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Thursday, May 29, 2008

Nevada Fastest Growing Job Market - Again

In April, 5.5 percent of Las Vegas residents were unable to find work. Although this figure is higher than the national average of 5 percent, the city faired better than Nevada as a whole. The state’s unemployment rate fell one-tenth of a percentage point to 5.7 percent last month, according to the Nevada Department of Employment, Training and Rehabilitation.

The number of Las Vegas jobs offered by the government was up 4.2 percent from the previous year, making it the sector with the largest job growth in April. Government employment usually rises in the summer when many agencies create temporary jobs.

Private sector Las Vegas job growth continues to leave much to be uninspired. Employment in the construction industry, which has been greatly effected by the housing market slump, was down 8.2 percent from April of the previous year. There was also a 4.3 percent decrease in the number of professional and business services jobs in Las Vegas.

Employment in leisure and hospitality, which is one of the most important industries in Las Vegas, also dipped 0.5 percent from the previous year. With the city having a high reliance on the tourism, many have considered it recession proof, but hotel occupancy and casino profits are currently down. Those who are visiting the area are spending less than usual, which has caused many in the hospitality industry to scale back the number of Las Vegas jobs they provide.

Even though the industry is suffering, there are still plans for addition of $36 billion worth of new hotels, casinos and housing resorts being built. These projects are expected to create 106,360 Las Vegas employment opportunities by 2012. Approximately 31,327 new hotel rooms will be added in the area.

Some believe that if the economy in the area continues to suffer, then these projects and the creation of the jobs they will provide will be put on hold. Despite this, analysts expect that Nevada will remain the fastest growing state for at least the next two decades.

2 comments:

TheJobSearchGuy said...

As the price of oil keeps soaring $130 bbl and beyond putting gasoline at $4+/gallon, one wonders about the future growth of Vegas and other cities throughout the US until we find and begin implementing some workable energy solutions.

Ryan said...

It's unfortunate to see people stuck in the same old thought patterns of the old traditional type of work that is not always predictable in our new world of constant changes. Especially when people need to make a comfortable living now not two or more years in the future.

Ryan
http://www.jobzillia.com/maine_jobs