Southern Nevada Market Update SouthernUpdated April 21, 2020 Nevada Market Update Local Economic SouthernFundamentals Nevada Market Update Resident Population Growth 2018 to 2019 Rank State Annual Growth 1 Idaho +2.09% 2 Nevada +1.74% 3 Arizona +1.69% 4 Utah +1.66% #2 Nevada 5 Texas +1.28% 6 South Carolina +1.27% 7 Washington +1.21% 8 Colorado +1.19% 9 Florida +1.10% 10 North Carolina +1.03% U.S. Average +0.48% Source: U.S. Census Bureau Southern Nevada Market Update Nevada Population and Growth 3.2 2.5% 3.1 3.1 Millions 2.0% 3.0 1.7% 2.9 1.5% 2.8 2.7 1.0% 2.6 0.5% 2.5 2.4 0.0% '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Census Bureau Southern Nevada Market Update Clark County Population 2.4 2.3 Millions 2.2 2.0 1.8 1.6 1.4 1.2 1.0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Census Bureau (Metropolitan area population data is only available through 2018 from the US Census Bureau) Southern Nevada Market Update Clark County Population Growth 6% 5% 4% 3% 2% 1.8% 1% 0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Census Bureau (Metropolitan area population data is only available through 2018 from the US Census Bureau) Southern Nevada Market Update Population Growth Largest 30 Metropolitan Areas 3.0% 2.5% 2.0% 1.8% 1.5% 1.0% 0.5% 0.0% -0.5% Source: U.S. Census Bureau (Metropolitan area population data is only available through 2018 from the US Census Bureau) Southern Nevada Market Update +1.8% (net) +40,600 Residents Source: U.S. Census Bureau Southern Nevada Market Update +111 Per Day +4.6 Per Hour Source: U.S. Census Bureau Southern Nevada Market Update Newcomers to Clark County Based on Drivers License Surrenders Share of Top 5 States Newcomers 1 California 36.1% 2 Florida 5.8% 3 Texas 4.8% 4 Arizona 4.5% 5 Illinois 3.6% Source: Nevada Department of Motor Vehicles Southern Nevada Market Update Newcomers to Clark County Based on Drivers License Surrenders State # of Newcomers State # of Newcomers State # of Newcomers State # of Newcomers California 25,042 Michigan 1,131 Massachusetts 506 Wyoming 256 Florida 3,994 Pennsylvania 1,001 Alaska 415 Mississippi 225 Texas 3,335 New Jersey 989 South Carolina 414 North Dakota 197 Arizona 3,105 Virginia 960 Kansas 383 South Dakota 154 Illinois 2,477 North Carolina 792 Oklahoma 361 Other 147 Washington 2,460 Missouri 787 Louisiana 352 New Hampshire 136 Hawaii 2,345 New Mexico 725 Iowa 340 West Virginia 112 Colorado 2,217 Wisconsin 722 Alabama 327 Maine 93 Utah 2,120 Indiana 690 Connecticut 325 Delaware 90 New York 1,897 Tennessee 672 Nebraska 322 District of Columbia 83 Georgia 1,329 Minnesota 653 Arkansas 311 Rhode Island 80 Ohio 1,231 Maryland 614 Kentucky 302 Vermont 60 Oregon 1,157 Idaho 589 Montana 296 TOTAL 69,321 Source: Nevada Department of Motor Vehicles Southern Nevada Market Update Where Are Retirees Moving? Source: SmartAsset Southern Nevada Market Update U-Haul Moving Prices Truck for 3 to 4 Bedroom Home Oakland OAKLAND TO Las Vegas $2,454 Southern Nevada Market Update U-Haul Moving Prices Truck for 3 to 4 Bedroom Home Oakland LAS VEGAS TO Oakland $124 Southern Nevada Market Update Job Growth in the Nation Rank State Annual Growth 1 Utah +3.11% 2 Idaho +2.91% 3 Arizona +2.79% 4 Texas +2.71% #10 Nevada 5 Washington +2.44% 6 Florida +2.38% 7 Alabama +2.22% 8 North Carolina +2.09% 9 Colorado +2.06% 10 Nevada +1.94% U.S. Average +1.40% Source: U.S. Bureau of Labor Statistics (December 2019 vs. December 2018) Southern Nevada Market Update Employment Growth Largest 30 Metropolitan Areas 4% 3% 2.5% 2% 1% 0% Source: U.S. Bureau of Labor Statistics (December 2019 vs. December 2018) Southern Nevada Market Update Employment Las Vegas Metropolitan Area 1,100 Present: 1,048,500 1,000 Thousands 900 800 700 600 500 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Employment Growth Las Vegas Metropolitan Area | Year-over-Year 10% 102 Consecutive Months of Positive Growth 5% 0% -5% -10% -15% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Employment Growth Las Vegas Metropolitan Area | Last 12 Months Construction 9,400 Leisure and Hospitality 7,200 Professional and Business Services 5,000 Financial Activities 3,700 Education and Health Services 2,100 Manufacturing 1,200 Other Services 1,100 Information 200 Net Job Growth: Government 100 + 25,200 Mining and Logging -100 Trade, Transportation and Utilities -4,700 Source: U.S. Bureau of Labor Statistics (December 2019 vs. December 2018) Southern Nevada Market Update Unemployment Rate Variance Las Vegas MSA United States 16% 14% 12% 10% 8% 6% 4% 3.5% 3.4% 2% 0% -2% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Fast Growing Personal Income Rank State Annual Growth 1 Washington 6.8% 2 Utah 6.3% 3 Nevada 5.7% #3 Nevada 4 Colorado 5.7% 5 Arizona 5.5% 6 Idaho 5.4% 7 Texas 5.3% 8 Florida 5.2% 9 Montana 5.0% 10 Oregon 4.9% Lowest Highest Source: U.S. Bureau of Economic Analysis (2018 vs. 2017) Southern Nevada Market Update Percent Change in Real GDP by State Q1 2019 vs Q2 2019 Nevada’s GDP Growth Is Among the Highest in the Nation Source: U.S. Bureau of Economic Analysis Southern Nevada Market Update Percent Change in Real GDP by County 2017 vs 2018 Clark County’s Real GDP Grew Over 2.5x Faster Than the U.S. Average Source: U.S. Bureau of Economic Analysis Southern Nevada Market Update Percent Change in Real GDP by County 2017 vs 2018 Clark County’s Real GDP Grew Over 2.5x Faster Than the U.S. Average Source: U.S. Bureau of Economic Analysis Southern Nevada Market Update Indicator Current Period Prior Period Growth Population 2019 2,266,715 2009 1,939,407 327,308 16.9% ▲ Employment1 Dec ’19 1,030,900 Dec ‘09 827,042 203,858 24.6% ▲ Unemployment Rate Dec ’19 3.5% Dec ‘09 12.7% -9.2 pts. -9.2 pts. ▼ Average Weekly Hours Worked (Private) Dec ’19 33.8 Dec ’09 35.0 -1.2 -3.6% ▼ Average Weekly Wages (Private) Dec ’19 $841.62 Dec ’09 $682.15 $159.47 18.9% ▲ Economic Electric Meter Hookups1 Nov ’19 838,880 Nov ’09 725,421 113,459 15.6% ▲ Snapshot Drivers License Surrenders1 Dec ’19 75,611 Dec ’09 55,048 20,563 37.4% ▲ Existing Home Closings1,4 Dec ’19 45,841 Dec ’09 51,367 -5,526 -10.8% ▼ Ten-Year Existing Home Median Closing Price1,4 Dec ’19 $272,791 Dec ’09 $126,579 $146,212 115.5% ▲ New Home Closings1,4 Dec ’19 9,816 Dec ’09 5,244 4,572 87.2% ▲ Growth New Home Median Closing Price1,4 Dec ’19 $387,242 Dec ’09 $212,816 $174,426 81.9% ▲ Las Vegas MSA Initial Unemployment Insurance Claims1,3 Dec ‘19 9,938 Dec ‘09 28,318 -18,380 -64.9% ▼ Average Daily Auto Traffic: I-15 at NV/CA Border Dec ‘19 43,705 Dec ‘09 39,188 4,517 11.5% ▲ McCarran International Airport Passengers1 Dec ’19 51,537,638 Dec ’09 40,469,012 11,068,626 27.4% ▲ Visitor Volume1 Dec ’19 42,576,800 Dec ’09 36,351,469 6,225,331 17.1% ▲ Convention Attendance1 Dec ’19 6,649,100 Dec ’09 4,492,275 2,156,825 48.0% ▲ Gross Casino Gaming Revenue1,2 Dec ‘19 $10,355,716,950 Dec ‘09 $8,838,262,928 $1,517,454,022 17.2% ▲ Taxable Retail Sales1,2 Dec ‘19 $47,551,974,898 Dec ‘09 $28,503,924,065 $19,048,050,833 66.8% ▲ Source: [1] Figures expressed as trailing 12-month values; [2] Indicator is the value for Clark County, NV; [3] Indicator is the value for Nevada; [4] Indicator is the value for Las Vegas Area Southern Nevada Market Update Indicator Current Period Prior Period Growth Population 2019 2,266,715 2018 2,226,115 40,600 1.8% ▲ Employment1 Dec ’19 1,030,900 Dec ’18 1,006,683 24,217 2.4% ▲ Unemployment Rate Dec ’19 3.5% Dec ’18 4.5% -1.0 pts -1.0 pts. ▼ Average Weekly Hours Worked (Private) Dec ’19 33.8 Dec ’18 33.9 -0.7 -2.1% ▼ Average Weekly Wages (Private) Dec ’19 $841.62 Dec ’18 $823.09 +$18.53 +2.3% ▲ Economic Electric Meter Hookups1 Nov ’19 838,880 Nov ’18 824,202 14,678 1.8% ▲ Snapshot Drivers License Surrenders1 Dec ’19 75,611 Dec ’18 76,256 -645 -0.8% ▼ Existing Home Closings1,4 Dec ’19 45,841 Dec ’18 47,875 -2,034 -4.2% ▼ Year-Over- Existing Home Median Closing Price1,4 Dec ’19 $272,791 Dec ’18 $257,150 $15,641 6.1% ▲ New Home Closings1,4 Dec ’19 9,816 Dec ’18 9,944 -128 -1.3% ▼ Year Growth New Home Median Closing Price1,4 Dec ’19 $387,242 Dec ’18 $383,185 $4,057 1.1% ▲ Las Vegas MSA Initial Unemployment Insurance Claims1,3 Dec ‘19 9,938 Dec ’18 10,341 -403 -3.9% ▼ Average Daily Auto Traffic: I-15 at NV/CA Border Dec ‘19 43,705 Dec ’18 45,095 -1,390 -3.1% ▼ McCarran International Airport Passengers1 Dec ’19 51,537,638 Dec ’18 49,718,526 1,819,112 3.7% ▲ Visitor Volume1 Dec ’19 42,576,800 Dec ’18 42,116,900 459,900 1.1% ▲ Convention Attendance1 Dec ’19 6,649,100 Dec ’18 6,501,800 147,300 2.3% ▲ Gross Casino Gaming Revenue1,2 Dec ‘19 $10,355,716,950 Dec ’18 $10,250,569,556 $105,147,394 1.0% ▲ Taxable Retail Sales1,2 Dec ‘19 $47,551,974,898 Dec ‘18 $44,318,917,554 $3,233,057,344 7.3% ▲ Source: [1] Figures expressed as trailing 12-month values; [2] Indicator is the value for Clark County, NV; [3] Indicator is the value for Nevada; [4] Indicator is the value for Las Vegas Area Southern Nevada Market Update Housing SouthernAffordability Nevada Market Update Rank State Annual Growth House Price Appreciation 1 Idaho +11.25% House Price Index Growth 2 Utah +7.49% 3 Arizona +7.48% 4 Maine +7.47% 5 Indiana +6.89% 6 Vermont +6.85% 7 New Mexico +6.37% #12 Nevada 8 New Hampshire +5.88% 9 Tennessee +5.81% 10 Kansas +5.81% 11 Wisconsin +5.77% 12 Nevada +5.76% 13 Nebraska +5.66% 14 Michigan +5.38% 15 Montana +5.33% Source: Federal Housing Finance Agency (Q3 2018 vs.