The “third” estimate of U.S. real gross domestic product (GDP) for the first quarter of 2020 contracted by 5.0 percent at an annual rate. The decrease in real GDP was mainly caused by massive shutdowns to contain the coronavirus. U.S. nonfarm employment experienced a stronger-than-expected rebound, adding 4.8 million jobs in June, largely benefitting from a sharp increase of … [Read more...] about Business Indicators
Monthly Editorial Departments
Around the StateJuly 2020
GOED Approves Workforce Development Program The Nevada Governor’s Office of Economic Development (GOED) Board of Directors has approved a grant to the College of Southern Nevada (CSN) for an advanced manufacturing rapid response program. The grant is for $2 million and is expected to expand skilled training offerings in southern Nevada by expanding and accelerating the … [Read more...] about Around the State
Separation of Powers Should Matter in Times of Emergency Too
For the next several months, maybe even years, we will be hearing about the long-lasting effects of the “coronavirus shutdown.” There will be ongoing public debate over how Nevada “should” have responded to the global pandemic as we learn more about the virus and the consequences of shutting down an entire state for months on end. However, that debate somewhat misses the … [Read more...] about Separation of Powers Should Matter in Times of Emergency Too
Commercial RE ReportRetail Summary: First Quarter 2020
Northern Nevada By Dickson Commercial Group Retail sales have been up and down quarter by quarter for some time. Q1 was down by 50 percent from Q4 but volume overall was consistent with averages when looking at the last 12 months. Two major deals made up over 55 percent of the total volume for the quarter which helped keep the numbers up. The first quarter had a … [Read more...] about Commercial RE Report
Business IndicatorsJuly 2020
The “second” estimate of U.S. real gross domestic product (GDP) for the first quarter of 2020 contracted by 5.0 percent at an annual rate, lower than the advance estimate of a 4.8 percent contraction. The revision reflected a deeper decrease in private inventory investment, which was partly offset by upward revisions to consumer spending and nonresidential fixed investment. The … [Read more...] about Business Indicators
Backroom Labor Deals are a Disservice to Taxpayers and Public Workers Alike
In the months and years ahead, the economic reality of the coronavirus shutdown will collide in dramatic fashion with the priorities of public sector unions. This month, many government agencies will be negotiating new labor contracts with union officials — contracts that will set pay schedules, determine salary increases and govern the personnel costs for each agency. What … [Read more...] about Backroom Labor Deals are a Disservice to Taxpayers and Public Workers Alike
Around the StateJune 2020
Las Vegas Home Sales Dropping, Prices Hold Steady According to a report released by the Las Vegas Realtors (LVR), statistics in April show home sales dropping, but prices holding relatively steady. The median price of existing homes in southern Nevada was $310,000, up 3.3 percent from 2019. LVR reported 1,190 canceled sales contracts in April, down from 1,335 in April 2019. … [Read more...] about Around the State
Commercial RE ReportOffice Summary: First Quarter 2020
Northern Nevada By Colliers Reno The Reno/Sparks office market got off to a slow start in the first quarter of 2020, and unfortunately must expect weaker performance as we deal with Nevada business closures. Reno/Sparks office vacancy increased to 10 percent, a 0.2 point increase from one quarter ago, but a 2.4-point decrease from one year ago. Net absorption was negative … [Read more...] about Commercial RE Report
Business IndicatorsJune 2020
The “advance” estimate of U.S. real gross domestic product (GDP) for the first quarter of 2020 fell by 4.8 percent at an annual rate, the steepest drop since 2008 Q4. The sharp decline reflected the nearly stalled economy due to the COVID-19 pandemic that started in mid-March as state governments issued stay-at-home orders. U.S. nonfarm employment experienced a record … [Read more...] about Business Indicators
The Decision to ‘Re-Open’ the Economy Shouldn’t be Government’s to Make
Destroying the financial hopes and dreams of thousands of Nevadans should have never been seen as the only way to combat a pandemic. And given the depth of the financial harm this shutdown has caused, getting people back to earning a living should, at this point, be considered equally as important as containing the spread of the virus. After all, the cost of the shutdown … [Read more...] about The Decision to ‘Re-Open’ the Economy Shouldn’t be Government’s to Make
Around the StateMay 2020
Students in Need of Technology According to the Public Education Foundation, as many as one-third of the 320,000 families In the Clark County School District (CCSD) lack access to computers, the internet or their teachers. The CCSD estimates that approximately 120,000 Chromebooks are needed for students participating in distance learning. Recently a Las Vegas-based software … [Read more...] about Around the State
Commercial RE ReportIndustrial Summary: First Quarter 2020
Northern Nevada By CBRE Reno Strict stay-at-home orders due to the COVID-19 pandemic are leading the U.S. economy into a recession with a very sharp GDP decline in for Q1 2020. However, the unique nature of this downturn could result in an unusually swift economic recovery that may begin as early as Q3 2020. Prior to the pandemic, the Reno industrial market began to … [Read more...] about Commercial RE Report
Business IndicatorsMay 2020
The “third” estimate of U.S. real gross domestic product (GDP) for the fourth quarter of 2019 rose at an annual rate of 2.1 percent. U.S. nonfarm employment lost 701,000 jobs in March with a notable decline of 459,000 jobs in the leisure and hospitality sector. Since these figures are based on the first two weeks of March, they only reflected the early effects of the … [Read more...] about Business Indicators
Government Might Not be Up to the Challenge — but Individuals Are
If you get the sense that government is not up to the challenge presented by a public health crisis, and the economic fallout that results from it, you’re probably right. That’s because government is, at its core, a political enterprise—and as most Americans will readily admit, bickering politicians aren’t generally the best at getting things done in an effective and efficient … [Read more...] about Government Might Not be Up to the Challenge — but Individuals Are
Around the StateApril 2020
Census 2020 Available Online April 1 is Census Day in the United States. The Census 2020, which is open now, can be completed online and is open to all Nevada residents. Every 10 years, the federal government conducts a count of the U.S. population to calculate the distribution of federal funds to states. In Nevada, this impacts over $6 billion in federal funds. The count is … [Read more...] about Around the State