Comparing Nevada to other states includes assessing social factors like education and healthcare, as well as economic measurements such as employment and cost of living. Overall, Nevada’s economy is recovering after the economic downturn precipitated by the COVID pandemic and the accompanying travel restrictions and business closures. Nevada’s employment figures still lag … [Read more...] about How Nevada Stacks Up
How Nevada Stacks Up2021
Each year, Nevada Business Magazine compiles data comparing Nevada to other states and to U.S. averages. A big part of these annual exercises is tracking how the state responds to the ups and downs of economic cycles. However, assessing the damage done by the economic fallout of the COVID pandemic is rather like taking stock after a Category 5 hurricane. Although the sun is … [Read more...] about How Nevada Stacks Up
How Does Nevada Stack Up2020
How does Nevada Compare to Other States in 2020? In previous years, annual reports showed a state more susceptible to U.S. economic ups and downs than others. When times were good, millions of tourists brought their money to Nevada, and the numbers showed a prosperous state that often led the nation in growth, despite chronic concerns about low rankings for … [Read more...] about How Does Nevada Stack Up
Betting on NevadaGaming Industry Outlook
Nevada’s gaming industry is the biggest employer in Nevada and the most important sector in the state’s economy. In fiscal year 2018, the hospitality industry accounted for nearly 38.9 percent of the state’s total tax revenues and supported 450,100 jobs. While economic development agencies continue their efforts to diversify the Nevada economy, gaming will continue to be its … [Read more...] about Betting on Nevada
How We Stack Up2019
Statistics about Nevada in 2019 provide reasons for both optimism and concern. In this 14th annual study comparing Nevada to other states, economic indicators show that the state is thriving: tourism numbers are up, unemployment is down and home values are steadily rising. However, Nevada is still dealing with the same chronic social issues noted in the first edition in 2006. … [Read more...] about How We Stack Up
How We Stack Up 2018
Each year, Nevada Business Magazine collects data comparing Nevada to other states and to past years, tracking economic cycles and delivering a snapshot of what it’s like to live in the Silver State. In the first edition 12 years ago, Nevada was riding high economically, with 4 percent unemployment and the challenge of finding enough workers to fill available positions. Then … [Read more...] about How We Stack Up 2018
Creating a Brand: Business Marketing 101
When starting a business many think coming up with a name, developing a logo or even crafting a slogan or catchphrase is the extent of branding. The reality is, there is so much more. “It’s a mistake to think, ‘My brand is my graphic identity,’” said Flip Wright, executive vice president of strategy and innovation at Wide Awake. “That’s a very small part of the overall mix. … [Read more...] about Creating a Brand: Business Marketing 101
Nevada Subcontractors: Plenty of Work, Not Enough Workers
“I started working for our family business in 1973 and we’ve been through a lot of recessions, but none as long as the one that began in 2007,” said Bart Hiatt, president and general manager of A&K Earth Movers, Inc. “Our gross sales went from $50 million a year to less than $25 million. Although we had enough cash reserves to keep the doors open and hold onto our … [Read more...] about Nevada Subcontractors: Plenty of Work, Not Enough Workers
Transformers: Retailers Change Tactics
To attract a new generation of shoppers and keep up with competition from online retailers, Nevada shopping malls are transforming into “mixed-use lifestyle centers” and encouraging their tenants to profit from online shopping instead of fighting it. Their tactics seem to be working, as mall owners report record numbers of shoppers and few vacancies. Malls’ success … [Read more...] about Transformers: Retailers Change Tactics
Nevada’s Place Among the States 2017
Each year, “Nevada’s Place Among the States” compares Nevada to other states, competing markets and the U.S. in general, on several key measures of economic and social health. In this 11th edition of comparing Nevada to other states, statistics show that Nevada has almost fully recovered from the recession. At one point, the Silver State led the nation in foreclosed homes and … [Read more...] about Nevada’s Place Among the States 2017
The Silver State & So Much More: Mining in Nevada
Nevada has been known as “The Silver State” since it entered the Union in 1864, but these days, it’s equally famous for gold, lithium, molybdenum and a host of other minerals. Nevada has 119 mines, located in every county except Douglas, and even has six producing oil fields. Mining represents a vital component of the state’s economy. Its total economic output in 2015 … [Read more...] about The Silver State & So Much More: Mining in Nevada
Well Played: Tourism in Nevada Roaring Back
Tourism has played a vital role in the Nevada economy since Hoover Dam was new and Reno invented the quickie divorce. The travel and tourism industry generates $3.2 billion in state and local tax revenues - 26 percent of the total tax revenues in the state - and represents $19.1 billion (about 13 percent) of Nevada’s gross domestic product (GDP). Nevada jobs attributed to the … [Read more...] about Well Played: Tourism in Nevada Roaring Back
Diversity & Inclusion in the Workplace: Why and How
Many Nevada businesses are making an effort to hire a diverse workforce: people of different races, age groups, national origins, backgrounds and religions. Some are interested in hiring workers with disabilities and in giving women a chance to compete for typically male-dominated jobs. The impetus for these initiatives may come from recognizing that federal and state … [Read more...] about Diversity & Inclusion in the Workplace: Why and How
Nevada Infrastructure: Keeping Up with a Growing State
According to the U.S. Census Bureau, Nevada’s 1.95 percent population growth rate from July 2015 to July 2016 made it the second fastest-growing state in the country, slightly behind Utah’s 2.03 percent. With the state’s official population nearing the three million mark, how is infrastructure keeping up with growth? The Orange Cone Zone Some of the funding for Nevada’s road … [Read more...] about Nevada Infrastructure: Keeping Up with a Growing State
Help Wanted: Fortune-teller
Planning for Business Taxes in 2017 Although Nevada has one of the most business-friendly tax environments in the U.S., business owners still have to contend with (and plan for) local, state and federal taxation. In addition, planning for taxes in 2017 is a task made much harder due to recent political and legislative changes. Not only is President Trump’s proposed tax reform … [Read more...] about Help Wanted: Fortune-teller