Employment Review | April 2024

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Keem Ibarra
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Employment Review Highlights:

  • Regional Job Growth Resilience
  • Challenges of Elevated Unemployment Rate
  • Rising Cost of Living

In 2024, Southern Nevada’s employment sector experienced improvement compared to the previous year. Over the past year, the region has added 37,700 jobs, reflecting a growth rate of 3.4 percent. The majority of this growth was witnessed in the leisure and hospitality sector, which added 10,200 employees during the past year. This was supported by the opening of two new resorts: Fontainebleau Las Vegas and Durango Casino and Resort. Additionally, the trade, transportation and utilities sector grew by 7,000 positions and the government sector added 6,400 employees.

Despite this positive job growth, Nevada continues to report a relatively high unemployment rate of 5.2 percent, surpassing the national average by 1.0 percentage points. However, there has been a decrease of 0.8 percentage points in the region’s unemployment rate compared to the previous year, while the national rate increased by 0.3 percentage points. Additionally, initial unemployment insurance claims rose to a total of 10,296 in March, an increase of 6.8 percent from the prior year.

However, the job market continues to be influenced by labor supply-demand dynamics. Average weekly wages stood at $995 during February (latest available), a decrease of 0.6 percent from a year ago, but an increase of 2.2 percent from January. Local wages remain below the national average of $1,180 per week, a 15.7 percent difference, which creates potential challenges for a segment of the population that continues to face rising costs of living.

Southern Nevada’s economic performance remains asymmetrical, characterized by robust annual job growth alongside a relative high unemployment rate. Current conditions are partially attributed to a growing labor force as the overall economy continues to expand and experience increased investment. The region’s employment landscape continues to rebound, demonstrating the resilience of the regional economy and emphasizing the significance of a skilled labor force in driving job expansion.