In Nevada, real estate is a growing sector, with construction jobs, retail sales, office construction and residential construction all rising.
But there’s a shortage of workers in Nevada’s booming real estate sector, according to data from the National Association of Realtors.
“In the state of Nevada, the median vacancy rate in the country has been 4.9 percent,” the NAR says.
“In the first quarter of 2019, there were just 23,700 vacancies.”
So what’s the cause of the shortage?
The NAR points to a variety of factors, including Nevada’s slow housing recovery and weak demand.
The economy has been recovering slowly, and housing demand has been stagnant.
That’s partly why, according the NAB, vacancies in the state are so high, with the median household income of $55,000 and the median rent of $1,600.
“This means that if you are in Nevada, you can’t get a job without working for the NREA, which is a huge employer in the area,” says Sarah O’Connor, the NAF’s chief economist.
“If you want to get into a house or you want a house to rent, you need to have a job.
That means you’re at the mercy of landlords.”
The shortage in the construction sector has caused a lot of the job vacancies to be in the residential construction sector,” O’Connors says.”
That’s the biggest reason for the problem.
“The NAB’s report, released on Wednesday, shows the number of vacancies has risen by more than 2,000 since the third quarter of 2017, when the number was 4,935.
In the second quarter, vacancies fell by 1,800, and the third is expected to bring a similar reduction.
The NAF is urging more employers to fill vacancies, including encouraging landlords to hire locals.”
Laws have been changed to make it easier for people to work and for people in the workforce to get a foothold in the market,” O`Connor says.
The report also highlights a shortage in skilled workers in construction, which has led to a shortage that’s more than 20 percent higher than the national average.”
There’s a lot more demand out there for construction workers than there are skilled workers,” O’ton says.
