Las Vegas economy is hit hard during coronavirus pandemic
Economically Las Vegas has become one of the hardest hit cities in the entire country due to the job crisis caused by the coronavirus outbreak.
Also since the Covid-19 crisis hit the Las Vegas valley as rent is down half of a percent, which is significantly down from 1.4% that we were reporting last week. The drop is attributed to many renters staying put due to either a job loss or a decrease in pay.
Almost 350,000 people have applied for unemployment in Las Vegas since the outbreak for the first time in the history of the city. Currently the unemployment rate is 25% in the ‘city of sin’ the highest since the financial crisis in 2008.
Lack of food banks
Amid the COVID-19 pandemic, individuals, families and businesses in Las Vegas are stepping up to offer relief to people in the community who are in need of food, services and support. The few food banks available can’t handle the amount of people that are coming to ask for food. People start lining up to get essentials as early as 4 in the morning.
Related stories
Here are stories about people who are leading with kindness and proving the community: The Salvation Army Southern Nevada leadership, staff and volunteers distributed 4,000 pandemic kits on Thursday to homeless people who use the Salvation Army’s Owens Campus.
The Governor’s Black-Tie charitable 2020 Event was cancelled under the “Stay Home for Nevada” directives. Olympia Companies SH Charitable Foundation announced that it made $1 million in donations last week and provided much needed funding to each of its nine benefiting charities including Boys and Girls Club of Southern Nevada, Candlelighters and Nevada Childhood Cancer Foundation.