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Construction helps lead Nevada to top spot for job growth


{p}On the growth side, DETR reports a 21% increase in job ads and a 3.2% rise in employment.{/p}

On the growth side, DETR reports a 21% increase in job ads and a 3.2% rise in employment.

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With an estimated $23 billion worth of construction jobs underway in the valley right now, including the Raiders Stadium, Convention Center expansion, and Resorts World, Southern Nevada’s construction industry is helping to drive Nevada’s employment numbers to the top spot in the U.S. for the 12th consecutive month.

According to the Nevada Department of Training and Rehabilitation, the state’s jobless rate stood at 4.1% in September, with fewer than 1% considered ‘long-term’ unemployed.

On the growth side, DETR reports a 21% increase in job ads and a 3.2% rise in employment.

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The construction sector is so strong, there is a shortage of skilled workers, but economist John Restrepo says there are still signs in Southern Nevada that the job market is tapping the brakes. “We’re still growing, job-wise, but definitely the rate of growth is slowing,” said Restrepo. “It’s about half of what we saw a year ago. A year ago, it was about 4%, year over year growth for August. This year, through August, about 2%, and it's been steadily declining.”

Restrepo believes the statewide numbers are being buoyed by a strong job market in Northern Nevada, where Tesla is spending billions on its automotive facilities. “Obviously, the job numbers in Las Vegas are much bigger than Reno, but the Reno job market is much stronger, more diversified in a way.”

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Nevada’s potential for sustaining a strong job market in the coming months was enough for The Kiplinger Letter to rank it as the top state in the U.S. for projected growth through the end of 2019, and again in 2020.

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