Fact Pack! Nevada Relies Most on Imports from China
By Hightower Las Vegas and RCG Economics on April 8, 2025
Nonfarm payrolls were expected to grow by 140,000 but increased to 228,000 in March — up from the revised 117,000 in February. Health care was again the leading sector, adding 54,000 jobs and aligning closely with its 12-month average.
The construction industry added 13,000 jobs, per an Associated Builders and Contractors analysis of Bureau of Labor Statistics. On a year-over-year basis, construction industry employment has risen by 143,000 jobs, an increase of 1.8 percent.
As 4/4/25
Average hourly earnings increased 0.3 percent in March over February, in line with the forecast, but the annual growth rate of 3.8 percent was the lowest since July 2024.
As 4/4/25
The “headline” unemployment rate ticked up to 4.2 percent.
As 4/4/25
Tariffs
Trade Partnership Worldwide, based on data from the U.S. Census Bureau, estimates $714 billion in new U.S. tariffs.
In 2024, the U.S. imported $438.9 billion from China totaling 13.4 percent of all goods imports.
Nevada had the highest reliance on Chinese imports, at 26 percent of the total share—led by electrical machinery and parts.
As of 2024
With two of the nation’s largest ports, California imported 25 percent ($122.8 billion) of its goods in 2024, the most by far across states in terms of dollars. Top 10 states by share:
As of 2024
More graphs to illuminate and encapsulate effects of new tariffs:
Source: Statista As of 4/4/25
Before and after for 10 biggest U.S. import/export partners:
As Monday, April 7, 2025
The market:
Source: The Guardian As Monday, April 7, 2025
What U.S. consumers can expect if retailers pass increases onto them:
As of 7/7/25 Source: The [INTERNATIONAL] News
Expected increases by category of goods:
As of 7/7/25 Source: The [INTERNATIONAL] News
World Bank graph of the state of tariff affairs in 2022:
As of 2022
U.S. Dollar is Down
As of 4/4/25
Lumber Futures
Lumber prices are down on fears of a housing and construction slowdown:
As of 4/3/25
U.S. factory activity contracted in March for the first time this year — and prices accelerated sharply for a second month. Seven industries contracted in March, led by wood products, paper, plastics and rubber, and furniture.
Nine industries reported growth, including textiles, petroleum and coal, and fabricated metals.
Commodities
Actual returns for Q1 2025:
As of March 2025
Fact Pack co-publisher and economist John Restrepo’s team at RCG Economics is out with some new stats, facts, and graphs. Click here to view all of them (many are interactive, enabling a deeper and more detailed understanding of data). Here are some notables:
U.S.
As of Q4 2024
Nevada
As reported by NV Dept. of Taxation As of October 2024
Southern Nevada
As reported by Home Builders Research As of January 2025
Northern Nevada
Baccarat win hit a new high in January in Washoe County:
As of 2025
Consumer Credit (U.S.)
The Fed has released final February numbers for a variety of metrics. In February:
- Consumer credit decreased at a seasonally adjusted annual rate of 0.2 percent.
- Revolving credit increased at an annual rate of 0.1 percent.
- Nonrevolving credit decreased at an annual rate of 0.3 percent.
Source: Board of Governors of the Federal Reserve System
Seasonally adjusted. Billions of dollars except as noted as of 2025
GDP Winners
Multinational companies boost Ireland’s Real GDP by sharing profits in return for a sweet tax situation — making Poland the “real” winner of the GDP growth race over the past decade.
Notably, Canada saw only 1.1 percent growth in real GDP per capita between 2014–2024, the worst performer in the dataset of 37 major economies. Though GDP grew around 17 percent in real terms, so has Canada’s population.
Per capita GDP in the G7, EU, and OECD grew 15 percent over the same period.
The U.S. is tied for 11th (not counting Ireland) with 19 percent:
Q3 2014 — Q4 2024
On the Horizon
Mike PeQueen: Normally, the inflation reports on Thursday and Friday would take center stage — but nothing will matter more than rumors, news, and rumors of news regarding tariffs.
