Nevada’s Teen Unemployment Rate is Second Highest in Nation
According to the Bureau of Labor Statistics, not only is Nevada one of the hardest hit in the nation in regards to unemployment but Nevada teens are especially affected with the teen unemployment rate 30 percent higher than the national average. According to the Employment Policies Institute (EPI) the blame for this hike in teen unemployment could lie with Nevada’s minimum wage hike that makes it difficult for employers to hire and train teens.
Community Banks Consolidate to Create New Bank of Las Vegas
As of last month, Capitol Bancorp Limited has consolidated its four local financial institutions, Desert Community Bank, Red Rock Community Bank, Black Mountain Community Bank and Bank of Las Vegas. The four banks now operate under the Bank of Las Vegas name which has over $500 million in assets.
Study Concludes Nevada is Among the Top States for Businesses
According to a study commissioned by the Nevada Commission on Economic Development (NCED), Nevada ranks fourth in the nation for the best business tax climates. Additionally, the Silver State ranks third in terms of its favorable corporate tax structure and is ranked second by the Small Business & Entrepreneurship Council for its friendly policy environment for entrepreneurship. NCED has been using the study to aggressively recruit new businesses to the state, many from California’s unfavorable business climate.
Raising Nevada’s Cigarette Tax Could Fill Some of the Budget’s Shortfalls
According to a national report, raising Nevada’s cigarette tax by $1 per pack would bring in $78.8 million in new annual revenue to help close the state’s budget shortfall. Additionally, the increased tax would save $460.3 million in healthcare costs and prevent 18,700 children from becoming smokers. A poll accompanying the report found that 67 percent of voters would support a $1 tobacco tax increase. Tobacco use claims 3,300 lives and costs $565 million in healthcare bills each year in Nevada.
Source: Campaign for Tobacco-Free Kids, American Cancer Society Cancer Action Network, American Heart Association, American Lung Associaion and Robert Wood Johnson Foundation