Although the city has one of the top job markets in the nation, those looking for a job in Las Vegas may be surprised at the declining trend the tourist hot spot seems to be facing.
According to Nevada Job Connection’s April Nevada Economy in Brief, the state as a whole is continuing to suffer through the ongoing housing related adjustment. The city’s unemployment rate is at 5.7 percent, one tenth of a percentage lower than in March, but 1.1 percent higher than the unemployment rate in April 2007.
While industrial employment increased by 1,400 jobs statewide, it is down by 5,800 jobs compared to this time last year. At the same time, construction, professional and business services companies have done away with 18,100 jobs so far this year. On the up side, education, health services and retail sales have added 8,700 jobs since April 2007.
The Nevada Economy in Brief blames much of Las Vegas’ declining job market on the current state of the nation, including the housing market, rising price of gas, near recession and overall inflation. From November 2007 to February 2008, the state’s gaming wins declined from about 17 percent to about 4 percent, and the state’s taxable sales declined from about 2 percent to about -6 percent.
According to Xomba.com, 7,000 people move to Las Vegas every month. The site states while many jobs are up for grabs, several of them fall in the $8-12 per hour range. At the same time, mortgages average at about $300,000, or about $225,000 for an older house.
“Casino jobs are really difficult to get,” the site states. “They generally require you to belong to a union, and to even get a job at all takes knowing someone.”
The Nevada Economy in Brief notes that overall, Las Vegas has lost .4 percent of jobs since this time last year, and the total average wage is $17.49 per hour. Industries that cut workers included:
- construction with an 8.2 percent loss
- information with a 2.6 percent loss
- financial activities with a 2.4 percent loss
- professional and business services with a 4.3 percent loss
- leisure and hospitality with a .5 percent loss
At the same time, the following industries have remained in the growing stage: manufacturing increased by .4 percent, trade, transportation and utilities increased by 3.2 percent, education and health services increased by 5.1 percent, government increased by 4.2 percent and other services increased by 1.2 percent. Natural resources and mining remained at a zero percent change with 500 workers.
So while the Las Vegas job market overall is still expected to grow, it is not immune to the turning tides the rest of the nation is facing.
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