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...]
Business Roots: Nevada’s Economic Development History
The Silver State has a unique origin story. Despite being much less economically viable and populated, Nevada beat out the other territories to become a state in 1864 because of its Republican and pro-Union leanings. President Abraham Lincoln fast-tracked the process, surpassing Congress, to ensure ultimately three electoral votes for his re-election and bolster Republican … [Read more...]
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...]
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...]
Avoiding a Business Foul: Practical Steps to Dodge Business Litigation
The best litigation for business decision makers is the litigation that never happens. Court cases are time-consuming, expensive and take a business owner’s mind off business. The best way to avoid litigation? Document everything, know your obligations and be certain your protections are in place. “It sounds a little simplistic, but I would say, know your legal obligations, … [Read more...]
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...]
On Campus or Online: Opportunities for Executive Education in Nevada
Ask the administrator of an executive education program why an individual would spend the money and take the time to earn an advanced degree in business, and the answer comes back threefold. “People are coming into the program because they are looking to move up the corporate ladder,” said Nikkole McCartin, director, EMBA program, Lee Business School, University of Nevada, … [Read more...]
Money Mastery: The Key to Successful Wealth Management in Nevada
Money may indeed be the “root of all evil”, but when the rubber meets the road it also “makes the world go round”. The challenge for many is to effectively manage assets through the various stages of life so that accumulated wealth can help meet needs along the way. While previous generations may have saved for a rainy day by stuffing money in a mattress or, more recently, may … [Read more...]
Connecting to Tomorrow: Telecommunications in Nevada
Telecommunications providers in Nevada find themselves spinning in a virtual cycle. More telecommunications capacity continues to come on line, either through incremental improvements to networks or massive construction projects. Just about as fast as capacity increases, business users of voice and data service want powerful new devices and sophisticated data-and-voice tools … [Read more...]
The Latest and Greatest Gadgets, Gear and Entertainment
The Dick Tracy comic strip launched in October 1931, featuring a tough, thorough detective who used what was then imaginary technology like his two-way wrist radio. Eighty-five years later school children wear GPS watches and their parents are using their own wrist watches for so much more than simply telling time. What’s New? As technology catches up with fantasy, the … [Read more...]
Nevada’s Place Among the States 2016
Numbers tell the story, either good or bad, about Nevada’s ranking compared to other states, and this year the numbers indicate a slow but steady economic recovery that has the Silver State moving from eighth place to 11th in percentage of foreclosed homes and third place to sixth in unemployment. However, Nevada continues to lag behind other states in factors such as … [Read more...]
Crunching the Numbers: Tax Planning and Accounting in the Silver State
Despite all the thunder, lightning and tumult that surround the federal government in this election year, taxpayers are catching a break as they develop their tax-reduction strategies. At the end of 2015, Congress moved to make 20 tax-relief provisions permanent, which removes the year-end guessing games that bedeviled taxpayers and their advisors in recent years. “We’re not … [Read more...]
20/20 Visionaries for the Silver State
Perfect vision, otherwise referred to as 20/20 vision, is the ability for an individual to see clearly both in their near field of vision as well as far away. Likewise, a 20/20 executive, such as those featured in the following pages, has a clear vision for their business in both the short and long term. These executives strive to do what is right for their companies, … [Read more...]
Rural Nevada: All Boom No Bust
The price of gold has been hovering around $1,300 an ounce lately, down more than 25 percent from its peak of over $1,800 in 2011. In times past, that would have been a sure signal for the bottom to fall out of the economy in many of Nevada’s rural counties, for which the boom-and-bust cycles of the mining business come as regularly as a spectacular desert sunrise. But, … [Read more...]
Back to Work: Human Resource & Employment Issues
Gilda Radner’s comic creation, Roseanne Roseannadanna, pretty much summed up the situation of Nevada’s employers: “It’s always something.” The state’s economic recovery makes good workers harder to find, and top employees are beginning to hear the siren song of recruiters who want to woo them away. That’s putting upward pressure on wages just when employers are getting the … [Read more...]
How to Lease or Buy: A Guide to the Rebounding Commercial RE Industry
Buying or leasing commercial real estate is a stressful and complex process that can be difficult for even the best of brokers in Nevada. What about for entrepreneurs or business executives whose areas of expertise may be in gaming or healthcare? How should they evaluate the pros and cons of buying or leasing, choosing a location and making a purchase? Taber Thill, senior … [Read more...]
Keep on the Sunny Side: Power Poll 2016
Optimism is in the air as 2016 ramps up and that positivity is making its way through Nevada’s business community as executives and business owners continue to see improvements. The year started with some big announcements for economic diversification in the state, including projects moving into Southern Nevada’s Apex and continued optimism in the north with new businesses … [Read more...]
Banking On Nevada: An Industry Still in Recovery
Nevada’s banking industry, which was hit hard during the recession, continues to see challenges today. Some bankers believe post-financial crisis regulations, rising interest rates and the popularity of mobile banking and other technology will continue to change their industry. Others believe China’s economic slowdown, Saudi Arabia’s worsening relations with Iran and an … [Read more...]
Economic Forecast 2016: Increasing Stability and Growth
According to analysts, Nevada’s economy will continue to show improvement in 2016, but with a few new wrinkles thrown in. Rising wages will mean more disposable income, which in turn boosts consumer spending. Job creation, described as the single best indicator of economic growth, is expected to add more than 52,000 workers to company payrolls this year, according to the Nevada … [Read more...]
Workforce Issues
As Nevada claims the distinction of having the highest private sector job growth in the country, according to the Nevada Department of Employment, Training and Rehabilitation (DETR), decision makers are focusing on how the Silver State can best respond to workforce needs in an ever changing and diverse economy. “The economy is diversifying based on the economic development … [Read more...]
