NCED Reports $3.2 Billion Economic Impact
The Nevada Commission on Economic Development (NCED) has released its 2003/2004 report to the governor and the Legislature. The report shows 143 companies moved or expanded to Nevada during the two-year period, creating 6,752 new jobs. NCED had an estimated impact of more than $3.2 billion for Nevada-based businesses. Its Global Trade and Development division obtained more than $700,000 in federal grants, which helped Nevada companies generate more than $15 million in new export sales. The Procurement Outreach Program awarded 743 prime contracts and 167 subcontracts. Program participants reported $1.27 billion worth of contracts. The Community Development Block Grant program provided 68 grants totaling more than $5.6 million to improve infrastructure, enhance planning and local capacity, facilitate economic development and provide housing rehabilitation, primarily for the benefit of low- to moderate-income residents. The Nevada Film Office accommodated 1,218 productions generating $224.3 million in revenue for Nevada.
Trucking Business Moves to Wells
BT Inc.(Bonneville Transloaders) has decided to expand its company into Wells in Elko County, located at the crossroads of Hwy. 93 and Interstate 80, both major trucking routes. BT Inc. has five locations in Wyoming, which has been its primary base of operations for more than 20 years. Mining customers in Nevada made it feasible for the company to expand its territory. The Wells facility is hauling loads of barite from Battle Mountain to Wyoming and also hauls soda ash, lime, fly ash and cement from Wyoming to a Carlin gold mine. BT Inc. hired 15 people for the new Wells location, where it plans to build a commercial truck wash later this year.
Nevada Cities Receive High Marks
A national economic research firm ranked the Reno-Sparks area 33rd out of 361 metropolitan areas in the United States for economic strength. The Economic Strength Rankings study defines economic strength as “the long-term tendency for an area to consistently grow in both size and quality.” Las Vegas ranked 46th in this study, which was conducted by economist William H. Fruth, president of POLICOM Corporation. The report measured the rate and consistency of growth in 23 sectors to establish the rankings, including: overall growth and size of the economy; how the economy behaves in respect to small businesses, construction and retail jobs; and sectors that reflect a poor economy, such as welfare and Medicaid.
In related news, the Milken Institute, a non-profit think tank, ranked Las Vegas the second-best performing city among 200 of the largest metropolitan areas in the U.S. Fort Myers/Cape Coral, Florida was ranked No. 1. Its “2004 Best Performing Cities Index” rates each city based on its business climate, economic benefits and ability to attract and retain businesses. Reno ranked 26th in the same report.
Rural Communities Receive Grants
The Nevada Commission on Tourism approved nearly $500,000 in grants in December to help rural communities across the state promote events and attractions. Earlier grants totaling $1 million were awarded in June 2004. The funds enable small communities to maintain Web sites, buy advertising, create promotional materials, obtain professional services and attend tourism-industry trade shows. Each grant requires a local match in cash, labor or materials. Of the 95 grants awarded during this cycle, the Elko Convention & Visitors Authority received $7,500 to advertise the Snowmobile Rendezvous, West Wendover received $5,000 to advertise its 2005 Cinco de Mayo celebration in Spanish-language media and the Boys & Girls Clubs of Mason Valley received $8,500 to promote the Mason Valley Onion Festival. The Beatty Chamber of Commerce was granted $10,000 to advertise bicycling and mountain biking events, and $7,550 went to the Greater Lincoln County Chamber of Commerce to advertise National Trails Day.