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Overall unemployment at the end of July 2020 is 16.6%. It peaked at 34% in April, so there has been improvement. The Great Recession peak unemployment was 14% in Southern Nevada. By all measures, it appears the economy in Southern Nevada has found the bottom in April and has been recovering since.
The Las Vegas Strip still remains a more popular attraction versus downtown, and this is true with real estate as well. Strip-area home sales are more than twice the sales price and units sold versus the Downtown area. Downtown continues to reinvent itself with more historical areas being renovated and new businesses coming in that appear to appeal to a younger crowd.
When the pandemic hit, like most markets, deals that were set to close got postponed or fell apart, and deals that were in negotiations were swiftly tabled. Each sector in the commercial real estate space has been impacted differently. For example, as a strategic shipping and fulfillment location, our industrial properties have seen more robust activity lately. Likewise, those seeking escape from the condensed metropolitan areas in other states have bolstered our homebuilding and multifamily markets, each of which appear to be showing positive recovery signs.
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