The economy in Clark County, according to regional economist Scott Bailey, is the best kind of dull.
“It’s really been kind of boring, because month after month we’ve had good news,” Bailey said. “We’ve had really strong growth, very diverse across industries for several years now.”
Last month, Clark County’s economy added 1,100 jobs, accounting for seasonal trends, with gains distributed over a wide array of industries, a report issued Tuesday by the state Employment Security Department states.
Unemployment sank to 4.6 percent, down half a percentage point from July 2017. Over the past year, Clark County added a total of 7,200 jobs, or 4.4 percent.
Education was the only sector that saw a major drop, with rises in employment across other industries.
Construction gained 500 jobs in July, while manufacturing and trade each gained 200 jobs. Professional and business services added 300 jobs, and financial services added 100 jobs. However, education declined by 1,600 jobs, losing 300 from the private sector and 1,300 from the public sector — a result of the end of the academic year, Bailey said, as classified staff and aides end their month-to-month contracts. A drop of that size is typical for education in July, he added.
By far the most notable upward swing is in the construction industry. Tuesday’s report indicated that construction and mining added a whopping 1,800 jobs over the last 12 months in Clark County, a 13.3 percent growth rate. That growth is on par with other cities in the region.
“Every time I think it’s got to start slowing down, it doesn’t,” Bailey said, adding that the trend really picked up speed about three years ago.
“It’s a lot of growth and development. The multifamily (housing) market has been pretty strong,” he said. “And there’s a lot of commercial and industrial projects going on.”
