Nevada Unemployment Up to 14.2% as Home Prices off 56.5% from Housing Market Top
Posted on | July 19, 2010 | No Comments
The overall economy in Nevada continues to struggle as the unemployment rate jumped from 14.1% to 14.2% recently. Las Vegas is even higher with an unemployment rate of 14.5%. There is very little argument to be made that the decline in home prices has definitely help to spur these high unemployment rates.
When looking at the Zillow.com chart for home prices in the state of Nevada we can clearly see that the top was reached in May of 2006 and we are still plunging. During this 56.5% drop for Nevada homes the unemployment rate has increased from 3.5% in May of 2006 to 14.2% today.
When looking at the Google public data chart comparing the United States to Nevada it is very evident that Nevada and the US had a very strong correlation until late 2008 when the Nevada unemployment rate started accelerating much higher. This is the largest disparity since well before 1990.
With the unemployment rate closing in on 15% many wonder how this problem can be fixed. As Business Insider writer Joe Weisenthal states, “To get an economic recovery in Nevada, we apparently need to two steps. First, housing prices need to appreciate to the point where people can move again. Then we need to get all these folks trained so they can have cush DC think tank jobs. Problem solved.” While we know this is never going to happen it is a very interesting take on how to improve the jobs situation in the state of Nevada.
Author: Jesse Wojdylo
Ask Wojdylo Column – Financial, Entertainment and Sports news with a money spin.
Tags: Home Prices > home prices nevada > housing market nevada > nevada homes > nevada unemployment > unemployment rate
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