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City of Las Vegas Employment
By admin | November 16, 2007
The city of Las Vegas continued it’s year long rise in unemployment throughout the month of September, as the jobless rate rose to 5.2 percent, surpassing the national average.
Despite the fact that when most American’s think of Las Vegas they imagine blackjack tables and roulette wheels, the gaming industry has seen a decrease in available positions over the course of the last year and especially the past few months. Casinos/hotels and other gambling establishments reported having 4,000 few employees than in 2006. Between the months of August and September there was a 1,2000 position decrease in Las Vegas jobs.
A good portion of these job losses were caused by the closing of the Stardust hotel/casino in July, which is in the process of being torn down. Once vacant, the property will be used for a brand-new mega-resort, which will bring new Las Vegas jobs in the tourism and leisure industry.
The project will also bring much needed construction jobs to the area. With residential real estate issues effecting progress, Las Vegas jobs in construction have decreased. Spread out statewide, Nevada has lost approximately 3,700 jobs in this industry in the last year. Although home sales maybe down, commercial construction jobs in Las Vegas continue to offer employment to a large number of area residents. Approximately $9 billion worth of construction projects are in plan to take place between then end of this year and next.
At this time, construction is still Nevada’s second-largest employer, according to the state Department of Employment, Training and Rehabilitation. The construction industry is topped only by the gaming and hospitality industry, which, despite this year’s job decrease, still continues to be the strongest force in Las Vegas. At this time, the construction industry makes up approximately 11 percent of the state’s total work force, nearly 150,000 jobs, a large portion of which are in Las Vegas.
With new resorts and casino projects in planning there should soon be an increase in available Las Vegas jobs. But with the population continuing to grow at a rapid speed there is no telling what effect this will have on the unemployment rate.
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