Las Vegas Real Estate and Business News

Local unemployment rises in January

By TONY ILLIA
BUSINESS PRESS

March 06, 2006

Las Vegas area unemployment rose to 3.9 percent in January, a 0.4 percent increase from December, reports the state Dept. of Employment and Training Rehabilitation. Yet it still marks a 0.4 percent improvement over last year, despite adding 6,753 new residents per month in 2005.

The valley's workforce grew to 876,100 people in January, a 3.5 percent increase from December and 29.8 percent higher than a year ago.

"Our unemployment rate is more than a full percentage point below the national average, and our job growth rate is the envy of most states," Governor Kenny Guinn said. Nevada statewide had a 3.6 percent unemployment rate in January or 0.3 percent better than the Las Vegas Valley which still outperformed neighboring California with 5.1 percent and the national average at 4.7 percent.

The resort sector, not surprisingly, was the valley's biggest employer accounting for 266,800 jobs in January or 17,600 more positions than a year ago. There are currently $24.26 billion worth of resort expansions planned from 2006-09, the Las Vegas Convention and Visitor Authority reports, including 34,639 more hotel rooms, 886 timeshare units, and 1.3 million square feet of added convention space.

Professional and business services employed 108,900 people in January, 7.3 percent more than in 2005, while construction hired 105,200 people, or 2,200 fewer than in December. Trade, transportation and utility jobs accounted for 152,000 positions in January, or 5,500 fewer than in December but still 5.8 percent more than a year ago.

Nevada statewide mostly saw job growth across its major industries during the last year, although the information sector lost 500 jobs.

"The results confirmed that Nevada's economy created jobs at a rapid pace last year," said Terry Johnson, DETR director. "Statewide employment increased at an annual average of 6.2 percent in 2005, the highest percentage job growth since 1999."

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