Silver State's diverse economy is featured theme for 2018 Nevada Day celebration
Submitted by editor on Wed, 10/24/2018 - 12:08pm
When it comes to industry, Nevada has been known since its infancy for the three majors: gaming, mining and ranching.
However, in the last decade, we’ve seen an expansion into many other industries as well, with technology quickly becoming the most prevalent since Tesla relocated to our desert and began the trend of big tech companies building in our region.
According to Robert “Rob” Hooper, Northern Nevada Development Authority (NNDA) President & CEO, “The goal of Nevada’s economic development strategic plan implemented by Governor Sandoval in 2012 was to diversify the economy. This would enable the leveraging and maximizing of economic upticks, so that economic downturns could be minimized and mitigated.” He continued, “Key industry sectors, including technology, were identified as being good fits for the Silver State which would also help to grow and strengthen the state’s economy. This diversification is leading Nevada to a prosperous, resilient and sustainable economy which benefits all Nevadans.”
There are 10 major reasons tech companies are moving not only to Nevada, but to our region in the Sierra.
1. Logistics advantage: Nearly 60,000,000 customers are within a desirable one-day truck transit
2. Close proximity to major markets and U.S. deep water seaports serving the Pacific Rim
3. Affordable lease rates
4. Competitive utility rates
5. Easy access to elected and government officials
6. Third largest metropolitan area in the Silver State
7. The region’s dry climate - reduces costs for the operation of any needed technology clean room environments
8. Western Nevada College and its focus on workforce development
9. Close proximity to Lake Tahoe and all of its amenities
10. Quality of life - a great place to work, live, and play
There doesn’t seem to be any measure to slow down either. On Sept. 20, the Nevada Governor’s Office of Economic Development board approved applications for eight new businesses, which, according to their office, could mean 167 new jobs and almost $200 million in capital investment for Nevada.
“We’ve really reached a point in Nevada where the number of industries that view our state as a desirable place to do business continues to grow,” said Governor Brian Sandoval. “That economic diversification bodes well for all Nevadans, North and South, urban and rural.”
In the past decade, over 276,800 private sector jobs have been created in Nevada.
Since 2010, the NNDA has assisted over 100 companies in relocating or expanding into the Sierra, and it’s not just out to USA Parkway with the big guys.
Out of the 14 most recent relocations and expansions, three businesses have taken up post in Fernley, five in Minden, two in Carson City, two in Dayton, one in Mound House, and one in Storey County.
Nevada is ranked as number 5 on the Tax Foundation’s 2018 State Business Tax Climate Index, and touts a pro-business regulatory environment. The cost of doing business, according to a November 2017 issue of Forbes magazine, is 4.6 percent lower than the national average. In addition, the cost to incorporate in Nevada is one of the lowest in the nation. That combined with our abundance of green power sources such as solar, wind, and geothermal, and our low rating of potential natural disasters, the Sierra Nevada has been on everyone’s mind when it comes to relocation.
It’s no wonder then why the big guys have moved to the desert, leaving the door open for middle and small sized companies to follow suit.
Of the largest companies who have decided to do business from the desert, there are Tesla, Panasonic, Apple, Google, Microsoft, Switch Zappos, Amazon, Starbucks, Barnes & Noble, Bank of America, and more.
Nevada was hit particularly hard during the Great Recession, and it seems like gaming and mining really aren’t going to cut it economically for Nevada’s law makers, and tech innovations seem to be the new golden goose for the Sierra’s future.
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