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Q4 2020 Research Summary
Q4 Las Vegas Market Research Report
The Upward Climb. Lack of mid-week visitation and conventions are holding the Valley’s recovery back.
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Southern Nevada’s pandemic-battered economy started to recover in May through June, when business closures were eased, especially in the hospitality sector. Unfortunately, continued low visitor volume, caused in part by a lack of convention business, has hampered that nascent recovery.
Unemployment in the Las Vegas-Paradise MSA was 11.5 percent in November 2020, 7.9 points higher than in November 2019, and down 22.5 points from the high of 34 percent recorded in April. During the Great Recession, unemployment peaked at 14 percent in Southern Nevada. The latest national unemployment figure was 6.7 percent in November 2020, 3.2 points higher than in November 2019. The national labor force participation rate was 61.5 percent in November 2020, a 1.7 percent decrease from one year ago.
John Matt Stater
Research & GIS Manager, SW Las Vegas john.stater@colliers.com
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