Reno NV - More People are entering the labor force

[Bill Schrimpf]

NV Department of Employment Training and Rehabilitation issued this  press release showing Reno area YOY employment increased by 8500 jobs, or 3.4%.  Nevada's unemployment increased overall, but is attributed to more people entering the workforce.  

Is this a good thing?  How will this impact the local real estate market and rents?  

What the DETR report does not show is where the jobs are coming from.  This EDAWN report says 2200 are high-paying jobs ($67,000/yr) because of business moving to the area.  

I do not have a crystal ball, but I think the Reno market remains a seller's market for a while, however interest rate pressures have absolutely had an impact in cooling things down.  There are now reasonable deals to be found.  Some sellers are offering assistance to buyers by paying points or other concessions.  This leaves the purchase prices up, but improves the terms of the deal.