It’s hard to believe we’re finishing up the third quarter of 2016, but Sept. 30 is upon us. If you haven’t already done so, now is the time to dust off the goals you set at the beginning of the year and make sure you’re on track to meet them.
The Las Vegas economy has certainly had its share of ups and downs in recent years, but it seems to be on the mend. Learn more about the current economic state of the region to plan ahead for the rest of the year.
Unemployment Rate
It’s true the unemployment rate rose to 6.9% in June — up from 6.4% in May — but there’s no need to panic yet. This trend has been happening around the summer months for years. In 2015, the unemployment rate went from 6.6% in May to 7.1% in June, but steadily decreased, bottoming out at 6.2% in both November and December, according to the U.S. Bureau of Labor Statistics.
Tourism
The Strip is one of the most well-known, beloved tourist destinations in the world, and visitors are flocking to the city in seriously impressive numbers. In 2015, a record-breaking 42.3 million people visited Las Vegas, according to data from the Las Vegas Convention and Visitors Authority, and as of June 2016, the visitor volume for the year was up 1.6% percent, indicating 2016 will be the region’s best-ever for tourism.
Housing
The housing market has also experienced an upswing in 2016. From June 2015 to June 2016, the median new home price increased $24,575 and the median existing home price rose $10,000 during this same time period, according to data presented by UNLV from Home Builders Research. More people putting down roots in Las Vegas means an influx of revenue throughout the local economy.
Only time will tell what the Las Vegas economy will experience in the remaining months of 2016, but the data above indicates the outlook is very good.
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Your employees are your company’s best asset, so don’t take a gamble when hiring new team members. Partner with PrideStaff Las Vegas to get the talent needed to help your business meet — or exceed — its 2016 goals. Choose from a variety of staffing options, including temporary, temp-to-hire and direct recruiting for a wide-range of industries.
