Current Economic Review April 16, 2014
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1 Current Economic Review April 16, 2014 Brian Bonnenfant Project Manager Center for Regional Studies University of Nevada, Reno
2 230, ,000 **Peak = 228,100 Emp **Start of Great Recession Monthly Employment - Reno/Sparks MSA 220, ,000 Feb-13 Unemployment Rate: 10.1% (Not Seasonally-Adjusted) 210, , ,000 Jan-Dec ,300 Employees Jan-Dec ,100 Employees Jan-Dec ,000 Employees Jan-Dec ,700 Employees Jan-Dec ,900 Employees Jan-Dec ,700 Employees Jan-Dec ,900 Employees Feb 2014 Total = 200,100 (+5.4%) Feb13-Feb14: +10,200 Jan-Dec ,000 Employees 195,000 **End of Great Recession Feb12-Feb13: +3, , , ,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 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
3 10,000 Month Over Month Employment Change - Reno/Sparks MSA 5,000 0 Recession -5,000-10,000-15,000-20,000-25, Avg = 223, Avg = 214,858 (-4.0%) 2009 Avg = 194,883 (-9.3%) 2010 Avg = 190,067 (-2.5%) 2011 Avg = 189,075 (-0.5%) 2012 Avg = 190,800 (+0.9%) 2013 Avg = 196,425 (+2.9%) 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 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
4 Employment Increases by Sector Between Jan 2013 & Jan Reno MSA (% of sector) Professional & Business Services 2, % Construction 2, % Leisure & Hospitality 1, % Retail 1, % Education and Health Services % Transportation, Warehousing & Utilities % Manufacturing % Wholesale % Financial Activites % Local Government % TOTAL 9,500
5 Employment Decreases by Sector Between Jan 2013 & Jan Reno MSA (% of sector) State Government % TOTAL -400
6 40000 Employment by Industry - Western Nevada Region Construction Manufacturing Transp. & Warehousing Retail Finance & Insur. Prof. & Tech. Services Management of Companies and Enterprises Administrative and Waste Services Educ. Services Health Care Gaming Industry Bars & Restaurants (Through 2nd quarter Source: Department of Employment, Training & Rehabilitation QCEW data) Government Carson City & Douglas, Lyon, Storey, & Washoe Counties
7 Wages, Inflation, & Employment Washoe County, Nevada Source: Department of Employment, Training, & Rehabilitation Q 2013 % of Total Industry * % Ch. Empl. Empl. Natural Resources and Mining $ 64,220 $ 75,192 $ 115,180 $ 132,808 $ 81,588 $ 66, % % Construction $ 49,660 $ 49,348 $ 48,100 $ 48,672 $ 49,556 $ 47, % 10, % Manufacturing $ 53,924 $ 52,936 $ 51,896 $ 53,560 $ 53,300 $ 51, % 11, % Trade, Transportation and Utilities $ 36,764 $ 37,024 $ 37,492 $ 38,064 $ 38,688 $ 39, % 42, % Information $ 50,596 $ 51,532 $ 54,028 $ 58,084 $ 59,852 $ 58, % 1, % Financial Activities $ 52,364 $ 51,272 $ 52,832 $ 54,964 $ 58,448 $ 59, % 9, % Professional and Business Services $ 50,128 $ 50,440 $ 50,856 $ 53,092 $ 54,496 $ 51, % 27, % Education and Health Services $ 48,776 $ 48,828 $ 48,672 $ 48,932 $ 50,128 $ 48, % 36, % Leisure and Hospitality $ 22,256 $ 21,840 $ 21,788 $ 22,152 $ 21,944 $ 22, % 35, % Other Services $ 31,148 $ 33,072 $ 33,904 $ 34,684 $ 36,244 $ 36, % 5, % Public Administration $ 58,448 $ 59,488 $ 59,592 $ 60,372 $ 59,800 $ 60, % 8, % Unclassified $ 58,240 $ 66,456 $ 72,176 $ 72,644 $ 59,852 $ 65, % % All Industries $ 42,172 $ 42,224 $ 42,380 $ 43,004 $ 43,576 $ 43, % 190, % * Through 3rd Quarter Wage Growth Inflation > Inflation 31.1% Consumer Price Index (West; <1.5M) -0.6% 1.0% 3.0% 1.7% 1.1% 6.3% < Inflation 68.9%
8 Per Capita Income Per Capita Per Capita Per Capita Earned Income Unearned Personal (by Place of US US US Income Income Area Name work) RANK RANK RANK Douglas, NV $ 22,214 1,232 $ 17, $ 54, Washoe, NV $ 27, $ 12, $ 43, Carson City, NV $ 34, $ 10, $ 42, Esmeralda, NV $ 27, $ 9, $ 44, Churchill, NV $ 31, $ 7, $ 47, Storey, NV $ 50, $ 7,121 1,153 $ 34,656 1,768 Mineral, NV $ 19,129 1,662 $ 7,104 1,157 $ 34,965 1,704 Nye, NV $ 16,783 2,028 $ 7,047 1,178 $ 33,773 1,930 Clark, NV $ 26, $ 6,954 1,222 $ 36,676 1,437 White Pine, NV $ 30, $ 6,469 1,404 $ 41, Humboldt, NV $ 36, $ 6,457 1,408 $ 45, Lincoln, NV $ 15,878 2,167 $ 6,208 1,514 $ 25,507 3,016 Above Median Lyon, NV $ 12,350 2,667 $ 5,914 1,674 $ 30,368 2,511 Below Median Lander, NV $ 49, $ 5,584 1,874 $ 47, Eureka, NV $ 246,849 2 $ 5,534 1,906 $ 40, Elko, NV $ 28, $ 5,259 2,075 $ 42, Pershing, NV $ 19,016 1,690 $ 4,130 2,709 $ 27,703 2,859 Total Number of Counties: 3,113 Unearned income includes rents, interest, & dividends Source: Bureau of Economic Analyses
9 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 Q
10 Jan-14 = +0.5% Feb-14 = -2.6%
11 Downtown Reno Sparks Suburban Reno Non-Gaming 40.0% 30.0% 20.0% 10.0% 0.0% FY2008 Annual Change in Cash-Occupied Rooms *Through February 2014 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014* -10.0% -20.0% -30.0% 6,000,000 Visitors - Washoe County Jan & Feb 2014: -1.0% 5,500,000 5,000,000 Downtown Reno Suburban Reno Sparks Non-Gaming Average Cash Rates $ $ $ $ ,500,000 4,000, $80.00 $70.00 $60.00 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014* $50.00 *Through February 2014
12 440, , ,000 Washoe County Population Estimates ( ) 433, , , , , , , , , , , , , ,415 Washoe County (State Demographer) Washoe County (Census Bureau) 300,
13 Mobility in Past Year by Age Range of Resident Washoe County, Nevada Source: US Census Bureau Moved from Different County or State % ch. Total: 23,474 24,997 18,503 25,226 23,527 22, % 1 to 4 years 1,151 1,618 1,091 1,397 1, % 5 to 17 years 3,069 3,229 2,004 2,694 3,354 2, % 18 and 19 years 2,506 2,112 1,352 1,957 2,049 2, % 20 to 24 years 2,517 3,381 1,465 3,173 3,005 4,084 62% 25 to 29 years 3,035 2,690 2,010 2,924 3,161 2, % 30 to 34 years 1,601 1,958 1,234 2,767 1,030 2, % 35 to 39 years 1,355 1,618 1,650 1,433 2,216 1, % 40 to 44 years 1,501 1, ,559 1, % 45 to 49 years 1,951 1, ,754 1,640 1, % 50 to 54 years 1, , ,186 1, % 55 to 59 years 1, ,021 2, % 60 to 64 years 1, , % 65 to 69 years % 70 to 74 years % 75 years and over 703 1, % 65 years and over 1,342 2,533 1,934 1,581 1,996 1, % % Change is 10%-49% % Change is 50%-99% % Change is 100% or Greater
14
15 1,200 New Monthly Home Foreclosures & Notice of Defaults - Washoe County 1,000 Notice of Default Foreclosures Homeowner Bill of Rights Implemented October Assembly Bill 284 Implemented October 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 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
16 $270,000 $260,000 Median Sales Price of Short-Sales, Bank-Owned Resales, & Non-Distressed Sales Washoe County (Single-Family Homes) $250,000 $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 Median Sale Price: Short Sale, MLS Median Sale Price: Non-Distressed, MLS Median Sale Price: Bank Owned, MLS Median Sale Price: All Homes, MLS $90,000 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 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
17 $400,000 $350,000 $350,000 Annual Change 1Q13-1Q14: 19.0% Greater Reno-Sparks Median Price Quarterly Change 2Q13: 13.2% 3Q13: 2.3% 4Q13: 0.0% 1Q14: 2.6% 1% Quarterly Appreciation Rate $300,000 Peak (4Q05): $155,031 "Bubble" $268,330 $250,000 $225,700 $200,000 $194,969 $150,000 $100, = 0.97% average appreciation rate per quarter (blue trendline) 1q02 2q02 3q02 4q02 1q03 2q03 3q03 4q03 1q04 2q04 3q04 4q04 1q05 2q05 3q05 4q05 1q06 2q06 3q06 4q06 1q07 2q07 3q07 4q07 1q08 2q08 3q08 4q08 1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q13 2q13 3q13 4q13 1q14
18 Number of New Home Sales : 1,063 sales (89/month) New Single-Family Home Sales & Median Values - Washoe County : 739 sales (62/month) Number of New Home Sales Median New Home Sales Price : 527 sales (44/month) : 427 sales (36/month) Peak: (Feb-06) $423,311 Peak: (Nov-05) 315 Sales 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 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb : 546 sales (46/month) : 714 sales (60/month) $400,000 $350,000 $329,364 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Median New Home Sales Price
19 Single-Family Home Resales by Price Range Washoe County 2010 % of Total 2011 % of Total 2012 % of Total 2013 % of Total Percent Change $0 - $99, % 1, % % % -49.0% $100,000 - $199,999 2, % 2, % 2, % 2, % -11.0% $200,000 - $299,999 1, % 1, % 1, % 1, % 54.7% $300,000 - $399, % % % % 78.6% $400,000 - $499, % % % % 49.1% $500,000 - $749, % % % % 79.3% $750,000 - $999, % % % % 36.1% $1M & Greater % % % % 168.4% Total SF Resales: 5, % 5, % 6, % 6, %
20 Questions? Thank You
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