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.