$101 Million Invested in Nevada to Create Jobs
Lt. Governor Brian K. Krolicki recently announced that two expanding companies will invest more than $101 million in the state and create 58 new jobs, each with an hourly wage above the state average. The Pepsi Bottling Group, LLC, which will invest more than $101 million in the state by building a 427,000-square-foot manufacturing and distribution facility in Las Vegas, was awarded $4.5 million by the Nevada Commission on Economic Development (NCED) in business and tax incentives over the next 10 years. Washoe County-based Pacific Cheese is a manufacturer and distributor of packaged cheese products. The company recently expanded its Nevada operation and received a nearly $24,000 Train Employees Now (TEN) grant from the NCED to train 24 employees.
Nevadans Pay More at the Pump
Nevada ranks second among states with the highest average retail gas price in the country, according to a report from AAA Nevada. Not counting Hawaii, California is the only state with an average higher than Nevada. Refiners are in the early stages of beginning to draw down inventories of winter-grade gasoline to make way for the summer blends. This means wholesale prices are lower than they would have been given the current oil price. Oil prices began moving higher once cold winter weather finally hit the nation’s Midwest and East Coast, increasing demand for various forms of energy.
City National and Business Bank Merger Complete
City National Corporation recently announced the completion of its acquisition of Nevada-based Business Bank Corporation. According to Russell Goldsmith, president and CEO of City National Corporation, the addition of Business Bank will provide more banking and asset management capabilities to Nevada’s professionals, investors and small to mid-sized businesses. Under terms of the merger agreement, shares of Business Bank Corporation were exchanged for cash or a combination of cash and City National Corporation stock. Business Bank shareholders will receive $77 million in cash and 1.1 million shares of City National stock. Total consideration amounts to approximately $165.2 million. City National common stock received by Business Bank shareholders is expected to qualify as a tax-free exchange.
American College of Surgeons Approves UMC Cancer Center
The American College of Surgeons Commission on Cancer (CoC) continued its approval of University Medical Center’s (UMC) Cancer Center as a ceritified cancer treatment center. UMC has maintained this designation since 1983. UMC provides community outreach programs such as cancer prevention clinics at low- or no-cost. The UMC oncology staff participates in national clinical trials and research programs to help speed the delivery of high-quality care to local patients. Every CoC approved cancer program must qualify for basic service categories including: diagnostics, treatment, other clinical opportunities, rehabilitation, support, prevention and early detection.
Nevada Sets New Record in Exports
Exports from Nevada reached a record $5.49 billion in 2006, according to data recently released by the U.S. Department of Commerce. Nevada tied for second place in export growth with Washington and was not far behind first place Delaware. The largest category of export products for Nevada is precious metals – primarily gold. The next four largest product categories are: electrical machinery, toys, games and sporting equipment, industrial machines and ores. The states top three export markets: Switzerland, Canada and greater China, showed increases of 46 percent, 24 percent and 58 percent, respectively. According to U.S. Department of Commerce statistics, Nevada’s nearly $5.5 billion in exports support approximately 74,000 jobs in the state. Those jobs pay an average wage 5 percent to 18 percent higher than similar jobs not related to exports.
