Employment ‘Fully Recovered’ in All Major Las Vegas Industries — Report
Posted on: August 17, 2023, 05:29h.
Last updated on: August 18, 2023, 12:41h.
Nevada employment has “fully recovered” from the pandemic, according to a new state report. But the news is not all good.
The July 2023 economic report from the Nevada Department of Employment, Training, and Rehabilitation (DETR) announced that “for the first time, all major industry sectors in the state have fully recovered from the COVID pandemic.”
The measure of that recovery is that the sectors all employ “more workers than they did before the pandemic.”
According to the report, the labor force in the state grew by 3,400 in July, marking the eighth consecutive growth month, while unemployment fell slightly, from 5.4% to 5.3%.
Over the past year, the state’s labor force has grown by approximately 24K, or 1.5%. Nevada has seen a consecutive month-over-month increase in its labor force for the past eight months.
Nearly three-quarters of all Nevada residents live in Clark County (Las Vegas).
Seasonally adjusted Las Vegas employment increased by 1,700 jobs (0.2%) since June, an increase of 41,200 jobs (3.8%) since July 2022.
Not the Whole Story
Nevada’s 5.3% unemployment rate is still the highest in the nation. The Silver State has held that unwanted title since the beginning of the pandemic three years ago. As of June 2023, only Washington DC (5.1%) and California (4.6%) came close.
Nationwide, unemployment has dropped to an average of 3.5%.
Relief may already be on the way. Las Vegas expects three major hospitality hiring sprees over the three months. The MSG Sphere announced it will employ up to 3,000 people, while the Fontainebleau, the first newly constructed Strip casino since Resorts World opened in 2021, announced openings for 6,000.
Off the Strip, Red Rock’s Durango Casino and Resort will soon be looking to fill 1,200 hospitality spots.
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