The GDP rating of Las Vegas in August 2021 posted a 2.3% drop from last month. This drop has been consistent since June this year.
Though this is the case, the ongoing construction of new hotels, entertainment venues, convention spaces, and business establishments has relatively increased employment. Still, it is not enough to boost the number of tourists in Southern Nevada. Visitor volume decreased by 9.2% because of the low weekend and midweek occupancy, which is down by 8.3%. Until now, the Las Vegas Convention and Visitors Authority has recorded no convention attendance.
Growth is visible in the increasing number of workers and 14.5% decreasing unemployment rate, as well as the average weekly wage which remains at $1,050. Though there was an increase in the employment rate in Nevada, the US Bureau of Labor and Statistics reported that Nevada?s unemployment still remains the highest in the nation,
with a 7.1% rate.
In line with Nevada’s COVID recovery period, it added approximately 12,000 jobs in leisure and hospitality, followed by construction. The Las Vegas Review-Journal reported, “The August data represents the first look at Nevada’s economic response to the COVID-19 delta variant, which poses a threat to the recovery.”