Las Vegas Nevada Fact Sheet Jan-Mar 2012

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Las Vegas Nevada Fact Sheet Jan-Mar 2012

  1. 1. LAS VEGAS VALLEY FACT SHEET January - March 2012EMPLOYMENTMarch 2012 Employment by Industry Las Vegas Clark CountyGoods ProducingNatural Resources & Mining 10 200Construction 5,300 34,800Manufacturing 2,100 19,700Services ProducingTrade, Transportation & Utilities 37,700 148,500Information 4,600 9,400Financial Activities 14,000 37,900Professional & Business Services 29,300 99,400Education & Health Services 28,800 71,600Leisure & Hospitality 38,200 268,000Other Services 8,800 24,100Government 56,500 94,200Total Employment 225,310 807,800Change in Employment from March 2011 Las Vegas Clark County -900 4,400Clark County Unemployment Rate March 2012 March 2011 12.0% 13.7% Construction was recently completed on the MLK Health Center in West Las Vegas. The Las Vegas Redevelopment Area encompasses 3,948 acres within the city of Las Vegas. -1-
  2. 2. TOURISM & GAMING• There were more than 9.75 million visitors to the Las Vegas valley during the first quarter, 3.6 percent above the 9.42 million recorded visitors in the same quarter of last year. Visitor volume levels have been increasing during the past two years.• Clark County gaming revenue totaled more than $2.47 billion in the first quarter and is up 4.4 percent over the previous year. All areas within Clark County posted positive growth, with the Strip leading the way at 5.2 percent. This was followed by Downtown (+4.0 percent), the Boulder Strip (+3.4 percent) and other county areas (+2.6 percent). The Plaza hotel-casino recently underwent a major renovation. Photo courtesy of The Plaza. Visitor Volume January February March Q1, 2012 Las Vegas Valley 3,154,600 3,070,000 3,532,000 9,756,600 % Change from prior year 0.9% 6.4% 3.7% 3.6% Gaming Revenue January February March Q1, 2012 Strip $623,512,000 $530,690,000 $448,683,000 $1,602,885,000 Downtown $47,065,000 $45,044,000 $43,388,000 $135,497,000 Boulder Strip $84,313,000 $71,653,000 $62,787,000 $218,753,000 Other County Areas $170,597,000 $164,748,000 $178,636,000 $513,981,000 Clark County $925,487,000 $812,135,000 $733,494,000 $2,471,116,000 % Change from prior year Strip 29.2% 3.3% -14.9% 5.2% Downtown 13.7% 13.6% -11.9% 4.0% Boulder Strip 8.7% 22.9% -17.0% 3.4% Other County Areas 6.8% 4.3% -2.7% 2.6% Clark County 21.6% 5.5% -12.2% 4.4%For-Sale Residential Redevelopment Unincorporated North Las Vegas Las Vegas Henderson Area Las Vegas Valley Las Vegas Valley NEW HOMES* Active Projects 56 3 111 45 35 247 Total Units 6,711 669 15,673 6,417 4,429 33,230 Unsold Units 3,154 115 5,887 2,170 1,845 13,056 Closed Units – Q1 217 20 350 173 103 843 Avg. Size (SF) 2,287 1,978 2,334 2,441 2,370 2,344 Median Price $201,000 $189,000 $241,000 $218,000 $189,000 $212,000 Median Price per SF $93 $108 $101 $102 $82 $97 RESALE HOMES Closed Single Family Units – Q1 2,809 35 3,753 1,417 1,313 9,293 Closed Multi-family Units – Q1 662 5 1,166 305 98 2,231 Avg. Days on Market 78 79 76 76 75 76 Avg. Size (SF) 1,794 1,459 1,809 2,041 1,854 1,845 Median Price $100,000 $40,050 $110,000 $145,000 $92,000 $109,000 Median Price per SF $60 $33 $66 $78 $52 $63*New home units include those within subdivision projects that are actively selling. -2-
  3. 3. APARTMENTS New Apartment Projects by Expected Completion Average Apartment Rents Average Vacancy 1,400 & Vacancy Rent Rate 1,146 units 1,200 2012 Las Vegas $761 9.8% 1,000 2013 Redevelopment Area $586 10.7% 851 units Unincorporated Las Vegas Valley $780 10.3% 800 660 units Henderson $851 8.9% North Las Vegas $759 9.4% 600 491 units Las Vegas Valley $747 9.7% 400 200 0 Las Vegas Unincorporated Henderson North Las Vegas Las Vegas Valley New Apartment Projects by Type and Expected Completion 2012 2013 Type Proj. Units Proj. Units Las Vegas Affordable 0 0 0 0 Age Restricted 0 0 1 75 Affordable/Age Restricted 0 416 0 0 Conventional 0 0 0 0 Total 1 416 1 75 Redevelopment Area Affordable 0 0 0 0 Age Restricted 0 0 0 0 Affordable/Age Restricted 0 0 0 0 Conventional 0 0 0 0 Total 0 0 0 0 Unincorporated Las Vegas Valley Affordable 0 0 0 0 Age Restricted 0 0 0 0 Affordable/Age Restricted 3 326 0 0 Conventional 2 640 1 180 Total 5 966 1 180 Henderson Affordable 0 0 0 0 Age Restricted 0 0 0 0 Affordable/Age Restricted 1 226 0 0 Conventional 1 296 3 329 Total 2 522 3 329 North Las Vegas Affordable 0 0 0 0 Age Restricted 0 0 0 0 Affordable/Age Restricted 0 0 0 0 Conventional 2 222 1 438 Total 2 222 1 438 Las Vegas Valley Affordable 0 0 0 0 Age Restricted 0 0 1 75 Affordable/Age Restricted 5 968 0 0 Conventional 5 1,158 5 947 Total 10 2,126 6 1,022 Clark County Business License Activity*BUSINESS LICENSING Las Vegas 1,040 issued in Q1 36,804 total active• There were 1,040 businesses licenses issued in the city of Las Vegas during the first quarter, Unincorporated 2,445 issued in Q1 Clark County 58,044 total active making up 23 percent of Clark County’s 4,502 total newly-issued licenses for the quarter. 344 721 issued in Q1 of these were issued to businesses within the Henderson 12,519 total active Active city’s Redevelopment Area. Issued North 296 issued in Q1• By the end of quarter, there were 36,804 active Las Vegas 12,519 total active business licenses in the city of Las Vegas (32 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 percent of the county total). Of this amount, *Excludes Boulder City and Mesquite. 5,555 were active in the Redevelopment Area. *Excludes Boulder City and Mesquite. -3-
  4. 4. SPECULATIVE COMMERCIAL • The city of Las Vegas makes up 10 percent (9.2 For-Lease Commercial Existing Under Const. million sf) of the Las Vegas Valley’s 93.3 million sf Estimated Employment Employment Employment of total for-lease industrial inventory. Industrial • Of the 41.1 million sf of total for-lease office Las Vegas 14,160 0 inventory, 35 percent (nearly 14.4 million sf) were Redevelopment Area 8,300 0 located within the city. Unincorporated Las Vegas Valley 86,130 80 Henderson 14,730 0 • Approximately 100,000 sq. ft. of new anchored North Las Vegas 23,770 0 shopping center space was completed in the Las Vegas Valley 138,790 80 city of Las Vegas during the quarter, increasing Office inventory to just over 15 million sq. ft. Las Vegas 60,640 0 • Las Vegas accounted for 35 percent of the total Redevelopment Area 12,080 0 42.8 million sf of for-lease anchored retail supply. Unincorporated Las Vegas Valley 86,260 0 Henderson 24,380 110City of Las Vegas Commercial Inventory North Las Vegas 3,260 0 Las Vegas Valley 174,540 110(Millions of SF) Retail16 Las Vegas 30,760 014 Redevelopment Area share Redevelopment Area 1,070 012 Unincorporated Las Vegas Valley 32,260 0 Henderson 15,680 010 North Las Vegas 6,430 0 8 Las Vegas Valley 85,130 0 6 4 2 0 Industrial (9.2 MSF) Office (14.4 MSF) Retail (15.0 MSF) Y-O-Y # of Under Under For-Lease Commercial Existing Existing Vacancy Average Absorbtion Const. Const. Market Indicators Projects Space (sf) (%) Rents ($) Space (sf) Projects Space (sf) IndustrialLas Vegas 393 9,201,416 15.4% $0.57 -42,579 0 0 Redevelopment Area 227 4,938,437 7.6% $0.42 -8,402 0 0 Unincorporated Las Vegas Valley 1,624 57,690,738 17.9% $0.50 70,630 1 51,097 Henderson 313 9,710,448 16.6% $0.44 221,813 0 0 North Las Vegas 420 16,686,147 21.7% $0.36 67,347 0 0 Las Vegas Valley 2,750 93,288,749 18.2% $0.50 317,211 1 51,097 OfficeLas Vegas 372 14,362,831 26.1% $1.89 -64,411 0 0 Redevelopment Area 62 2,527,844 16.4% $1.85 -24,286 0 0 Unincorporated Las Vegas Valley 538 20,498,957 26.4% $1.86 139,361 0 0 Henderson 141 5,572,278 23.4% $2.00 -130,007 1 26,000 North Las Vegas 27 708,704 19.4% $1.50 -18,173 0 0 Las Vegas Valley 1,078 41,142,770 25.8% $1.90 -73,230 1 26,000 RetailLas Vegas 86 15,034,703 7.9% $1.01 59,288 0 0 Redevelopment Area 6 628,329 23.5% $1.02 31,858 0 0 Unincorporated Las Vegas Valley 99 16,129,025 10.0% $1.40 -144,672 0 0 Henderson 48 8,128,308 13.2% $1.29 -60,200 0 0 North Las Vegas 21 3,485,729 17.0% $1.24 230,613 0 0 Las Vegas Valley 254 42,777,765 10.5% $1.32 85,029 0 0 Note: Due to reclassifications 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. 5. BUILDING PERMITS Building Permits New New New Commercial & • There were 224 new single Value Single Family Multifamily Hotel/Motel family units and 75 multifamily Las Vegas Units 224 75 N/A units permitted in the city of Permits 224 1 4 Las Vegas in the first quarter. Valuation $30,444,959 $4,394,400 $7,708,097 Units 0 0 N/A • Also, there were four new Redevelopment Permits 0 0 2 commercial and hotel/motel Area Valuation $0 $0 $6,233,097 permits issued in Las Vegas Unincorporated Units 510 0 N/A with a total valuation of Clark County Permits 510 0 50 more than $7.7 million. This Valuation $55,723,439 $- $111,999,584 includes two projects within the Henderson Units 206 460 N/A Redevelopment Area, which Permits 206 38 2 accounted for most of the Valuation $25,680,780 $25,512,545 $491,400 commercial valuations for the North Las Vegas Units 94 4 N/A city. Permits 94 4 5 Valuation $13,521,000 $415,569 $2,570,151 Clark County* Units 1,034 539 N/A Permits 1,034 43 61 Valuation $125,370,178 $30,322,514 $122,769,232 *Excludes cities of Boulder City and Mesquite.CERTIFICATES OF OCCUPANCY The Economic and Urban Development Department (EUD) creates, coordinates and • There were 835 certificates of occupancies recorded in the first encourages development and redevelopment quarter, of which 224 (or 27 percent) were issued in the city of throughout the city of Las Vegas. It increases Las Vegas. and diversifies the city’s economic base, and creates jobs, through business attraction, Certificates of Occupancy Issued retention and expansion programs. In addition, this newly expanded department now includes 400 employees who oversee and manage local, 342 state and federal grants used to provide public services, develop public facilities and support affordable housing for Las Vegas families with 224 lower incomes. 200 175 The EUD coordinates with the city of Las Vegas Redevelopment Agency on 94 day-to-day operations, economic development, job creation and long-term strategic goals. 495 S. Main St. 0 Sixth Floor Las Vegas Unincorp. Henderson North Las Vegas, NV 89101 Tel: 702.229.6551 Clark County Las Vegas**North Las Vegas records non-residential certificates of occupancy only. www.lvrda.org www.lasvegasnevada.gov/EUD Sources: Employment: RCG Economics LLC; U.S. Census Bureau; Nevada Department www.facebook.com/lvbusiness of Employment, Training and Rehabilitation Tourism & Gaming: Las Vegas Convention and Visitors Authority; Nevada State Gaming Control Board; McCarran International Airport Disclaimer: Business Licensing: County and municipal governments The information furnished by RCG Economics LLC in For-Sale Residential: HomeBuilders Research; Greater Las Vegas Association of REALTORS® its quarterly reports to the city under this contract has Apartment Projects: CB Richard Ellis been obtained from sources RCG deems reliable and Apartment Rents & Vacancies: Center for Business and Economic Research at UNLV is submitted subject to errors, omissions and changes. For-Lease Commercial: RCG Economics LLC Although RCG has no reason to doubt its accuracy, Building Permit Activity: County and municipal governments RCG does not guarantee it. Certificates of Occupancy: County and municipal governments ED-0023-025-12 RS -5-

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