Bank of Nevada Releases 2018 Regional Intelligence Report
Bank of Nevada hosted its 2018 Economic Forum featuring keynote speaker Dr. Christopher Thornberg on Thursday, September 13 at The Smith Center for the Performing Arts. A well-known economic expert and commentator, Dr. Thornberg has appeared on CNN and NPR and is regularly quoted in major national dailies including the Wall Street Journal and New York Times.
Insights shared by Dr. Thornberg covered national and regional economic trends with specific attention given to the local economy in Southern Nevada. As part of the event, Bank of Nevada has released a Regional Intelligence Report with key findings included in Dr. Thornberg’s presentation.
Key findings provided in the report include:
- As of June 2018, Clark County has amassed a total nonfarm workforce of 1.0 million, a milestone for the region, decreasing the unemployment rate to 4.5%.
- From the fourth quarter of 2016 to the fourth quarter of 2017, average annual wages in Clark County rose 3.1% to an average of $46,800.
- Taxable sales grew considerably in Clark County increasing 8.2% from May 2017 to May 2018, reaching $3.6 billion.
- Although employment and business activity have been increasing overall, the number of establishments in Clark County has fallen. During the second quarter of 2018, office vacancies rose to 23.2%, while retail vacancies increased to 13.5%.
- Median home prices increased 15.3% to $262,000 between May 2017 and May 2018. Yet despite the significant increase, Las Vegas’ housing market remains less expensive than the statewide average of $274,200.
These and other insights are provided in our Regional Intelligence Report. Download your free copy today.