The Nevada Construction sector saw a steep employment decline in April after remaining relatively flat in March.
The Silver State lost 1,400 positions month-over-month in April. As the total employment count is 108,800, this reflects a fall of 1.3%. Notably, total construction employment in March was adjusted to 110,200.
The Construction sector fell by 0.1% of total nonfarm employment in Nevada; Construction now accounts for 6.9% of total employment, according to nevadaworkforce.com. In terms of year-over-year data, Nevada has lost 1,200 positions, which equates to 1.1%.
In terms of MoM data, Construction fell the hardest by a substantial margin. The second steepest sector drop was seen by Financial Activities, which fell by only 300.
Nevada’s peak construction employment was 142,500 in 2005. Current employment figures are 23.5% below peak employment.
EDITOR’S NOTE: We are including both seasonally and non-seasonally adjusted data for the Construction industry. Seasonally adjusted data continues to change after it is originally posted, so the wider array of data is intended to provide a more accurate view of the market.
Non-Seasonally Adjusted Construction Data
Non-seasonally adjusted data lists overall Construction employment as 108,900. This represents a MoM decrease of 200 positions, or 0.2%. In YoY terms, the sector was reported as having lost 900 jobs, which reflects a 0.8% reduction.
Non-seasonally adjusted data splits Construction into two subcategories: Construction of Buildings and Specialty Trade Contractors.
Construction of Buildings stayed relatively flat, having only shed an estimated 100 positions MoM, bringing its total to 17,800. This demonstrates a 0.6% fall. This is the first time the subsector’s employment count decreased in three months; however, it is still up 100 jobs YoY. Record employment in the subsector reached 26,500 jobs.
After a volatile start to the year, Specialty Trade Contractors is estimated to have remained completely flat at 80,300 positions. Notably, this is 400 more positions than were originally estimated for March. YoY, the subsector has also remained unchanged.
Seasonally Adjusted Non-Construction Fields
The closely related Manufacturing sector saw a slight MoM decrease, with an overall loss of 100 positions. Manufacturing represents an estimated 67,600 positions, which is near its all-time high of 67,700. The sector demonstrated a YoY growth of 300 positions. Manufacturing consists of two subsectors: Durable Goods and Nondurable Goods.
Durable Goods fell by 100 positions MoM and now sits at 45,900. The subsector is coming off its all-time peak of 46,000 and has demonstrated a healthy 1,300 new positions YoY, which equates to 2.9%.
Nondurable Goods, however, continued its plateau at 21,700 positions. In terms of YoY data, it has lost 4.4% of overall jobs, or 1,000 roles. This may be due to stabilization, as it has been falling since reaching an all-time high of 23,000 jobs.
Leisure and Hospitality remains Nevada’s largest sector, making up 23.3% of overall nonfarm employment in the state. The sector continued its dominance of the market after demonstrating the highest overall growth with 3,200 more roles. Notably, the sector has gained 5,000 jobs YoY, which is a 1.4% increase. In total, the sector is reflecting record numbers with 368,400 positions.