POPULATION: 3,034,000
UNEMPLOYMENT RATE: 4.1%
2019 JOB GROWTH: 3.0% (42,400)
2020 JOB GROWTH: 2.0% (29,200)
Full speed ahead for Nevada’s thriving economy, gaining momentum in the south from a continuing Las Vegas construction boom. East of Reno, electric-car maker Tesla and partner Panasonic are building out a multi-billion-dollar plant called the Gigafactory that makes batteries and parts for Tesla’s Model 3. It currently has 10,000 employees, but plans for further expansion may depend on the success of the Model 3.
Nevada is a standout regionally and nationally with payrolls set to grow 3.0% this year. Hiring for construction is soaring, so much so that employers are having trouble finding skilled workers they need with some $23 billion worth of projects under way in Las Vegas alone. Work is just starting on a $1 billion Circa Resort and Casino in the downtown area while Malaysia-based Genting group is building its $4 billion Resorts World Las Vegas that will add 7,000 hotel rooms. It’s emerging as a major sports center with a successful professional hockey team, while a $2 billion football stadium is under construction that will be the future home of the Las Vegas Raiders from the start of the 2020 NFL season onward.
A healthy national economy is a boon for the gaming industry and for tourism in Las Vegas, with free-spending visitors fueling about 30% of the local economy. So far, visitor volume is 2% above last year. Housing markets in Las Vegas and Reno are healthy, partly because the state’s desert climate and low taxation rates make it an attractive destination for retirees, including many fleeing nearby high-tax states like California. A surge in home building is beginning to ease the supply crunch a little, and double-digit housing price growth for over a year has slipped back into the single digits again.
Copyright © 2019 The Kiplinger Washington Editors | All Rights Reserved | December 3, 2019
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