Unemployment in Nevada rose to a staggering 10.1% in February 2009. In just one year, that rate has doubled. In February of 2008 the unemployment rate in Nevada was at 5.5%.
There are two main reasons for the drastic rise in unemployed Nevada residents. First, the housing market in Nevada has completely bottomed out with home prices falling and higher-than-average rates. This means less homes are being built and therefore less people employed in that industry.
Second, consumers around the country are less likely to spend money on a trip to Las Vegas. The decline in Las Vegas tourism has gone right to the heart of Nevada's economy. And the decline in the gaming and entertainment employment has spiraled into declines in the retail and restaurant industries.
Nevada's economy is one of the hardest hit in the current global recession. Lawmakers are hopeful that the Obama stimulus will create 34,000 jobs and put Nevada at the forefront of the alternative energy industry.