention and Visitors Authority; Nevada State Gaming Control Board; McCarran International Airport HomeBuilders Research; Greater Association of REALTORS CB Richard Ellis UNLV Center for Business and Economic Research RCG Economics LLC -5- The Economic and Urban Development Department (EUD) creates, coordinates and encourages development and redevelopment throughout the city of. It increases and diversifies the city s economic base, and creates jobs, through business attraction, retention and expansion programs. In addition, this newly expanded department now includes employees who oversee and manage local, state and federal grants used to provide public services, develop public facilities and support affordable housing for low income families. The EUD coordinates with the city of Redevelopment Agency on day-to-day operations, economic development, job creation and long-term strategic goals. 4 Stewart Ave. Second Floor, NV 89 Tel: Fax: Disclaimer: The information furnished by RCG Economics LLC in its quarterly reports to the city under this contract has been obtained from sources RCG deems reliable and is submitted subject to errors, omissions and changes. Although RCG has no reason to doubt its accuracy, RCG does not guarantee it. ED-oo3-o8- MC