By CJ Jorgensen for NEVBEX
The construction industry in Nevada leads unadjusted YoY changes, growing more than 8,000 jobs YoY. Statewide unemployment has risen due to an influx of new workers in the labor market.
The Nevada Department of Employment, Training and Rehabilitation released its October 2024 economic report on Nov. 15, which tracked various employment factors throughout the Silver State. The estimates come from the Current Employment Statistics program sponsored by the Bureau of Labor Statistics.
Metropolitan Employment Statistics
The Las Vegas area total nonfarm employment saw a decrease of 3,300 jobs (0.3%) from September 2024 to October 2024. Despite the decrease over the month, the Las Vegas total nonfarm employment saw a growth of 9,500 jobs (0.8%) YoY.
The Las Vegas MSA saw a YoY increase of 5,000 construction jobs. Construction was the industry with the highest increase rates across Las Vegas within the past year.
Vegas’ worst performing industry over the past year was Professional and Business Services, seeing an employment decrease of 6,200. Trade, Transportation and Utilities also saw a decrease of 2,000.
The Reno area total nonfarm employment saw a decrease of 2,200 jobs (0.8%) from September 2024 to October 2024. Since October 2023, Reno has seen a total nonfarm employment increase of 900 jobs (0.3%).
Construction was the Reno MSA’s third highest industry in employment increase over the past year, right behind Leisure/Hospitality and Education/Health Services. Construction saw an increase of 1,000 positions.
The Trade/Transportation/Utilities (-3,000) and Professional/Business Services (-2,300) industries saw stark decreases in unadjusted YoY change in Reno.
The Carson City area reportedly saw no change in jobs since September. The total nonfarm employment of the metropolitan area saw a YoY increase of 800 jobs (2.5%) since October 2023.
Statewide Employment Statistics
Regarding the outlook on Nevada’s employment, Chief Economist David Schmidt said, “In October, we saw the pace of employment growth shrink to 1.3% as unemployment increased to 5.7%. At the same time, hourly wages saw their largest increase so far this year, rising by over 5%. As we enter the beginning of the holiday hiring season the trade, transportation and utilities sector added 2,400 jobs over the month, which was 500 jobs below the typical seasonal pattern for this time of year. The labor market continues to soften, though higher unemployment continues to be driven by people entering the labor market, not by people losing their jobs.”
Over the past 12 months, Nevada has seen a total nonfarm employment increase of 20,000 jobs (1.3%). The unemployment rate in Nevada saw a slight increase of 0.1%, bringing the unemployment rate total to 5.7%. Nevada’s labor force saw an increase of 1,379 workers.
According to the report, the construction industry saw the highest increase in Nevada of 8,100 jobs YoY. Professional and Business Services saw the largest decrease, with an annual change of -6,400 jobs YoY.
Nevada’s construction industry is still below its peak 2006 numbers, but is slowly inching closer to that number as time continues.
Nevada’s unemployment rate saw an increase of 0.4% from 5.3% in 2023, seasonally adjusted. Since October 2023, the number of unemployed people increased by 6,508, currently totaling 91,828 individuals.
As of September, Nevada has the highest unemployment rate of any state. Notably, the District of Columbia has a higher unemployment rate than Nevada.
Nevada’s labor force increased by 9,982 individuals since October 2023, currently totaling 1,623,202 people. As of September, Nevada is ranked ninth in YoY employment growth nationwide.
