Nevada Taxable Sales Climb Higher

Nevada Taxable sales increased by 4.3% in February from the same month a year ago, as all but Churchill, Washoe, Douglas, and Lander counties saw growth. February is Nevada's eighth month of YOY consecutive increases. Within Clark County, motor vehicle & parts dealers grew by 20.2%, and clothing & clothing accessory stores grew by 12.9%.

Taxable Sales in Nevada were 5% higher for February this fiscal YTD, as compared to the previous fiscal YTD. Clark County and Washoe County (the two largest economic counties in the state) increased by 2.9% and .9%  respectively this fiscal YTD.

Job Growth Comes to Nevada!

According to the Bureau of Labor Statistics, 10,300 more people were working in Las Vegas in March compared to the month before. The increase in employment is partially due to jobs growth in hotels & gaming, service industries, and education & health services. Construction employment continues to fall with 57 thousand currently employed--down from 61 thousand the year before.


Nevada's unemployment rate fell to 13.2%--down from 13.6% in February as many unemployed workers found jobs. As jobs continue to improve in the U.S. and locally in Nevada, growth is likely to follow.

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Gaming Revenue--Not All Bad News!

February 2011 was not the best month for gaming. Nevada gaming revenue fell 6.8% in February YOY. The Las Vegas Strip and downtown Las Vegas fell 9.6% and 6.2%, respectively--pushing Clark County into a 7.0% YOY decline. Washoe County fell 8.6%, with Sparks, South Lake Tahoe, and the balance of county each with double digit YOY declines.

Gaming revenue on the Las Vegas Strip improved from FY09; however, it failed to match the spike it had in FY10. The Chinese New Year, which landed on February 3rd in 2011, has helped gaming revenue in years passed, but it wasn't enough to push February's revenue higher than 2010.  The good news for the Las Vegas Strip is FYTD 2011 gaming revenue is 2.3% higher than FYTD 2010.  

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