Las Vegas jobless rate holds steady at 7.2 percent

If you’re waiting for big changes in Southern Nevada’s jobs market, you’ll have to wait a little longer.

The region’s employment indicators mostly held steady from February to March, with unemployment stalled and gains in jobs and the labor pool tracking recent trends.

The city’s unemployment rate stayed at 7.2 percent month to month as job growth came in below expectations in the period, according to Tuesday numbers from the state Employment, Training and Rehabilitation Department. Local employers added 4,500 jobs in March, compared with a forecast of 5,800 new positions.

Still, the jobless rate fell by 1.2 percentage points year over year, as employers added 23,600 jobs since March 2014. The city’s job growth came in at 2.7 percent year over year, compared with a nationwide job-formation rate of less than 2 percent.

The Las Vegas market added 80,000 private-sector jobs from 2010 to 2014; the city is trending up an additional 27,300 jobs so far in 2015.

“Looking at historical employment trends, evidence of Nevada’s economic recovery is readily apparent, especially in the Las Vegas and Reno metros,” said Bill Anderson, the employment department’s chief economist. “Also of note, since March 2010, as the recession was bottoming out, the unemployment rate has decreased in every county, signifying the economy is regaining strength.”

As it has for much of the last year, the valley’s construction industry grew by the largest share among major sectors.

Employment in building trades spiked 14.8 percent year over year, growing by 6,400 jobs to 49,600 positions.

The leisure and hospitality sector added the most numbers, with 8,900 new jobs. That was a 3.2 percent increase to 283,500 jobs.

Other growth industries included retail, which rose by 2 percent, or 2,000 jobs, to 102,200 positions, and professional and business services, which expanded by 2 percent, or 2,300 jobs, to 118,800.

But the city’s labor pool has grown faster than its jobs base.

More than 30,000 additional locals were out of work and looking year over year in March, adding 3 percent to the valley’s 1 million-strong workforce, the employment department said.

The employment department said on April 15 that the statewide jobless rate was unchanged at 7.1 percent from February to March. Unlike the state’s rate, local rates are not seasonally adjusted and can be more volatile.

Nevada ranked No. 1 in the nation for joblessness in March, ahead of No. 2 Mississippi, at 6.8 percent, and No. 3 South Carolina, at 6.7 percent.

The national average was 5.5 percent.

Contact Jennifer Robison at jrobison@reviewjournal.com. Find @J_Robison1 on Twitter.