With nearly double-digit growth over the last year, the construction industry once again led Nevada in employment growth rate and the Silver State’s overall employment rate fell 0.3 percentage points to its lowest level since February 2008, according to October’s Employment Report from the Nevada Department of Employment, Training and Rehabilitation (DETR).

October’s 5.5 percent unemployment rate is a full point lower than the rate in October 2015. Nevada’s unemployment rate has fallen on a year-over-year basis for 68 consecutive months, DETR reported.

The average number of jobs in Nevada’s construction industry over the first 10 months of this year is 6,800 greater than the average over the similar period in 2015. This represents a 9.9 percent job growth rate, the highest among any industry in the Silver State.

Construction added 3,600 jobs, on a seasonally-adjusted basis, in October alone. There are 9,200 more construction jobs in Nevada than in October 2015.

Employment by Specialty Trade Contractors increased by 1,500 in October. Job growth in this area of the construction industry outpaced the industry overall, with 7,200 new jobs, a gain of 13.7 percent, added since October 2015, according to the DETR report. Employment figures for Specialty Trade Contractors are not seasonally adjusted.

The report revealed that overall 4,600 more Nevadans were employed in October than the previous month, on a non-seasonally-adjusted basis. With 3,600 jobs expected to be added to payrolls during the month, the state experienced a seasonally-adjusted increase of 1,000 jobs.

Nevada Governor Brian Sandoval responded optimistically to the latest report.

“Nevada’s unemployment rate is dropping because more Nevadans are getting good, sustainable jobs. I am encouraged that the state’s growth spans across multiple, diverse industries and that new businesses continue to move to the Silver State,” said Governor Brian Sandoval. “Our economy is strong, but there is more to be done and we will remain diligent in our efforts to ensure that every Nevadan has access to high quality employment.”

The report also noted some weakness in the month’s job numbers. The 2.3 percent year-over-year job growth rate was lower than prior months although DETR pointed out that year-over-year job gains have occurred in Nevada every month since January 2011.

Nevada’s construction industry remained the leader in the rate of job growth in the Silver State in August while overall the state stopped a skid of three consecutive months of rising unemployment rates with a decline to 6.3 percent during the month, according to the latest monthly employment report by the Nevada Department of Employment, Training and Rehabilitation (DETR).

Average employment in construction during the first eight months of 2016 is 9.4 percent higher than the average for the same period in 2015. This job growth rate is the highest among all industries in Nevada, according to the DETR report.

Construction employment, on a seasonally-adjusted basis, increased by 1,100 in August. The 76,800 construction jobs in August is 6,300 more than the number for August 2015.

Employment by Specialty Trade Contractors is up by nearly double digits in the last year. The 5,200 job increase to 57,900 since August 2015 is a 9.9 percent increase. Figures for Specialty Trade Contractors are not seasonally adjusted.

The state’s overall unemployment rate fell in August after rising for the previous three months. DETR’s chief economist Bill Anderson stated,

“Over the month, a seasonally-adjusted 4,800 jobs were added. Although payrolls were expected to increase by 1,600 (not seasonally adjusted), a gain of 6,400 actually occurred, leading to the seasonally adjusted increase.”

In addition to the job gains in August, the DETR disclosed that July’s employment gain number was revised up, by 6,400 jobs. Including that update, the Silver State added 11,100 jobs in July.

The DETR report also discussed historical data that reveals how hard Nevada was hit by the recent economic downturn.

In the years preceding the economic downturn, Nevada led the country in private sector employment growth, with a growth rate of 6.4 percent in 2005. Conversely, during the recession, Nevada was the most affected state in terms of private sector employment growth. In fact, Nevada’s employment growth was the lowest in the nation in 2009 (-10.1 percent) and 2010 (-2.8 percent).

For the last few years the Silver State has had one of the fastest rates of job growth in the nation.

In 2014 Nevada had the second-fastest growing private sector in the nation, with a four percent growth rate; in 2015 we grew at a rate of 3.8 percent, third in the nation. With data through first quarter of 2016, we see that Nevada had the 11th-fastest growing private sector in the nation, at 3.1 percent. The three leading states are Utah, Florida, and Idaho.

Governor Sandoval weighed in on the latest DETR report.

“I am pleased that Nevada continues to exceed the nation in job creation and I’m encouraged that a majority of our growth is concentrated in full-time positions,” said Governor Brian Sandoval. “Unemployment claims are at the lowest level in a decade which is more good news for our labor market this month. We will continue to focus on economic development opportunities that will lead to quality jobs for residents of the Silver State.”

The report also noted that full-time employment in Nevada has risen by nearly 170,000 since the trough of the recession to a total of over 1 million while part-time employment “has held steady over the past four years, reaching 310,000 in August.”

Nevada’s construction industry continues to lead the state in the rate of job growth as the state added 4,700 jobs on a seasonally-adjusted basis, according to the latest employment report from the Nevada Department of Employment, Training and Rehabilitation (DETR). Despite the employment increase, the state’s unemployment rate rose for the third straight month, to 6.5 percent.

Statewide, 75,300 workers were employed in construction, on a seasonally-adjusted basis, in July. This number is a drop of 200 from June of this year but a 5,500 job (7.9 percent) increase from July 2015. Since January of 2016 the industry has added a net total of 1,900 jobs.

Specialty Trade Contractors in the Silver State employed more than 56,000 workers in July. These businesses experienced a double-digit (10.2 percent) employment increase in the past year, though they shed 900 jobs in the month of July. Employment figures for Specialty Trade Contractors are not seasonally adjusted.

The rise in unemployment rate during times of job gains is puzzling to analysts.

Our expectations are that, once the annual benchmark (revision) process is complete in early-2017, updated estimates will likely show the opposite is more accurate, and that the unemployment rate is, in fact, trending down, as it has since 2011, alongside an improving employment situation.

In other good news from the DETR report, Nevada has paid down more than half of the amount due on the bond taken out to repay borrowing from the federal government to cover unemployment payments during the downturn. The magnitude of the downturn depleted the state’s unemployment reserves and Nevada was one of several states forced to borrow from federal funds to pay unemployment benefits during this time.

During the 2013 session the Nevada Legislature created a bond to repay the federal government. To satisfy the bond, the state assessed a temporary increase in unemployment insurance taxes on employers. Payments on the $325.6 million bond began in June 2014.