Reno-Sparks jobless rate dips to 2.8 percent in October
CARSON CITY, Nev. — Unemployment fell again in October in both the Reno and Carson City Metropolitan Reporting Areas, while remaining constant in Las Vegas.
Reno had the lowest rate of those major areas — down a tenth to just 2.8 percent, according to new monthly figures released this week by the Department of Employment, Training and Rehabilitation.
Carson was down two tenths to just 3.4 percent unemployment, while Las Vegas remained at 4 percent.
But the growth rate is slowing significantly, says David Schmidt, chief economist for the state.
“In October, Nevada’s employment growth fell to a lower level than we have seen over the past several years,” he said. “Both the total change over the year as well as the growth rate were the lowest since 2013.”
According to the Nov. 19 report, Carson City’s employment increased from 26,900 to 27,000 over the month, most of that increase coming in government jobs that now make up 7,400 of the capital’s total employment. There are just about 900 people seeking work in the capital.
In Reno/Sparks, 7,676 are jobless in a labor force of 272,400. The workforce in both construction and manufacturing continues to drive growth in the Truckee Meadows, much of it resulting from the boom at the Tahoe Reno Industrial Center in Storey County east of Reno/Sparks.
Las Vegas has a similar story to tell with solid growth continuing in both manufacturing and construction categories. Total employment there is 1,137,700 with just 45,100 seeking work.
Douglas County finished October with just 3.4 percent unemployment. That translates to 809 seeking work in a pool of 23,603. Douglas was also at 3.4 percent in September.
Churchill was doing even better. That county has been at 3.2 percent unemployment for two months now. In a labor pool of 11,390, just 360 are estimated looking for work.
Lyon County’s jobless rate fell three tenths in October to 4.1 percent. Some 975 workers are seeking employment in a pool of 23,891.
Altogether, six Nevada counties are below 3 percent unemployment and only four are at 4 percent or above. But that list does include Clark County, home to more than 70 percent of Nevada residents.
The lowest jobless rate is in Eureka County where mining is king — just 2.1 percent — followed by its next door neighbor Elko at 2.7 percent.
Storey County, buoyed by jobs available at TRIC, was down to 2.9 percent unemployment — an estimated 63 people in a labor force of 2,156.
Statewide, those numbers translate to 3.7 percent unemployment, which rises to 4.1 percent when the numbers are adjusted for seasonal events. The state’s total labor force is now over 1.56 million with about 58,300 seeking work.
With median home prices topping $500,000 in Reno and nearly $520,000 in Minden/Gardnerville, 2021 is shaping up to be quite the sellers’ market for Northern Nevada. As for housing supply, that’s another story, reports the NNBW’s Kaleb M. Roedel.