Similar to other parts of the country, Southern Nevada is experiencing a slowdown in commercial leasing and sales activity, rising vacancies and a number of projects being put on hold. The combination of the housing market meltdown, rapidly rising fuel and food prices, high levels of business and consumer debt, global credit crunch and continuing bad news from central banks around the world indicate the Southern Nevada economy is experiencing a downturn that is likely to be deeper, broader and more prolonged than has been seen in at least 20 years. The 156,200 industrial-related jobs recorded for Clark County in June 2008 were 5.5 percent lower than June 2007 and 8.6 percent lower than 2006, according to the Nevada Department of Employment, Training and Rehabilitation. Much of this decline can be attributed to the 16,700 job losses in the construction sector since June 2006, which started with the residential segment but now appears to be spreading into the commercial segment.
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