BEX held its Leading Market Series: Overview & Outlook on NV Construction event at The Assembly by Kiln in Las Vegas on Feb. 25. This event serves as a precursor to one of BEX’s biggest and brightest yearly event – Forecast. In 2027, BEX will bring an official Forecast event to Nevada featuring more depth, more data and more information.
Editor’s Note: Our first official Forecast in Nevada will happen early next year. In the meantime, we’re working hard on preparing DATABEX, which helps us accurately compile and study relevant industry-based data. To read up on the recent Arizona Forecast event for a taste of what’s coming next year to Nevada, click here.
The event touched on various macroeconomic factors affecting the Nevada construction market before delving into more specifics of construction in each sector. As is customary with BEX events, attendees received a copy of the slides, so they know who the big players in each sector are and what our outlook is.
Macroeconomic Factors – Population and Employment
BEX President and Founder Rebekah Morris began the event by providing an overview, discussing macroeconomic factors that affected the market in 2025 and how these trends will continue to affect the market in the near future.
One of the major elements affecting Greater Nevada has been its growing population. This affects a wide variety of items relevant to the industry, such as housing demand and infrastructure needs. Prior to the Great Recession, statewide population was growing at an average 3.75% year-over-year, which has, in comparison to other states, rebounded relatively quickly afterward. It has still not reached the highs of its pre-recession days, however. Since the pandemic, population growth has averaged 1.1%.
From 2016 to 2024, the Silver State saw a steady increase in statewide employment (excluding 2020, of course). This changed in 2025, which finished almost completely flat, as reports have shown a national crawling job market.
Construction Employment, however, tells a different story. From 2012 to 2023, the sector saw an average annual growth of 7%. Then came 2024, which came in mostly flat. This past year has seen construction employment plummet 9.35% YoY.
Editor’s Note: We cover employment data every month. To view our latest coverage and to remain up to date, click here.
The stalled employment in Nevada has coincided with a major dip in tourism. Tourism reached its all-time high in 2016. Despite the drop in 2025, gaming revenue experienced peak numbers.
In the interests of space and maximizing the value received from attending the event, we are limiting our coverage to just the key data points for the sectors, their players and key projects.
K-12 – Public & Charter School Construction
As far as construction goes, two districts are king: Clark County and Washoe County. CCSD accounts for 77% of construction spending, while WCSD makes up 13.5%.
- Top Project: James Cashman Middle School ($147M)
- Top Owner: CCSD
- Top Design Firm: Simpson Coulter Studio
- Top GC: CORE Construction
Higher Education
Higher Education has a small presence in Nevada, which is dominated by four-year universities. There is relatively little community college work in the Silver State, and higher education enrollment has declined slightly in recent years. This, alongside the continued draw of online schooling, indicates construction activity in the sector may be harder to come by.
- Top Project: UNLV Business Building ($134M)
- Top Owner: University of Nevada, Las Vegas
- Top Design Firm: H+K Architects
- Top GC: CORE Construction
Public Spaces
Public Spaces, which is roughly double the size of education, primarily consists of aviation projects. There are a handful of distant projects in the works, such as the Southern Nevada Reliever Airport, which is currently more than a decade away from construction.
- Top Project: Reno-Tahoe Airport MoreRNO Concourse Development ($428M)
- Top Owner: Reno-Tahoe Airport Authority
- Top Design Firm: Gensler
- Top GC: McCarthy Building Companies
Transportation
Nevada has multiple types of transportation projects. They range from high-speed rail to tunnel systems and, of course, highways and roadways. Much of the roadway work is dominated by maintenance and improvements, as opposed to expansion projects.
Editor’s Note: The Brightline West High-Speed Rail value is an estimation based on the amount of track being laid in Nevada. The total rail line, most of which will exist in California, is valued at nearly $21.1B
- Top Project: Brightline West High-Speed Rail ($2B[CJ1] est.)
- Top Owner: Brightline West
- Top Design Firm: ATLAS Technical Consultants
- Top GC: Las Vegas Paving Company
Utilities
Mega projects are common in this sector. Many large power projects are skewing results away from water projects, which are still present. Many water projects are centered around continued upgrades and maintenance.
- Top Project: Greenlink West ($2.6B)
- Top Owner: NV Energy
- Top Engineer: Stantec
- Top GC: T&D Power
Multifamily
Despite the overall number of permits declining in 2025, Multifamily continues to look positive, as it has numerous players and a lot of demand. Mixed-use projects commonly contain a Multifamily element.
- Top Project: Four Seasons Private Residences ($1B est.)
- Top Owner: Azure Resorts & Hotels, Luxus Development, Two Roads Development
- Top Design Firm: Wimberly Allison Tong & Goos
- Top GC: Suffolk Construction
Industrial & Data Centers
Northern Nevada has a heavy volume of Industrial projects in the Reno area. In Southern Nevada, North Las Vegas takes the bulk of Industrial development. While new Industrial developments have slowed in Southern Nevada, leasing activity remains healthy and vacancy rates are ticking down.
- Top Project:Lyten Lithium Battery Gigafactory ($1.5B est.)
- Top Owner: Lyten
- Top Design Firm: SSOE Group
- Top GC: Turner Construction
Healthcare
Despite being relatively small, Healthcare seems poised to grow, as demand remains high. It is currently dominated by three large projects.
- Top Project: Intermountain Children’s Health Hospital ($650M est.)
- Top Owner: Intermountain Healthcare
- Top Design Firm: Shepley Bulfinch/Gensler
- Top GC: PENTA Building Group/Jacobsen Construction
Hospitality, Sports & Gaming
Hospitality is Nevada’s economic lifeblood. Recently, the Silver State has been attracting numerous sports projects. This goes for both Southern and Northern Nevada, as Reno has been building a significant amount of sports-related development.
- Top Project: MHA Nation Sports Facility
- Top Owner: MHA Nation
- Top Design Firm: Steelman Partners
- Top GC: Mortenson/McCarthy
Office & Retail
Retail carries this sector, as Office has not seen much activity since 2024. As with Multifamily, Mixed-use developments often have a Retail component.
- Top Project: Hylo Park South
- Top Owner: Agora Realty & Management, Inc.
- Top Design Firm: SCA Design
- Top GC: Moorfield Construction, Inc.
Conclusion
To start 2026, the Nevada construction sector is in a bit of a lull. Economic indicators including slower population/employment growth (declines in construction employment even), a drop in tourism and lower housing permits – are all pointing to a construction market with less demand.
If interest rates continue to fall and the cost uncertainties revolving around tariffs are resolved, the market is in a prime situation to pick up and begin growing again.
Vacancies continue to fall, which sparks optimism that developers and owners will pursue new projects in the near future. Each primary CRE sector has been on an upswing in Q4 2025. Industrial vacancies currently sit at 9.5%; Retail is at 4.3%; Office is at roughly 12%, and Multifamily sits at 5.8%.
This is ultimately creating a hungrier market that will likely result in more aggressive bidding. Owners who take a chance on hard bidding projects are likely to win with more competition and lower bids in this environment.
Regardless of what the future holds, BEX is here to help you find more opportunities and make 2026 a winning year.
