REGIONAL ECONOMIC OVERVIEW

Brian Bonnenfant | Project Manager Center for Regional Studies University of Nevada

Current Economic Review April 24th, 2013

Brian Bonnenfant Project Manager

Center for Regional Studies University of Nevada, Reno

784-1771 bonnen@unr.edu

Monthly Employment - Reno/Sparks MSA

180,000

185,000

190,000

195,000

200,000

205,000

210,000

215,000

220,000

225,000

230,000

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3

March 2013 Total = 189,100 (+1.2%)

Jan-Dec 2008-7,000

Employees

Jan-Dec 2007+7,100

Employees

Jan-Dec 2006+13,300

Employees

Jan-Dec 2009-4,700

Employees

Jan-Dec 2010+5,900

Employees

Mar11-Mar12: +900 Mar12-Mar13: +2,200

Feb-13 Unemployment Rate: 10.1%

Mar-12 Unemployment Rate: 11.8%

**Peak = 228,100 Emp

Mar-13 Unemployment Rate: 10.0%**Start of Great Recession

**End of Great Recession

(Not Seasonally-Adjusted)

Jan-Dec 2011+6,700

Employees

Jan-Dec 2012+8,900

Employees

-25,000

-20,000

-15,000

-10,000

-5,000

0

5,000

Jan-

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Recession

Month Over Month Employment Change - Reno/Sparks MSA

2012 Avg = 190,492

2011 Avg = 189,075

2010 Avg = 190,067

2009 Avg = 194,883

2007 Avg = 223,917

2008 Avg = 214,858

Local Government 1,600 10.5%Leisure & Hospitality 1,300 3.9%Construction 600 7.8%Financial Activites 200 2.3%Manufacturing 100 0.9%

TOTAL 3,800

Between March 2012 & March 2013 - Reno MSAEmployment Increases by Sector

(Erroneous Double-Count by DETR)

Professional & Business Services -800 -3.3%State Government -400 -3.9%Transportation, Warehousing & Utilities -200 -0.5%Mining -100 -33.3%Education and Health Services -100 -0.5%

TOTAL -1,600

Between March 2012 & March 2013 - Reno MSAEmployment Decreases by Sector

Percentage Change in Quarterly Taxable Sales

-25.0%

-15.0%

-5.0%

5.0%

15.0%

25.0%1Q

- 20

05

1Q -

2006

1Q -

2007

1Q -

2008

1Q -

2009

1Q -

2010

1Q -

2011

1Q -

2012

NEVADA CLARK

WASHOE BALANCE

Percentage Change in Taxable Gaming Revenue

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

1Q -

2006

1Q -

2007

1Q -

2008

1Q -

2009

1Q -

2010

1Q -

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1Q -

2012

NEVADA

CLARK

WASHOE

Annual Change in Cash-Occupied Hotel Rooms

*FY2013 represents Jul-12 through Mar-13

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

FY2013*FY2012FY2011FY2010FY2009FY2008

Downtown Reno Suburban Reno

Sparks Non-Gaming

Age Range 2007 2008 2009 2010 2011 2007-2011 % ch.Estimate; Total: 400,622 402,641 409,425 418,089 420,873 5.1%Estimate; 1 to 4 years 23,280 21,414 25,036 23,574 22,955 -1.4%Estimate; 5 to 17 years 69,445 70,572 70,962 71,438 71,266 2.6%Estimate; 18 and 19 years 11,196 11,203 10,468 12,297 11,304 1.0%Estimate; 20 to 24 years 26,936 27,861 28,902 31,309 33,393 24.0%Estimate; 25 to 29 years 28,334 28,995 32,162 30,492 30,191 6.6%Estimate; 30 to 34 years 26,818 25,520 26,239 27,973 26,405 -1.5%Estimate; 35 to 39 years 25,636 28,364 29,571 27,129 26,195 2.2%Estimate; 40 to 44 years 31,298 28,556 25,492 28,567 29,813 -4.7%Estimate; 45 to 49 years 32,093 30,644 30,631 30,049 30,551 -4.8%Estimate; 50 to 54 years 29,628 30,244 29,545 30,354 29,265 -1.2%Estimate; 55 to 59 years 26,457 27,538 26,500 25,378 27,377 3.5%Estimate; 60 to 64 years 22,748 22,708 23,607 28,129 28,383 24.8%Estimate; 65 to 69 years 14,557 15,517 16,589 17,737 17,789 22.2%Estimate; 70 to 74 years 10,961 12,488 11,061 12,746 14,367 31.1%Estimate; 75 years and over 21,235 21,017 22,660 20,917 21,619 1.8%Estimate; 65 years and over 46,753 49,022 50,310 51,400 53,775 15.0%Percent of all 65 years & over 11.7% 12.2% 12.3% 12.3% 12.8%

Population Change by Age RangeWashoe County, Nevada

Source: US Census Bureau

Age Range 2007 2008 2009 2010 2011 2007-2011 % ch.Estimate; Moved from different state: 16,859 15,956 13,837 16,972 15,980 -5.2%Estimate; Moved from different state: - 1 to 4 years 908 1,085 936 1,301 926 2.0%Estimate; Moved from different state: - 5 to 17 years 2,079 2,139 1,375 2,006 1,756 -15.5%Estimate; Moved from different state: - 18 and 19 years 1,305 604 592 518 776 -40.5%Estimate; Moved from different state: - 20 to 24 years 1,710 2,309 807 1,616 2,335 36.5%Estimate; Moved from different state: - 25 to 29 years 2,205 1,747 1,588 2,312 2,452 11.2%Estimate; Moved from different state: - 30 to 34 years 1,396 1,635 946 2,435 656 -53.0%Estimate; Moved from different state: - 35 to 39 years 908 894 1,370 888 1,595 75.7%Estimate; Moved from different state: - 40 to 44 years 1,501 973 867 1,083 898 -40.2%Estimate; Moved from different state: - 45 to 49 years 948 991 235 657 1,307 37.9%Estimate; Moved from different state: - 50 to 54 years 779 571 1,510 621 486 -37.6%Estimate; Moved from different state: - 55 to 59 years 908 678 677 1,666 549 -39.5%Estimate; Moved from different state: - 60 to 64 years 965 516 1,308 697 448 -53.6%Estimate; Moved from different state: - 65 to 69 years 220 494 560 418 694 215.5%Estimate; Moved from different state: - 70 to 74 years 340 195 465 404 371 9.1%Estimate; Moved from different state: - 75 years and over 687 1,125 601 350 731 6.4%Estimate; Moved from different state: - 65 years & over 1,247 1,814 1,626 1,172 1,796 44.0%Percent of all 65 years and over 2.7% 3.7% 3.2% 2.3% 3.3%

Washoe County, NevadaSource: US Census Bureau

In-Migration Trends by Age Range

Median Sales Price of Short-Sales, Bank-Owned Resales, & Non-Distressed Sales

Washoe County (Single-Family Homes)

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000

$260,000

$270,000

Jan-

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Median Sale Price: Short Sale, MLS Median Sale Price: Bank Owned, MLS

Median Sale Price: Non-Distressed, MLS Median Sale Price: All Homes, MLS

March 2013

Short Sales: 33% of All Sales 41% are Cash SalesBank Owned: 8% of All Sales 28% are Cash Sales

Non-Distressed: 59% of All Sales 25% are Cash SalesAll Single-Family Homes: ($195,000) 30% are Cash Sales

2012 % of Total 2011 % of Total 2010 % of Total$0 - $99,999 904 15.0% 1,024 17.6% 580 11.0% 37.2%$100,000 - $199,999 2,931 48.7% 2,985 51.4% 2,646 50.0% -2.5%$200,000 - $299,999 1,272 21.1% 1,067 18.4% 1,191 22.5% -6.0%$300,000 - $399,999 454 7.5% 341 5.9% 401 7.6% -0.4%$400,000 - $499,999 182 3.0% 150 2.6% 214 4.0% -25.1%$500,000 - $749,999 178 3.0% 131 2.3% 164 3.1% -4.5%$750,000 - $999,999 51 0.8% 52 0.9% 61 1.2% -26.4%$1M & Greater 44 0.7% 54 0.9% 38 0.7% 1.9%

Total SF Resales: 6,016 100.0% 5,804 100.0% 5,295 100.0%

2010-2012 % ch. in share

of total

Washoe CountySingle-Family Home Resales by Price Range

Through March 2013 Sales % of Total$0 - $99,999 108 8.6%$100,000 - $199,999 558 44.2%$200,000 - $299,999 348 27.6%$300,000 - $399,999 106 8.4%$400,000 - $499,999 52 4.1%$500,000 - $749,999 50 4.0%$750,000 - $999,999 13 1.0%$1M & Greater 28 2.2%

Total SF Resales: 1,263 100.0%

Thank you.