REGIONAL ECONOMIC OVERVIEW. Brian Bonnenfant Project Manager Center for Regional Studies University of Nevada

Transcription

1 REGIONAL ECONOMIC OVERVIEW Brian Bonnenfant Project Manager Center for Regional Studies University of Nevada

2 Current Economic Review April 24th, 2013 Brian Bonnenfant Project Manager Center for Regional Studies University of Nevada, Reno

3 230,000 **Peak = 228,100 Emp Monthly Employment - Reno/Sparks MSA 225, , ,000 **Start of Great Recession Mar-13 Unemployment Rate: 10.0% Feb-13 Unemployment Rate: 10.1% Mar-12 Unemployment Rate: 11.8% (Not Seasonally-Adjusted) 210,000 **End of Great Recession 205, , , ,000 Jan-Dec ,300 Employees Jan-Dec ,100 Employees Jan-Dec ,000 Employees Jan-Dec ,700 Employees March 2013 Total = 189,100 (+1.2%) Jan-Dec ,900 Employees Jan-Dec ,700 Employees Jan-Dec ,900 Employees Mar11-Mar12: +900 Mar12-Mar13: +2, , ,000 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

4 5,000 Month Over Month Employment Change - Reno/Sparks MSA Avg = -5,000 Recession 2011 Avg = 189, ,492-10, Avg = 190, Avg = -15, , Avg = -20, ,858-25, Avg = 223,917 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

5 Employment Increases by Sector Between March 2012 & March Reno MSA Local Government (Erroneous Double-Count by DETR) 1, % Leisure & Hospitality 1, % Construction % Financial Activites % Manufacturing % TOTAL 3,800

6 Employment Decreases by Sector Between March 2012 & March Reno MSA Professional & Business Services % State Government % Transportation, Warehousing & Utilities % Mining % Education and Health Services % TOTAL -1,600

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8 25.0% Percentage Change in Quarterly Taxable Sales 15.0% 5.0% -5.0% -15.0% NEVADA CLARK WASHOE BALANCE -25.0% 1Q Q Q Q Q Q Q Q

9 20.0% 15.0% Percentage Change in Taxable Gaming Revenue 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% NEVADA CLARK WASHOE -20.0% 1Q Q Q Q Q Q Q

10 Annual Change in Cash-Occupied Hotel Rooms Downtown Reno Suburban Reno Sparks Non-Gaming 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% FY2008 FY2009 FY2010 FY2011 FY2012 FY2013* *FY2013 represents Jul-12 through Mar-13

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12 Population Change by Age Range Washoe County, Nevada Source: US Census Bureau Age Range % ch. Estimate; Total: 400, , , , , % Estimate; 1 to 4 years 23,280 21,414 25,036 23,574 22, % Estimate; 5 to 17 years 69,445 70,572 70,962 71,438 71, % Estimate; 18 and 19 years 11,196 11,203 10,468 12,297 11, % Estimate; 20 to 24 years 26,936 27,861 28,902 31,309 33, % Estimate; 25 to 29 years 28,334 28,995 32,162 30,492 30, % Estimate; 30 to 34 years 26,818 25,520 26,239 27,973 26, % Estimate; 35 to 39 years 25,636 28,364 29,571 27,129 26, % Estimate; 40 to 44 years 31,298 28,556 25,492 28,567 29, % Estimate; 45 to 49 years 32,093 30,644 30,631 30,049 30, % Estimate; 50 to 54 years 29,628 30,244 29,545 30,354 29, % Estimate; 55 to 59 years 26,457 27,538 26,500 25,378 27, % Estimate; 60 to 64 years 22,748 22,708 23,607 28,129 28, % Estimate; 65 to 69 years 14,557 15,517 16,589 17,737 17, % Estimate; 70 to 74 years 10,961 12,488 11,061 12,746 14, % Estimate; 75 years and over 21,235 21,017 22,660 20,917 21, % Estimate; 65 years and over 46,753 49,022 50,310 51,400 53, % Percent of all 65 years & over 11.7% 12.2% 12.3% 12.3% 12.8%

13 In-Migration Trends by Age Range Washoe County, Nevada Source: US Census Bureau Age Range % ch. Estimate; Moved from different state: 16,859 15,956 13,837 16,972 15, % Estimate; Moved from different state: - 1 to 4 years 908 1, , % Estimate; Moved from different state: - 5 to 17 years 2,079 2,139 1,375 2,006 1, % Estimate; Moved from different state: - 18 and 19 years 1, % Estimate; Moved from different state: - 20 to 24 years 1,710 2, ,616 2, % Estimate; Moved from different state: - 25 to 29 years 2,205 1,747 1,588 2,312 2, % Estimate; Moved from different state: - 30 to 34 years 1,396 1, , % Estimate; Moved from different state: - 35 to 39 years , , % Estimate; Moved from different state: - 40 to 44 years 1, , % Estimate; Moved from different state: - 45 to 49 years , % Estimate; Moved from different state: - 50 to 54 years , % Estimate; Moved from different state: - 55 to 59 years , % Estimate; Moved from different state: - 60 to 64 years , % Estimate; Moved from different state: - 65 to 69 years % Estimate; Moved from different state: - 70 to 74 years % Estimate; Moved from different state: - 75 years and over 687 1, % Estimate; Moved from different state: - 65 years & over 1,247 1,814 1,626 1,172 1, % Percent of all 65 years and over 2.7% 3.7% 3.2% 2.3% 3.3%

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15 $270,000 $260,000 $250,000 Median Sales Price of Short-Sales, Bank-Owned Resales, & Non- Distressed Sales Washoe County (Single-Family Homes) $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 Median Sale Price: Short Sale, MLS Median Sale Price: Non-Distressed, MLS Median Sale Price: Bank Owned, MLS Median Sale Price: All Homes, MLS Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 March 2013 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Short Sales: 33% of All Sales 41% are Cash Sales Bank Owned: 8% of All Sales 28% are Cash Sales Non-Distressed: 59% of All Sales 25% are Cash Sales All Single-Family Homes: ($195,000) 30% are Cash Sales

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19 Single-Family Home Resales by Price Range Washoe County 2012 % of Total 2011 % of Total 2010 % of Total ch. in share of total $0 - $99, % 1, % % 37.2% $100,000 - $199,999 2, % 2, % 2, % -2.5% $200,000 - $299,999 1, % 1, % 1, % -6.0% $300,000 - $399, % % % -0.4% $400,000 - $499, % % % -25.1% $500,000 - $749, % % % -4.5% $750,000 - $999, % % % -26.4% $1M & Greater % % % 1.9% Total SF Resales: 6, % 5, % 5, % Through March 2013 Sales % of Total $0 - $99, % $100,000 - $199, % $200,000 - $299, % $300,000 - $399, % $400,000 - $499, % $500,000 - $749, % $750,000 - $999, % $1M & Greater % Total SF Resales: 1, %

20 Thank you.