Unemployment Rate in Nevada Highest in the Nation According to the Bureau of Labor Statistics (BLS) the overall unemployment rate in Nevada climbed to 14 percent in May, beating out Michigan who previously had the highest unemployment rate in the country. Additionally, the unemployment rate for teens in Nevada is now the second highest in the country at 34.6 percent. Minimum … [Read more...] about July 2010: Around the State
Monthly Editorial Departments
Retail Summary: First Quarter 2010
Las Vegas   Vacancies within the Las Vegas commercial retail market moved upward while average asking rents continued to decline in anchored-retail centers during the first quarter of 2010. Reporting a vacancy rate of 10.5 percent at the close of the first quarter of 2010, vacancies remain up 0.9 points from 9.6 percent during the same period of the prior year (Q1 2009). … [Read more...] about Retail Summary: First Quarter 2010
July 2010: Business Indicators
The US economy has posted several quarters of solid growth in gross domestic product.  Most of that growth has been driven by consumption spending and firms restocking inventories, although business investment in equipment and software made a strong showing in the first quarter of 2010. Still, there is evidence of continued weakness in the US economy. The May 2010 employment … [Read more...] about July 2010: Business Indicators
June 2010: Around the State
National Geothermal Institute Established at UNR The United States Department of Energy (DOE) has awarded the University of Nevada, Reno a $1.2 million grant to develop and operate the National Geothermal Institute, a consortium of top geothermal schools. The institute is designed to transform and grow the national energy infrastructure to utilize America’s geothermal … [Read more...] about June 2010: Around the State
Office Summary: First Quarter 2010
Las Vegas The Las Vegas Valley office market continued to deteriorate with rising vacancies and diminishing rents. Net absorption, or the change in the amount of occupied space between periods, remained negative for the sixth consecutive quarter. The market reported total first quarter negative net absorption of 81,200 square feet. The office market expanded by 84,800 … [Read more...] about Office Summary: First Quarter 2010
June 2010: Business Indicators
The US economy continued to recover from one of the deepest recessions in US history. US gross domestic product (GDP) has advanced for the last three quarters, with growth averaging 3.7 percent over that period. Personal consumption expenditures, accounting for almost 70 percent of GDP, have rebounded, posting an average gain of 2.7 percent in the last three quarters. Still, … [Read more...] about June 2010: Business Indicators
May 2010: Around the State
New Tax Benefits Aid Employers Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. The provisions are part of the Hiring Incentives to Restore Employment Act (HIRE). Employers who hire unemployed workers between Feb. 3 of this year and Jan. 1, 2011 may qualify for a 6.2 percent payroll tax incentive. … [Read more...] about May 2010: Around the State
Industrial Summary: First Quarter 2010
Las Vegas The Las Vegas Valley industrial market continued to struggle with higher vacancies while average asking rents slid downward in response to an ongoing supply-demand imbalance. No new inventory came to market as current economic conditions have stalled or delayed construction activity for most proposed projects. The amount of occupied industrial space dipped to a … [Read more...] about Industrial Summary: First Quarter 2010
May 2010: Business Indicators
The US economy continued to expand without adding much in the way of new jobs. US employment was down by 2.4% over the last year and essentially unchanged from the previous month. But, there are strong indications that the national economy is primed for employment growth soon. Productivity, in terms of output per worker, increased at an annual rate of 5.9% in February. … [Read more...] about May 2010: Business Indicators
April 2010: Around the State
Construction Costs Expected to Remain Stagnant in 2010 According to construction consultant Rider Levett Bucknall, a national average decrease in construction costs of approximately 0.5% from the previous quarter indicates construction costs should see little to no inflation this year. In 2009 construction costs were down by 7.3 percent comparatively. Las Vegas matches the … [Read more...] about April 2010: Around the State
Retail Summary: Fourth Quarter 2009
 Las Vegas During the fourth quarter of 2009, the Las Vegas commercial retail market remained stressed. Vacancies remained elevated while declines in average asking rents continued to accelerate. Vacancies during the fourth quarter of 2009 were 10.0 percent of inventory and compared to the prior year (Q4 2008) vacancies remain up 2.5 points from 7.5 percent. For comparison … [Read more...] about Retail Summary: Fourth Quarter 2009
April 2010: Business Indicators
After four straight quarters of decline following the financial crash of October 2008, US gross domestic product (GDP) growth finally moved into positive territory in the 3rd quarter of 2009. GDP grew at an annual rate of 2.2 percent that quarter with much of the growth attributable to government spending linked to the federal fiscal stimulus package.  The US economy expanded … [Read more...] about April 2010: Business Indicators
March 2010: Around the State
Nevada’s Teen Unemployment Rate is Second Highest in Nation According to the Bureau of Labor Statistics, not only is Nevada one of the hardest hit in the nation in regards to unemployment but Nevada teens are especially affected with the teen unemployment rate 30 percent higher than the national average. According to the Employment Policies Institute (EPI) the blame for this … [Read more...] about March 2010: Around the State
Office Summary: Fourth Quarter 2009
Las Vegas The Las Vegas Valley office market reported its worst year on record, posting record-high vacancies, net move-outs and price declines in 2009. Net absorption, or the change in the amount of occupied space between periods, remained negative for the fifth consecutive quarter. At the end of the fourth quarter, there were 38.1 million occupied square feet, the lowest … [Read more...] about Office Summary: Fourth Quarter 2009
March 2010: Business Indicators
The US economy exploded with new growth in the fourth quarter of 2009 as GDP growth soared to a 5.7% annualized growth rate. In the 3rd quarter, real GDP advanced at an annual rate of 2.2%. GDP, a measure of the total value of all final production in the US, is composed of investment by firms and individuals, consumption by households, government spending, and exports less … [Read more...] about March 2010: Business Indicators