With the slowing economy, many Nevada jobs have been lost, and it is expected to take longer for some industries to regain those positions.
As of July 2008, according to the United States Department of Labor Bureau of Labor Statistics, the four industries that have declined include:
According to an article by the Nevada Department of Employment, Training and Rehabilitation, the state is expected to add 44,000 jobs through 2011. Jobs should decline by 1.1 percent in 2008, increase by .3 percent in 2009, increase by 1.8 percent in 2010 and increase by 2.4 percent in 2011.
Jobs in construction have declined by 10 percent so far in 2008. While gradual improvement is expected in the industry because of fewer job losses, a 1.5 percent increase isn’t expected until 2011. Overall the industry is expected to lose 25,000 jobs through 2011.
“Without a pickup in the broader economy, the outlook for the construction sector is sluggish, especially as major projects currently underway are completed, with nothing in the pipeline to absorb those workers,” the article notes.
Financial, insurance and real estate, rental and leasing also have experienced significant job losses, mostly due to the failing credit market. Job losses in these industries are expected to continue through 2009, with a slight growth projected for 2010.
“The projections outlined above suggest that labor market conditions in the state will remain weak into 2009, but will rebound thereafter,” the article adds. “Still it appears unlikely that a return to the near-boom conditions of years past is in the cards. The northern part of the state faces greater odds. Positive consumer sentiment in the region is less likely to develop without the proven resiliency of the dynamic southern Nevada economy. In northern Nevada, the housing, manufacturing, and trade sectors, are less likely to respond when local economic stimulus is not imminent.
“The rural counties are economically sound, but the surge in employment growth has subsided,” the article continues. “The mining sector has supply constraints and won’t grow their workforce at the same rates of the recent past.”
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07|Nov|2008 1[…] The nation as a whole also is facing its highest unemployment rate since the 1980s. Even the September 11 attacks had less of an impact on the American economy. It also doesn’t help that consumer confidence is at an all-time low and many people are wondering how many more workers will lose their jobs. […]
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