Northern Nevada Development Authority announces $1 billion in economic impact
Submitted by Jeff Munson on Mon, 09/30/2013 - 1:46pm
With job creation key to Nevada's ongoing economic recovery, Gov. Brian Sandoval and Northern Nevada Development Authority officials announced Monday that the agency's work has led to a milestone, making a $1 billion economic impact across a five county region over the past three years.
“You have to stop and pause for a moment when you hear the billion dollar word in terms of economic impact to this region and the amount of jobs that come to the region because of the effort," said Gov. Sandoval at a news conference marking the occasion. “The $1 billion equates to approximately 4,000 new jobs over a 3-year period — a significant and important milestone. Working together we will continue to grow and diversify Nevada’s economy.”
NNDA’s five county region, which accounts for 6 percent of the state’s population, is comprised of Carson City, Douglas County, Lyon County, Storey County and Churchill County. Over the last three years NNDA has leveraged its volunteer committee structure and Board of Directors to reach this goal.
“While the $1 billion impact number is impressive it’s even larger when we add in the businesses expansions,” Rob Hooper, executive director of NNDA said. “By adding in the jobs related to business expansion the impact grows to $1.3 billion. Through the Governor’s vision and commitment to economic development along with the NNDA volunteers including our commercial real estate committee, we have been able to reach this milestone. The pioneering spirit is still alive and well in Nevada.”
The formula used to calculate economic impact is based on a model that counts each job with a 1.5 job multiplier to the economy. For example: when an engineer moves to the area there are other jobs tied to it. That new employee will need to go to the grocery store, dry cleaner, car repair, gas station and restaurants. This means by adding one relocated job, NNDA adds 1.5 jobs depending on the type of job and salary.
Hooper said the NNDA team created a new campaign with a resource website where prospective businesses from both inside and outside the state can go to, plus the help of hundreds of volunteers and their committees in the commercial real estate, bank and finance, education, agriculture, business, professional services and health care industries.
"There are companies that are looking throughout the nation and throughout the western region for a place to grow or to move and they have a lot of different choices they can make. Because of the efforts of Rob and the team of NNDA, we're winning," said Gov. Sandoval. "They are making the choices here in this region and it makes such a difference, particularly when we are having some tough times with unemployment. Lyon County leads the state in unemployment and I know because of NNDA's efforts, (they've) made a big impact."
The governor noted that in the past year, 22,000 private sector jobs have been created in Nevada.
Economic development "is like the popcorn machine — you have these kernels and they pop and suddenly the machine is full," said Sandoval.
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