July jobs data shows bulk of employment and labor growth concentrated in Reno, Las Vegas
Submitted by Jeff Munson on Tue, 08/21/2018 - 2:28pm
CARSON CITY — While Carson City remained relatively unchanged in July regarding the addition of new jobs, statewide figures show an increase of 3.4 percent, which correlates to 46,000 new jobs added since July of last year, according to figures released Tuesday by the Nevada Department of Employment, Training and Rehabilitation.
The largest gains were realized in Las Vegas and Reno, at 10,300 and 800 respectively. Reno was the only metropolitan statistical area (MSA) that added jobs at a faster rate than the state as a whole in July.
“July’s data shows that job growth was distributed throughout the state. While this growth was fastest in Reno at 3.7 percent, Las Vegas accounted for the majority of employment gains adding over 33,000 jobs over the year with growth in service-providing and goods producing industries, said David Schmidt, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
"The Silver State continues to show strong job growth and unemployment rates across the state remain low. Unemployment rates are down over the year in 16 of 17 counties, including the State’s major population centers," said Schmidt. "As employers continue to add jobs, more people are joining the workforce, showing confidence in the economy.”
Additional report data shows that in July manufacturing was the fastest-growing sector in the Silver State, with employment in the industry seven percent higher than the pre-recession peak. Nevada has seen significant gains in manufacturing employment in recent years, with total statewide growth of 14 percent, or 6,500 jobs, year to date in 2018.
This growth is illustrated in manufacturing trends across the State’s three largest population centers; Carson City, Reno and Sparks, and Las Vegas, with Reno and Sparks being the only one to have surpassed its pre-recessionary manufacturing employment.
Additional July 2018 Economic Report Highlights:
· Job Growth (Seasonally-Adjusted):
— Carson City remained unchanged from June but was up 100 jobs over the year (2.7 percent).
— Reno added 800 jobs over the month and 8,600 over the year (3.7 percent) adding jobs at a faster rate that the State as a whole (3.4 percent).
— Las Vegas gained 10,300 jobs over the month and 33,700 over the year (3.4 percent).
Unemployment:
— Carson City: 4.3 percent, unchanged from June; down 0.4 percentage point from a year ago.
— Reno: 3.5 percent, unchanged from June; down 0.6 percentage from this time last year.
— Las Vegas: 4.7 percent; unchanged from June, and down 0.7 percentage point from a year ago.
— Unemployment rates remain at or below four percent in nine counties.
— Unemployment rates declined on an over-the-year basis in 16 of 17 counties.
— Eureka, at 2.8 percent, holds the State’s lowest unemployment rate.
— Statewide, job ads are up by 9,500 in July.
— Reno/Sparks has seen the strongest growth in manufacturing since the recession, both in total jobs (up 9,400) and in percentage growth (up 85 percent).
— Washoe County has seen new housing permit activity at about 80% of January 2005 levels, the strongest in the State.
— Clark County housing permit activity is up to about 40 percent of January 2005 levels.
— Statewide job posting activity continues to show improvement, with job ads totaling 166,500 through July, up 35,300 ads over the year.
— Clark County experienced the largest increase in job ad volume over last year (+29,400), totaling 118,200 ads year-to-date.
— Statewide weekly initial claims for unemployment insurance, using a 13-week moving average, have declined by nearly six percent through the end of July, when compared to the same period last year. This has led to year-over-year declines in six of Nevada’s 17 counties, and steady levels in nine counties.
— Clark County has seen the largest nominal decline in initial claims, with a decrease of over 150 claims per week, or nearly seven percent compared to the same period last year.
Nevada’s unemployment rates continue to get closer to their all-time lows. The lowest rate of all-time was in Storey County at 1.1 percent and the statewide all-time low is 3.6 percent.
