December jobs: Carson City, Reno and Vegas continue to see fastest employment growth in nation

Article by Jeff Munson, CarsonNow

“Job growth in Carson City was up 3.3 percent in December 2019 when compared to December 2018, according to statewide figures released Tuesday by the Nevada Department of Employment, Training and Rehabilitation.

In its December 2019 economic report, statewide jobs increased by 1.9 percent, a gain of 27,400 new jobs added since December 2018.

Similarly, Nevada’s Metropolitan Statistical Areas (MSA) all showed growth when compared to December 2018. All three MSAs had faster employment growth rates than the national rate of 1.4 percent.
Advertisement

The Reno MSA added jobs at the rate of 3.8 percent during the same period, while Las Vegas and Carson City grew by 2.4 and 3.3 percent respectively, according to the report.

These percentage changes represent an increase of 1,000 jobs in Carson City, 24,800 jobs in Las Vegas, and 9,500 in Reno all compared to December 2018.

Compared to November 2019, the Reno and Carson City areas experienced increases of 100 jobs, while Las Vegas experienced an increase of 500 jobs. These changes are seasonally adjusted to show underlying trends in employment.

December’s unemployment rates showed decreases compared to 2018 in all three MSAs, all published cities, and in all counties except Esmeralda and Eureka counties. Decreases in the MSAs were 0.8 percent in Reno, one percent in Las Vegas, and 1.1 percent in Carson City.

Douglas county reached a 19-year low of 3.4 percent in September 2019, and is currently at 3.5 percent, last seen in August to October of 2000.

Six counties were at or below 20 year lows in unemployment including Churchill, Elko county, Lincoln, Lyon, Mineral, and White Pine. Elko City had an unemployment rate of 2.6 percent down from 3.4 in December 2018. Fernley City increased by 0.3 percent since November, but has decreased by 1.1 percent since December 2018.

“Nevada’s unemployment rate fell to 3.8 percent in December, matching the lowest rate in series history dating back to 1976 and the lowest rate since February 1999,” said David Schmidt, Chief Economist for DETR. “Many of our counties followed similar trends with six counties at 20-year lows, Douglas county at a 19-year low, and Clark and Washoe counties within 0.1 percent of a 20-year low.”

December also continued the recent trend of slower job growth, with both the total change in jobs as well as the growth rate falling to lower levels than we have seen in over six years, he said. Despite those challenges, all three MSAs continue to grow at rates faster than the national average of 1.4 percent.

“As we close out the decade, it is impressive to see that our unemployment rate has come down nearly 10 full percentage points and the state has added almost 328,000 jobs in that time,” said Schmidt. “Our state sustained a massive economic blow at the start of the decade but enters the next with solid job growth and low unemployment, which should continue to provide opportunities for job seekers across the state.”

Additional December 2019 Economic Report Highlights:
Job Growth in December (Seasonally-Adjusted):
— Carson City increased 100 jobs over the month, and is up 1,000 jobs over the year (3.3 percent).
— Reno added 100 jobs over the month and 9,500 over the year (3.8 percent).
— Las Vegas is up 500 jobs over the month and is up 24,800 over the year (2.4 percent).

All three of the metro areas have employment growth rates higher than the national growth rate of 1.4 percent.
Unemployment (Not Seasonally-Adjusted):

— Carson City: 3.3 percent, unchanged from November, and down 1.1 percentage point from a year ago.
— Reno: 2.6 percent; down 0.1 percentage point from November, down 0.8 percentage from this time last year.
— Las Vegas: 3.5 percent; down 0.2 percentage point from November, and down one percentage point from a year ago.

Since November 2018, 15 of 17 counties showed decreases in unemployment rate. Douglas county reached a 19-year low of 3.5 percent last seen in August to October of 2000.

While Eureka showed no change, and Esmeralda increased by 0.1 percent. Eureka has the states lowest unemployment rate at 2.3 percent, while Nye and Esmeralda had the highest at 4.5 percent.

Lyon County was among six counties reached unemployment rates at or below 20-year lows; Churchill at three percent, Elko at 2.6 percent, Lincoln at 3.4 percent, Lyon at four percent, Mineral at 3.3 percent, and White Pine at 2.6 percent.

Clark and Washoe counties are within 0.1 percent of a 20-year low. Clark county has a 20-year low of 3.4 percent seen in December 1998, and was at 3.5 percent in December 2019. Washoe county closed out 2019 at 2.6 percent close to a 20-year low of 2.5 percent seen in October 1999.

Humboldt finished the year with a rate of 2.6 percent, which is slightly up from a March 2019 low of 2.5 percent, but still down from a previous low of 2.9 percent in May 2007.

On a city level Las Vegas, North Las Vegas, Henderson, Sparks, and Reno had decreases in unemployment on a monthly and annual basis.

Additionally, Boulder City, Elko City, Fernley City, and Mesquite City also had over-the-year decreases, but when compared to November Boulder city remained constant and Fernley increased by 0.3 percent.

Over the decade the labor forces in Clark, Storey, and Washoe counties have increased. Additionally, it has increased in nine rural counties. The increase in Clark is approximately 141,000 people, and in Washoe it was approximately 43,000 people.

Gaming wins in Nevada grew by 14.8 percent from 2010 to November 2019 when using a 12-month moving average. Clark count grew by 15.3 percent, Washoe grew by 11.4 percent, and Carson Valley area grew by 9.3 percent all over the same time.

Visitors to Las Vegas increased from 3.1 million visitors in 2010 to 3.5 million in 2019, while visitors to Reno increased from 369 thousand to 402 thousand over the same time.”

See the article on: CarsonNow.org

Sponsored Project Update – July 2018

Northern Nevada’s economy soars!

Commercial and residential property availability continues to be of concern. Average rents in the area also continue to climb with little relief to renters insight: quite the inverse of recession inventory levels and rates.

Notably, area apartment rent averages top $1,300 per month. It’s just one modern reality of the current state of the multifamily real estate market across Northern Nevada, in which apartment rents continue to soar as vacancy drops. Rents have risen a staggering 60% in the last 6 years.

See more at: NNBW

In the works, the Nevada State EB-5 Regional Center’s sponsored project is a mixed-use project comprised of class A residential units and commercial space. Located in the heart of the historical downtown area, the project is currently under-construction, and will be graced by handsome and historically-inspired architectural features.

The resulting three structure development will include retail/commercial, professional office space, and high-end apartments with garages. Opportunities abound for investors and developers alike.

The Nevada State EB-5 Regional Center’s sponsored project is well suited to help fill both the commercial and residential shortages and is anticipated to reach completion in the Summer of 2018.

Opportunities are still available for H1-B Visa holders and immigrant investors seeking participation in the EB-5 Regional Program for permanent U.S. citizenship.

Project Update: July, 2018

Building A – Main Building 3-Story mixed use building. This building exterior is nearing completion. The painting, brick, and stucco have been slow go due to manpower issues in the area. It is anticipated that all will be finished in the next 3 weeks.

As to the interior tenant improvements, these are presently under construction as well.

The First Floor (Retail): An agreement with a family style restaurant has been made. The tenant improvement plans are finally approved and tenant improvements are now starting.
Occupancy is estimated for October 2018, subject to workforce availability and construction supply issues.

The Second Floor (Office): The second floor is now fully leased. Lumos Engineering has moved in. Prime Lending space is about complete. Edward Jones space will take the final space on the second floor and should be ready by the end of September.

The Third Floor (Apartments): The 8 top floor apartments are having the paint and counters placed. A decision has been made to wait until all the major construction is completed prior to renting the apartments for safety. It is anticipated that rentals will be set in place in October.

Building B – This building is comprised of two stand-alone apartments with garages. It is complete except for a few minor items and will be ready for leasing in October.

Building C–Garages for apartments. This building is complete except for minor items.

If you are an immigrant investor interested in this exceptional project, please contact NVEB-5. NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor
Program and help direct you to the project owner for more details about the NVEB-5 sponsored project.

Contact Us
Phone: 775-600-4090
Toll Free: 855-498-6360
E-Mail: admin@nveb5.org

 

 

 

 

Sponsored Project Update – April 2018

Growth, growth and more growth. Northern Nevada’s efforts to participate in the global economy has spurred economic growth and vitality. Not only unprecedented, this growth has sparked the need for more, more and more residential and commercial property development.

In particular, housing shortages have increased demand and median home price across the board have soared. Surges topped 6.9% in 2017 with more increases predicted for 2018. Housing starts are anticipated to rise 3% with home prices estimated to increase 4.1 % over last year.

Read more about Northern Nevada residential housing shortages: KTVN.com

Likewise, it is estimated that commercial properties will see vacancy rates across the northern part of the state of 5.86 % which is well below a healthy balance rate of 8 %. The region saw its highest vacancy of 15.61 % in the second quarter of 2010 with its historical lowest rate in the first quarter of 2018.

Read more about Northern Nevada commercial property shortages: NNBW.com

Opportunities abound for investors and developers alike.

The Nevada State EB-5 Regional Center’s sponsored project is well suited to help fill both the commercial and residential shortages and is anticipated to reach completion in the early Summer of 2018. Opportunities are still available for H1-B Visa holders and immigrant investors seeking participation in the EB-5 Regional Program for permanent U.S. citizenship.

Project Update: March 31, 2018

Building A – Main Building 3-Story mixed use building. This building is anticipated to be completed by the end of May, other than tenant improvements which will take place as the tenants sign leases.

Present Status:
1. Exterior is presently being prepped for Stucco, Brick and Stone.
2. Exterior Painting should start within 30 days.

The First Floor (Retail): An agreement with a family style restaurant has been made. The tenant improvement plans are in the final stages. Occupancy is estimated for July 2018, subject to workforce availability and construction supply issues.

The Second Floor (Office): The second floor is anticipated to be fully leased. Two tenants have signed leases and tenant improvements are underway. The contract for the remaining space is in final stages of negotiations. Occupancy is estimated for the end of April.

The Third Floor (Apartments): The 8 top floor apartments are rough framed. Currently, 34 parties are on the waitlist. The tenants will be selected, assigned a unit and allowed to do minor customizations in April, subject to lease terms.

Building B – This building is comprised of two stand-alone apartments with garages. It is complete except for a few minor items and will be ready for leasing within the next 30 days.

Building C– Garages for apartments. This building is complete except for minor items.

If you are an immigrant investor interested in this exceptional project, please contact NVEB-5. NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor Program and help direct you to the project owner for more details about the NVEB-5 sponsored project.

Contact Us
Phone: 775-600-4090
Toll Free: 855-498-6360
E-Mail: admin@nveb5.org


Sponsored Project Update – November 2017

The rebounding Northern Nevada economy is spurring construction, worker shortages and increasing demand for residential and commercial properties. While a boon to the region, the shortages have continued to create schedule delays for all builders in the area. Needless to say, the Nevada State EB-5 Regional Centers sponsored project (Adams 308) has been continuously manned, though its completion has also been somewhat delayed. Given the time delay, when coupled with the early onset of winter weather, the Adams 308 project has adjusted its timeline for completion to be in the Spring of 2018.

The delay has not created any issue with the tenants’ leases which will start next spring. The extension in completion time has a benefit in that the H1-B Visa holders and immigrant investors have additional time to participate in the EB-5 Regional Program for permanent U.S. citizenship.

Project Update: November 27, 2017

Building A – Main Building 3-Story mixed use building. This building is anticipated to be completed by the late first quarter of 2018.

Present Status:
1. Exterior framing is completed.
2. Roofing and interior waterproofing is completed
3.Exterior windows and doors installed
4. Exterior siding and trim details are in process.
4. Interior rough construction is also underway.

The work on Building A will be able to be continued through the winter given the building is now water tight.

Building B – Two Stand Alone Apartments with Garages. This building is completed other than minor punch list items.

Building C– Garages for Apts. This building is completed other than punch list items.

If you are an immigrant investor interested in more information about this exceptional project, please contact NVEB-5. NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor Program and help direct you to the project owner for more details about the NVEB-5 sponsored project.

Contact Us

Phone: 775-600-4090
Toll Free: 855-498-6360
E-Mail: admin@nveb5.org

Sponsored Project Update – September 2017

EB-5 Regional Center Sponsored Project….Nearing completion!

H1-B Visa holders looking to obtain permanent U.S. citizenship should consider participation in the more dynamic EB-5 Program. The EB-5 Program allows for:

• Allows for acquisition of a green card.
• No sponsorship from employer needed.
• No salary caps for immigrants.
• Eligibility to become a permanent U.S. citizen.

Currently, the Nevada State EB-5 Regional Center (NVEB-5) is sponsoring a unique mixed-use facility in Carson City, Nevada which allows immigrants to utilize the EB-5 Program through foreign capital investment in the project.

Just minutes from iconic Reno, Nevada, and the world-renowned and majestic Lake Tahoe, this project is strategically located in the heart of the historical downtown area. It will be graced by handsome and historically-inspired architectural features. This includes items such as a rich exterior, combining complex dimensional building elevations, with luxurious design details that complement and embrace the style of Nevada’s capital city. Replete with rich woods, brilliant metals, brick and stone, the distinctive ambiance of the complex will shine brilliantly against the stunning backdrop of the Sierra Nevada. The resulting three structure development will include retail/commercial, professional office space, and high-end apartments with garages.

Project Update: September 29, 2017

Project completion is for the end of 2017, and several immigrant investor opportunities are still available.

Specifics of the 3 building project is as follows as of September 29, 2017:

Building A – Main Building 3-Story mixed use building. This building is anticipated to be completed at year end.

Present Status:
1. Roofing is nearing completion
2. Exterior windows and doors installed
3. Exterior siding and trim details near completion
4. Interior rough construction is in progress

Building B- Two Stand Alone Apartments with Garages. This building is anticipated to be completed by the end of October.

Present Status:
1. Exterior construction is complete
2. Exterior rock accents are in progress
3. Exterior siding and trim details are painted
4. Interior finishes are in progress

Building C-Garages for Apts. This building is anticipated to be finished by November.

Present Status:
1. Foundation is poured
2. Garage framing is complete

If you are an immigrant investor interested in more information about this exceptional project, please contact NVEB-5. NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor Program and help direct you to the project owner to obtain complete details about the NVEB-5 sponsored project.

Contact Us

Phone: 775-600-4090
Toll Free: 855-498-6360
E-Mail: admin@nveb5.org

Sponsored Project Update – July 2017

Immigrant investors looking for an exceptional sponsored project – Look no further! – The Nevada State EB-5 Regional Center (NVEB-5) is sponsoring a unique mixed-use facility in Carson City, Nevada, just minutes from iconic Reno, Nevada, and the world-renowned and majestic Lake Tahoe.

Project completion is slated for late 2017, and several immigrant investor opportunities are still available

As of July, progress is as follows:

First Building*:
1. Roofing complete
2. Exterior windows and doors installed
3. Exterior siding and trim details near completion
4. Interior rough construction in progress
* Residential Building

Second Building**:
1. Foundation complete
2. Steel beam framework in progress
3. Third floor wood framing in progress
**Large secondary building will house the office and retail tenant spaces.

July 2 IMG_0377

July IMG_0378

July IMG_0382

 

July IMG_0386

If you are an immigrant investor interested in more information about this exceptional project, please contact NVEB-5.  NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor Program and help direct you to the project owner for more details about the NVEB-5 sponsored project.

Contact Us
Phone: 775-600-4090
Toll Free: 855-498-6360
E-Mail: admin@nveb5.org

About the Area 

About the Project

The three-story project is a mixed-use facility in Carson City, Nevada, just minutes from iconic Reno, Nevada, and the world-renowned and majestic Lake Tahoe.

Located in the heart of the historical downtown area, the project is currently under-construction, and will be graced by handsome and historically-inspired architectural features. This includes items such as a rich exterior, combining complex dimensional building elevations, with luxurious design details that complement and embrace the style of Nevada’s capital city. Replete with rich woods, brilliant metals, brick and stone, the distinctive ambiance of the complex will shine brilliantly against the stunning backdrop of the Sierra Nevada. The resulting three structure development will include retail/commercial, professional office space, and high-end apartments with garages.

If you are an immigrant investor interested in more information about this exceptional project, please contact NVEB-5. NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor Program and help direct you to the project owner for more details about the NVEB-5 sponsored project.

2017 Nevada Economic Development Conference

NEDC_2017_FinalOut

The Nevada Economic Development Conference will be holding its 4th annual event at the University of Nevada, Las Vegas September 11 – 13, 2017. This is the first year the Conference has ventured to Southern Nevada but will focus on all aspects of economic development within the Silver State. The Conference works to gather experts who will focus on Nevada’s revitalizing economy and emergence as a player in the world economy.

The Conference is a multi-track format that has something for every aspect of business, industry and community leadership. Included are various Institutes exploring a variety of topics and on-site tours of area businesses, facilities and points of interest. The tracks will cover Agribusiness, Economic Development, Energy, Infrastructure/Transportation, Manufacturing, Tourism/Gaming and Work Force Development.

Additionally, guest speakers will present on topics such as technology, regional development, multigenerational workforce, cyber security and innovations and the impact of professional sports on regional development.

Guest speakers include:

Jim Carroll –Author
Brett Kelsey – McAfee
Len Jessup – University of Nevada, Las Vegas – President
Kim Lear – Inlay Insights
Kerry Bubolz – Vegas Golden Knights – President

The Conference is available to the general public and provides phenomenal opportunities to network and glean insight into business growth, relocating to Nevada and investing in area projects.
To register and for more information, visit: NVEDC.com