Nevada’s seasonally adjusted unemployment rate fell to 4.9 percent in February, the first time it has been below 5 percent since November 2007.
The jobless rate ticked down one-tenth of a percentage point from January, from 5 percent.
“This is a watershed moment in our state’s recovery efforts,” said Gov. Brian Sandoval. “Job levels are at an all-time high. The number of employers is greater than ever before. Our private sector growth is the fourth-highest in the nation with small businesses fueling our revival by contributing nearly 100,000 of the 213,000 new jobs since late-2010. We knew Nevadans could battle through the most difficult of times, but today’s announcement exceeds even my own optimistic goals. This is a great day for the entire state of Nevada.”
February represents the 72nd consecutive month of year-over-year declines in the unemployment rate, down 1.2 percentage points, relative to February of last year, said Bill Anderson, chief economist for Nevada’s Research and Analysis Bureau of the Department of Employment, Training and Rehabilitation.
Additionally, February saw a seasonally-adjusted increase of 3,100 jobs, relative to January. The construction sector continued to lead the state in terms of percentage growth, year-to-date, up 7.4 percent relative to the first two months of last year. This equates to an additional 5,400 construction jobs in the state. Leisure and hospitality employment experienced the largest nominal growth this month, adding 8,700 jobs to payrolls year-to-date, for a growth rate of 2.6 percent.