What Happens When the Vegas Bubble Bursts?Saturday, July 10, 2010
The ignoble race to the bottom of the jobs market has officially bypassed the car-making mecca of Michigan and made its way to Nevada. The Silver State, once the country’s fastest-growing job market, has become the nation’s worst performer. Its May unemployment rate, a state record of 14 percent, is the highest in the land, dislodging Michigan from a distinction it owned for more than four years
Unemployment in Las Vegas came in at 14.1 percent in May.
What’s more, Nevada’s jobless rate has soared 8.8 percentage points since the recession began in December 2007. That’s the biggest gain of any state.
And then there’s the Vegas commercial real estate market.