“Credit unions have a different structure and business model than banks do, but they’re still depository institutions, so safe and sound is still safe and sound,” said George Burns, commissioner, Nevada Financial Institutions Division (NFID). They’re also the largest state-chartered, locally owned financial institutions in the state, according to Matt Kershaw, CEO, Clark … [Read more...]
Medical Education in Nevada: Progress Made, Long Way to Go
Great strides in expanding medical education in Nevada have been made in the past few years. Yet the effects have been minimal so far and won’t kick in until years in the future. In addition, much more work needs to be done, experts said. “[Medical education] is improved and has a long way to go,” said Shelley Berkley, CEO and senior provost of Touro University’s … [Read more...]
Guarding Business: Cybersecurity in Nevada
Earlier this year, the malware program VPNFilter infected hundreds of thousands of office and home routers and networked devices around the world. The cities of Atlanta and Baltimore experienced ransomware attacks, the latter causing the 911 dispatch system to be offline for 17 hours. Confidential data were breached at numerous companies—Adidas, Dignity Health, Honda, LabCorp, … [Read more...]
Something for Everyone: Tourism in Nevada
Nevada is still finding its place in the modern tourism world, but that isn’t hurting tourism numbers. Fiscal year 2018 was a turbulent year for tourism, in Las Vegas especially, but the year still set records and showed no signs of slowing down. Statewide, shifting consumer interests and demands and diversifying economies are helping drive continued strong tourism … [Read more...]
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...]
The Business of Art: Nevada’s Cultural Scene
Twenty years ago, Nevada’s arts and culture sector was not a huge economic driver. Organizations were forming. Audiences were being sought. “There’s a group of us in this community, and in Reno, too, who all started out on the ground level, and there’s been this evolution of arts and culture [in the state],” explained Jeri Crawford, president and CEO of the Las Vegas … [Read more...]
Wealth Management: Setting and Obtaining Financial Goals
Short and long-term financial goals for CEOs, other executives and business owners might include buying a home, putting their children through college, retiring at a certain age or leaving a legacy, perhaps their business, to their heirs. It’s important for high net worth people to determine now what they’d like to achieve, develop a plan to reach their goals, write it down and … [Read more...]
The Insured State: Health Insurance in Nevada
Businesses can expect health insurance costs to continue to rise in the short term, but stabilization might be in sight. Nevada health insurance executives suggest a number of factors could indicate relief for businesses when it comes to health insurance costs in the long-term future. Following years of negative reaction to the Affordable Care Act (ACA), signed into law in … [Read more...]
Perspective Shifts: Power Poll 2018
Last year was a year of change in many ways, especially in the Silver State. With mid-term elections coming up in November and a changing of the guard in the Governor’s office, this year will shake up the status quo even more. As Nevadans look at the economic progress made since the downturn, executives on both ends of the state are hopeful. “I’ve been doing this for a long … [Read more...]
The Communications Landscape: Connectivity in Nevada
Nevada companies want to be more efficient, expedient and cost effective, and so, they’re demanding more and more out of the available technologies for communicating. Firms providing those continue to develop and offer related products and services that enhance businesses’ connectivity to not only people but, also, objects. “It’s a brave new world,” said Jace Barbin, the … [Read more...]
Wages and the Worker’s Market: Nevada Staffing
Nevada’s employment landscape is one with numerous available jobs but an insufficient number of qualified people to fill them, experts said. “It’s an employee’s market,” said Peggy Walker, referring to Northern Nevada. “If somebody’s not working, there really is no excuse. They’re able to pick and choose.” At the same time, she said, “there are not enough skilled workers.” … [Read more...]
Legal Concerns: Law Firms Today
Lawyers have always served as society’s designated worriers, but Nevada’s legal practitioners seem to be wringing their hands a little more than usual these days for several reasons. While the resurgent state economy is creating lots of opportunities, a strong economy also creates its own set of challenges. Lawyers worry about the arrival of big competitors from out of … [Read more...]
Credit Unions: The Growth of Financial Cooperatives
Even in an era filled with bright economic statistics, the mid-year report from the Credit Union League of Nevada stood out. The industry group reported that credit union deposits in Southern Nevada rose by 8 percent year-over-year while total loans were up 10 percent. In booming Northern Nevada, mid-year deposits rose 12 percent over year-earlier numbers and loans … [Read more...]
Generation Innovation: Technology Advances Nevada Economy
New, existing and relocating technology companies are making Nevada home in both metro and rural areas, bringing innovation across the board. So far, specific technology clusters have not developed. Nevada is seeing everything from bioscience to construction and telecommunications to entertainment. “In a lot of cities you have a sector that’s doing well or a place where it’s … [Read more...]
The Full Focus: Economic Development in Nevada
In 2012, The Silver State released “Moving Nevada Forward: A Plan for Excellence in Economic Development,” a three-year roadmap for continuing to advance from post-recession doldrums and a 12 percent unemployment rate toward “a vibrant, innovative statewide economy,” Gov. Brian Sandoval wrote in the document. Since the plan was released, Nevada’s leadership and … [Read more...]
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...]
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...]
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...]
