The third quarter of 2017 in Southern Nevada saw an economy that was shifting from recovery to expansion mode. Taxable sales and employment continued to increase in a Valley poised for two professional sports franchises, a major expansion of its convention center and three potential new hospitality venues on the “Strip.”
Unemployment in the Las Vegas-Paradise MSA stood at 5.1 percent as of July 2017, down from 6.7 percent in July 2016. The national unemployment figure was 4.3 percent in July 2017, down from 4.9 percent in July 2016. While the national unemployment remains lower than the Las Vegas figure, unemployment is dropping faster in Las Vegas than nationally as the Valley gets back to doing what it does best – tourism and growth. The national labor force participation rate increased to 62.9 percent in July 2017, 0.1 point higher than in July 2016.