The unemployment rate in Nevada continued its decline in December 2014, falling to 6.8%, more than 2 full percentage points below its level a year earlier, according to the monthly employment report from the Nevada Department of Employment, Training and Rehabilitation (DETR). The construction industry remained among the leaders in job growth, sporting a 7.9% seasonally-adjusted increase in employment during 2014.
Overall, Nevada has added just under 100,000 private sector jobs since 2010, the report notes. Nevada’s unemployment rate is now at its lowest level since June 2008.
Construction job growth posted impressive gains in 2014, though the gains slowed in the last half of the year and were limited to certain geographic areas. Overall, the industry experienced a 7.9% increase in jobs since December 2013 and added 1,200 during December, on a seasonally-adjusted basis, according to the DETR report.
In raw terms, however, the industry lost 100 jobs in December 2014. When compared to the number of construction jobs normally lost during December, however, this 100-job loss translates to the seasonally-adjusted 1,200-job gain.
Specialty Trade Contractors in Nevada added 2,900 jobs, an increase of 7.3%, during the previous year. Employment in this subsector was flat in December 2014.
Construction job growth was not consistent across the state during 2014. The construction industry in Clark County realized a double-digit employment increase during 2014. 4,300 jobs were added in the industry during the year, with 1,200 of that increase occurring in December.
Employment by Specialty Trade Contractors in Clark County grew by 5.9% in 2014, adding 1,700 jobs. More than half of them (900) were added in December.
By contrast, after a fast start, the construction industry in Washoe and Storey Counties ended the year with a net loss of 600 jobs, a 5.5% decrease. Construction employment in this area was down 800 in the month of December.
Subsector figures are not available for counties other than Clark and county and subsector data are not seasonally-adjusted.
The DETR report also noted that Nevada’s population growth rate of 1.71% during 2014 was “the second-strongest gain in the nation.”
Job growth overall in the economy was strong during the year. The unemployment rate fell to December 2014’s level of 6.8% from 9.0% in December 2013. The DETR reported that 38,200 new private sector jobs were created during the year and the unemployment rate in all 17 Nevada counties is now below 10%.
“The Silver State continues to experience positive gains in our job market, pointing to overall improvements in our economy,” said Governor Brian Sandoval. “I am pleased to see Nevadans are going back to work and employers are adding jobs, helping to strengthen our communities. There is still work to do and I remain committed to continuing our efforts to build a strong and sustainable economy for future generations.”
A power point presentation associated with the DETR report is available here.