June Metrics and Trends – Northern Nevada

 
Our thanks to the folks at the UNR
Center for Business Studies for their
contribution to The Stat Pack’s Northern
Nevada content.

 

RCG empl index Reno June

The RCG Jobs Index 12-month moving average (“12MMA”) for Reno-Sparks increased to 96.2 in April. This is a 1.96% rise from 94.5 recorded in April 2014. April’s index was the same as March’s and has been generally improving for the last 4 years.

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Job grwth HL unemp reno june

The job growth 12MMA in Reno-Sparks held at 3.1% in April from March. This is a very healthy rate of growth. The 12MMA for the unemployment rate decreased to 7.1% compared to 8.7% in April of 2014. The unemployment rate has been steadily improving for nearly 4 years, while jobs have been growing nearly 3 years.

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construction reno june

Total construction jobs in the Reno-Sparks MSA declined to 11,375 in April from 11,392 in March on a 12MMA basis, but they were up by 7.6% from the 10,575 jobs recorded in April 2014. (Context: Construction jobs in the MSA peaked at 24,042 in August 2006 on a MMA basis.)

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visitor Reno june

April’s 12MMA visitor total increased by 1.3% Y-O-Y to 390,592. However, this visitor count was slightly lower than March’s 12MMA of 391,478. Visitation to Reno-Sparks has not seen the turnaround that visitation to Las Vegas has experienced. The 12MMA peak occurred in May 2004, when 467,904 visitors came to the region. Takeaway:  The Reno-Sparks hospitality industry continues to face challenges.

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gr gaming rev n pct chg reno june

Washoe County 12MMA Y-O-Y gross gaming revenue growth in April (2.2%) represents the fourth consecutive month of improvement and the largest in 14 months, with total revenues reaching $63,444,565. Washoe County’s Y-O-Y gaming revenue growth in April beat Clark County’s 8%.

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taxable retail sales reno june

Much like in Clark County, retail sales in Washoe County have been climbing steadily to $560.2 million, up 7.7% on a 12MMA basis when comparing March 2015 to March 2014. This makes 48 months in a row of rising retail sales on a Y-O-Y basis. As the chart shows, Washoe’s taxable sales growth is beating the state average on a percentage basis.

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MLS reno june
MLS home sales in the Reno-Sparks area, which are mostly comprised of resales, increased to 502 units in April on a 12MMA. The 6-year peak occurred in May 2012 at 507 units. The median price also rose to $257,071 (12MMA). That is a 14.7% jump compared to April 2014. April’s median price is the highest in nearly 7 years. Reno-Sparks’ April median price of MLS sales in the region was 46% higher than the Las Vegas resale average of $176,033.

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housing opp index reno june

The Housing Opportunity Index for the Reno-Sparks MSA plummeted during Q1, 2015 to 55.8 from 68.4 in Q1, 2014 on a moving quarter basis. The U.S. Index also dropped but only from 66 to 63.4 during the same period. Reno-Sparks’ HOI peaked at 85.8 in Q1, 2012. It bottomed out at 17.3 in Q4, 2006 at the peak of the housing crash. The 44-quarter average is 55.5.

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av weekly earnings reno june

The 12MMA average weekly wage (not adjusted for inflation) in the Reno-Sparks MSA reached $755 in April, rising by 9% from $692 in March 2014. Additionally, the inflation-adjusted 12MMA wage of $670 recorded in April represented an increase of nearly 8% over the $621 recorded in March 2014. In April, the Reno-Sparks average weekly real earnings were 7% higher than the Las Vegas average of $626.

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av weekly hrs worked reno june

Average weekly hours worked in the Reno-Sparks labor market are bucking the state and national trends and have sharply turned up in the last 7 months. Weekly hours reached 33.4 in April, up 0.8 hours compared to the 32.5-hour trough (7 year) of August and September 2014 and by 0.3 hours compared to April 2014 on a 12MMA basis.

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N NV page June

According to AAA, as of June 9, the average price per gallon for regular unleaded gasoline in Reno-Sparks plummeted by 20% from $4.00 a year ago to $3.32. It also went down slightly when compared May 9. We expect gases price to stay relatively stable for the summer barring any sudden and/or unforeseen world events.

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