REGIONAL ECONOMIC OVERVIEW Brian Bonnenfant Project Manager Center for Regional Studies University of Nevada
Current Economic Review April 24th, 2013 Brian Bonnenfant Project Manager Center for Regional Studies University of Nevada, Reno 784-1771 bonnen@unr.edu
230,000 **Peak = 228,100 Emp Monthly Employment - Reno/Sparks MSA 225,000 220,000 215,000 **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 205,000 200,000 195,000 190,000 Jan-Dec 2006 +13,300 Employees Jan-Dec 2007 +7,100 Employees Jan-Dec 2008-7,000 Employees Jan-Dec 2009-4,700 Employees March 2013 Total = 189,100 (+1.2%) Jan-Dec 2010 +5,900 Employees Jan-Dec 2011 +6,700 Employees Jan-Dec 2012 +8,900 Employees Mar11-Mar12: +900 Mar12-Mar13: +2,200 185,000 180,000 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
5,000 Month Over Month Employment Change - Reno/Sparks MSA 0 2012 Avg = -5,000 Recession 2011 Avg = 189,075 190,492-10,000 2010 Avg = 190,067 2009 Avg = -15,000 194,883 2008 Avg = -20,000 214,858-25,000 2007 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
Employment Increases by Sector Between March 2012 & March 2013 - Reno MSA Local Government (Erroneous Double-Count by DETR) 1,600 10.5% Leisure & Hospitality 1,300 3.9% Construction 600 7.8% Financial Activites 200 2.3% Manufacturing 100 0.9% TOTAL 3,800
Employment Decreases by Sector Between March 2012 & March 2013 - Reno MSA Professional & Business Services -800-3.3% State Government -400-3.9% Transportation, Warehousing & Utilities -200-0.5% Mining -100-33.3% Education and Health Services -100-0.5% TOTAL -1,600
25.0% Percentage Change in Quarterly Taxable Sales 15.0% 5.0% -5.0% -15.0% NEVADA CLARK WASHOE BALANCE -25.0% 1Q - 2005 1Q - 2006 1Q - 2007 1Q - 2008 1Q - 2009 1Q - 2010 1Q - 2011 1Q - 2012
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 - 2006 1Q - 2007 1Q - 2008 1Q - 2009 1Q - 2010 1Q - 2011 1Q - 2012
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
Population Change by Age Range Washoe County, Nevada Source: US Census Bureau Age Range 2007 2008 2009 2010 2011 2007-2011 % ch. Estimate; Total: 400,622 402,641 409,425 418,089 420,873 5.1% Estimate; 1 to 4 years 23,280 21,414 25,036 23,574 22,955-1.4% Estimate; 5 to 17 years 69,445 70,572 70,962 71,438 71,266 2.6% Estimate; 18 and 19 years 11,196 11,203 10,468 12,297 11,304 1.0% Estimate; 20 to 24 years 26,936 27,861 28,902 31,309 33,393 24.0% Estimate; 25 to 29 years 28,334 28,995 32,162 30,492 30,191 6.6% Estimate; 30 to 34 years 26,818 25,520 26,239 27,973 26,405-1.5% Estimate; 35 to 39 years 25,636 28,364 29,571 27,129 26,195 2.2% Estimate; 40 to 44 years 31,298 28,556 25,492 28,567 29,813-4.7% Estimate; 45 to 49 years 32,093 30,644 30,631 30,049 30,551-4.8% Estimate; 50 to 54 years 29,628 30,244 29,545 30,354 29,265-1.2% Estimate; 55 to 59 years 26,457 27,538 26,500 25,378 27,377 3.5% Estimate; 60 to 64 years 22,748 22,708 23,607 28,129 28,383 24.8% Estimate; 65 to 69 years 14,557 15,517 16,589 17,737 17,789 22.2% Estimate; 70 to 74 years 10,961 12,488 11,061 12,746 14,367 31.1% Estimate; 75 years and over 21,235 21,017 22,660 20,917 21,619 1.8% Estimate; 65 years and over 46,753 49,022 50,310 51,400 53,775 15.0% Percent of all 65 years & over 11.7% 12.2% 12.3% 12.3% 12.8%
In-Migration Trends by Age Range Washoe County, Nevada Source: US Census Bureau Age Range 2007 2008 2009 2010 2011 2007-2011 % ch. Estimate; Moved from different state: 16,859 15,956 13,837 16,972 15,980-5.2% Estimate; Moved from different state: - 1 to 4 years 908 1,085 936 1,301 926 2.0% Estimate; Moved from different state: - 5 to 17 years 2,079 2,139 1,375 2,006 1,756-15.5% Estimate; Moved from different state: - 18 and 19 years 1,305 604 592 518 776-40.5% Estimate; Moved from different state: - 20 to 24 years 1,710 2,309 807 1,616 2,335 36.5% Estimate; Moved from different state: - 25 to 29 years 2,205 1,747 1,588 2,312 2,452 11.2% Estimate; Moved from different state: - 30 to 34 years 1,396 1,635 946 2,435 656-53.0% Estimate; Moved from different state: - 35 to 39 years 908 894 1,370 888 1,595 75.7% Estimate; Moved from different state: - 40 to 44 years 1,501 973 867 1,083 898-40.2% Estimate; Moved from different state: - 45 to 49 years 948 991 235 657 1,307 37.9% Estimate; Moved from different state: - 50 to 54 years 779 571 1,510 621 486-37.6% Estimate; Moved from different state: - 55 to 59 years 908 678 677 1,666 549-39.5% Estimate; Moved from different state: - 60 to 64 years 965 516 1,308 697 448-53.6% Estimate; Moved from different state: - 65 to 69 years 220 494 560 418 694 215.5% Estimate; Moved from different state: - 70 to 74 years 340 195 465 404 371 9.1% Estimate; Moved from different state: - 75 years and over 687 1,125 601 350 731 6.4% Estimate; Moved from different state: - 65 years & over 1,247 1,814 1,626 1,172 1,796 44.0% Percent of all 65 years and over 2.7% 3.7% 3.2% 2.3% 3.3%
$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
Single-Family Home Resales by Price Range Washoe County 2012 % of Total 2011 % of Total 2010 % of Total ch. in share of total $0 - $99,999 904 15.0% 1,024 17.6% 580 11.0% 37.2% $100,000 - $199,999 2,931 48.7% 2,985 51.4% 2,646 50.0% -2.5% $200,000 - $299,999 1,272 21.1% 1,067 18.4% 1,191 22.5% -6.0% $300,000 - $399,999 454 7.5% 341 5.9% 401 7.6% -0.4% $400,000 - $499,999 182 3.0% 150 2.6% 214 4.0% -25.1% $500,000 - $749,999 178 3.0% 131 2.3% 164 3.1% -4.5% $750,000 - $999,999 51 0.8% 52 0.9% 61 1.2% -26.4% $1M & Greater 44 0.7% 54 0.9% 38 0.7% 1.9% Total SF Resales: 6,016 100.0% 5,804 100.0% 5,295 100.0% Through March 2013 Sales % of Total $0 - $99,999 108 8.6% $100,000 - $199,999 558 44.2% $200,000 - $299,999 348 27.6% $300,000 - $399,999 106 8.4% $400,000 - $499,999 52 4.1% $500,000 - $749,999 50 4.0% $750,000 - $999,999 13 1.0% $1M & Greater 28 2.2% Total SF Resales: 1,263 100.0%
Thank you.