Nevada’s unemployment rate held steady at 8.5% in March though the construction industry lost jobs during the month, according to the latest monthly employment report from the state’s Department of Employment, Training and Rehabilitation. The state’s unemployment rate is down from 10.2% in March 2013.

The Silver State added a seasonally-adjusted 5,100 jobs in the private sector during March. The state’s construction industry lost 700 jobs during the month, on a seasonally-adjusted basis, though employment in the industry is still 4,500 jobs higher than during the previous March.

Employment by Specialty Trade Contractors in Nevada declined by 700 in March, though this sub-sector employs 500 more than in March 2013. This number is not seasonally-adjusted.

Construction employment in Clark County increased by 300 during March and is 1,300 above the level of the previous March. Specialty Trade Contractors in Clark County added 100 net jobs in March, though employment in the sub-sector was down 800 from March 2013. Construction employment in Washoe and Storey Counties dropped 1,100 during the month, though the industry employs 900 more than it did a year earlier. County employment figures are not seasonally-adjusted.

Despite the off-month in the construction industry, DETR expects it to be one of the strongest in job growth over the next couple years.

Construction may have had an off trend month in March, but other indicators point to ongoing improvement. Through February, the number of seasonally adjusted housing unit starts averaged 11,800, up by 17 percent over 2013. For reference, 2013 starts were 23 percent higher than 2012. Putting this into perspective, starts averaged over 40,000 from 2002-2006, nearly four times higher than the current level. The overhanging problems in the real estate market, such as high rates of foreclosure activity and underwater homes still need to be worked through before the construction industry reaches its full potential.

Gross job gains in the construction industry in the first quarter of last year measured 7,700 and gross job losses totaled 7,000, for a net gain of 700 according to the Business Employment Dynamic series.

DETR predicts the state to continue to be one of the leaders nationally in employment growth through 2015.

In March, Nevada’s job base increased 3.8 percent since last year, and for the last 20 months has grown at a faster pace than the nation.

“Nevada’s labor force has been trending up in 2014,” said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. “It has grown by 16,100 since December, and the year-over-year reading in March was up 2,700 from 2013, the first yearly increase since April 2011. Nevada continues to show indication that its economy is moving in the right direction.”

Total employment in Nevada’s economy is projected to grow by about 61,000 jobs through 2015 to reach an average of 1,218,700; this represents a 5.3 percent increase. Specifically, growth rates of 2.5 percent for 2014 and 2.7 percent for 2015 are expected. Some of the fastest projected growth will occur in accommodation and food services, construction, and retail trade. Together these three industries are expected to account for over 55 percent — nearly 34,000 — of all new jobs during this period, Anderson noted.