McCarran Airport Volume Continues Upward Trend

McCarran Airport passenger volume increased 4% in August from the same month a year ago--solidifying the YOY increases that began in January of this year. U.S. Airways and Continental Airliners saw the largest YOY percent increase in passenger volume with 15.5% and 10% respectively.


McCarran Airport passenger volume is up 3.9% this year-to-date with just over 27.6 million passengers through August.

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Nevada Employment Drops (a Bit More)

The number of people employed in Nevada fell 5,963 or .5% in July from the previous month according to Nevada's Department of Employee Training and Rehabilitation Research and Analysis Bureau--the second declining month since May 2011. Among Nevada industry sectors, 1,300 jobs were lost in professional and business services alone. The number of Nevadans employed in July was 4,620 above January 2011's recent low.



Leisure and Hospitality, the largest sector in Nevada's economy, neither hired nor fired in July 2011 as compared to the previous month. Recent increases in the Silver State's visitor volume has been supportive of the hotel and casino industry.

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Las Vegas Real Estate Update

The percentage of homes sold in Las Vegas, which were on the market less than 60 days, was 65.5% in July of this year--as compared to homes 61-120 days on the market at 20%, and 121+ days on the market at 14.5%. In July 2007, homes less than 60 days were 51.1%, 61-120 days were 29.8%, and 121+ were 19.1%. Bank repos, investors, and low home prices are likely the cause of the shorter time periods homes remain on the market as a greater percentage of homes are are sold within 60 days.


New and existing median home prices continued to slide in Clark County for July. Median new home prices fell only .9% YOY, or $1,700, while existing home prices fell 10.9%, or $13,500 YOY for July. The lack of employment throughout Clark County (unemployment currently at 14.0%) continues to suppress local demand for home ownership and places additional downward pressure on home prices.

President Obama and many presidential hopefuls are pushing job creation at the center of their early campaigns.

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