Nevada achieves record employment despite highest unemployment rate in the nation

LAS VEGAS (KSNV) Either way, the September jobs report from the Nevada Department of Employment, Training and Rehabilitation (DETR) may seem a bit paradoxical.

On the one hand, Nevada’s unemployment rate remains the highest in the country.

On the other hand, 1.6 million Nevadans were working in September, more than ever in the state’s history.

According to DETR’s new September report, 8,000 Nevadans found work last month. This helped increase total state employment to more than 1.6 million for the first time in history. This includes 4,100 jobs added last month in Las Vegas, where a total of 36,000 jobs have been created since September 2022.

What about the dark cloud surrounding that silver lining?

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DETR reports Nevada’s statewide unemployment rate in September was 5.4% (5.7% in Las Vegas) compared to just 3.6% nationwide. It’s not fair to say that Nevada has the lowest unemployment rate in America, said economist Mike PeQueen of Hightower Las Vegas.

When you realize it’s only 5.4%, that’s pretty good, PeQueen said. He believes Nevada’s lowest ranking deserves some context. Remember where we come from. PeQueen stated that during the pandemic we were the worst in the country with unemployment at 30% and the second worst with unemployment at 22%.

PeQueen also believes the direction and momentum of our economy is very good as large employers in the valleys hire workers for a busy fall and winter. Most of the jobs coming to Southern Nevada’s hospitality industry now are gearing up for upcoming big events – a Formula 1 race, the Super Bowl and everything in between, so hospitality is currently leading the way, he said.

Ultimately, PeQueen says Nevada’s rising employment rate is part of the $1.3 billion economic impact expected from the Las Vegas Grand Prix and $700 million projected from the Super Bowl.

If you want to invite a quarter of a million people for a fun weekend, PeQueen said: You’re going to need some people here to take care of them.

PeQueen doesn’t anticipate significant job growth in the construction sector, especially residential construction, until interest rates drop and more potential homebuyers return to the market.