During 2018, Southern Nevada reported new highs in employment, reaching 1.03 million employees by the end of the year. To date, the area has experienced 94 consecutive months of positive year-over-year job growth. Over the past year, Southern Nevada added 33,900 jobs, which represents a notable growth rate of 3.4 percent, nearly double the national average.
Southern Nevada experienced remarkable employment growth over the past year, with every sector either
increasing the number of employees or remaining constant. Leisure and hospitality led employment growth, adding 7,900 jobs with a growth rate of 2.8 percent. This was followed by the government sector adding 5,700 jobs (+5.3 percent) and the construction sector bringing 5,500 new jobs to Southern Nevada, reflecting a significant growth rate of 8.8 percent. Other notable areas of expansion include education and health services (+4.9 percent), professional and business services (+3.6 percent), other services (+5.7 percent), financial activities (+2.8 percent), manufacturing (+4.3 percent) and trade, transportation and utilities (+0.4 percent).
The increase in
employment drove the unemployment rate in Southern Nevada lower and closer to the national average. The Las Vegas metropolitan area reported an unemployment rate of 4.5 percent by the end of 2018, 0.8 percentage points higher than the national rate of 3.7 percent. This is a decrease of 0.5 percentage points from the area’s unemployment rate of 5.0 percent a year ago.
Southern Nevada’s wage growth also outpaced the national average. By the end of 2018, Southern Nevada had an average wage of $829 per week, representing a growth rate of 6.5 percent from the prior year. National wages reached $966 per week by the end of 2018, a growth rate of 5.4
Southern Nevada continues to be home to one of the nation’s fastest growing job markets. The area provides opportunities for companies to expand and employees to grow with increased wages and a declining unemployment rate. We will continue to monitor the area’s performance, but it is expected that Southern Nevada’s job market will continue to improve in 2019.