Nevada’s doctors and hospitals battled gallantly to beat down one of their biggest threats ever throughout the COVID-19 pandemic. Now, as the pandemic begins to wane, the healthcare industry faces a major new headache: Digging itself out of the financial woes left in the wake of the battle against COVID-19. Administrators of big acute-care hospitals — the ones on the … [Read more...] about Long Road to Recovery
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Business Survival VS. Pandemic DestructionBankruptcy in Nevada
For Nevada businesses struggling to survive during the coronavirus pandemic, bankruptcy may end up being the only way out. While overall filings nationally were up 20 percent last year, according to bankruptcy court records, the number of businesses in the state that filed Chapter 11 bankruptcy, which involves reorganizing and remaining in operation, have remained relatively … [Read more...] about Business Survival VS. Pandemic Destruction
Industry FocusCommercial Brokers
The past year of pandemic related hurdles has presented unique challenges for commercial real estate (CRE) professionals. Each submarket was affected differently by COVID and the market shifted to reflect those changes. Recently, executives representing commercial real estate in Nevada met virtually in a roundtable sponsored by City National Bank to discuss the changes to the … [Read more...] about Industry Focus
A Zero-Risk Society is Not a Reasonable Policy Proposal
Some Nevadans might be old enough to remember when “two weeks to slow the spread” was the official position of most governors invoking vast emergency powers in response to the novel coronavirus. Long gone are those days. For more than a year, we have lived in a world where one-man-rule suddenly usurped representative democracy as the standard form of state government and … [Read more...] about A Zero-Risk Society is Not a Reasonable Policy Proposal
Through Challenging Times, Buying and Selling Business Continues at Record Pace in Nevada
With all of the tragedy, shut down and hardship associated with COVID, there have been a few bright spots in the Nevada business community that give us great hope for 2021. As the new year is underway, it is interesting to note that entrepreneurship is notably on the rise. Nevada has experienced an increase in the sale of existing businesses to the next generation of … [Read more...] about Through Challenging Times, Buying and Selling Business Continues at Record Pace in Nevada
COVID-19’s Latest VictimLegislative Freedom
In Nevada we have what’s known as a part-time citizen Legislature. Our state’s elected officials only meet for 120 days in odd-numbered years and those that serve often have other jobs in Nevada. Only three other states have a similar schedule and it’s a deliberate choice. A citizen Legislature, by design, keeps our political process both small and local. It’s meant to push the … [Read more...] about COVID-19’s Latest Victim
Nevada UtilitiesConservation & Creativity
Despite COVID-19 shutting down business as usual, Nevada utilities companies grew over the past year. New customers signed on. New pilot programs started up. New agreements between agencies were entered into. New sources for commodities and renewable resources were found. Disconnects for nonpayment were suspended in response to the pandemic. “Utilities in Nevada have been … [Read more...] about Nevada Utilities
Education OutlookBig Issues and Hard Work for K-12
A whiteboard on the wall in the office of Dr. Kristen McNeill reminds visitors — and McNeill — to exercise patience and grace each day. The message is likely to be needed in coming months as schools around Nevada work through a multitude of issues to get on their feet after the COVID-19 pandemic, said McNeill, superintendent of the Washoe County School District (WCSD). “We’re … [Read more...] about Education Outlook
Industry FocusBuilders & Developers
Like many other industries, builders and developers have been dealing with a multitude of COVID-related issues, from supply chain disruptions to market uncertainty. Building and development leaders have been challenged with remaining flexible on projects and adapting where possible. Recently, leaders in these industries met in a virtual roundtable, sponsored by City National … [Read more...] about Industry Focus
Industrial SubmarketDemand Over Pandemic
The industrial real estate market has been crucial to the economy throughout the coronavirus pandemic as its stability has been driven by demand from e-commerce companies as consumer spending habits have shifted away from brick-and-mortar retail to online. That shift may be permanent as Nevada’s economy begins to recover from the pandemic. But some brokers believe retail … [Read more...] about Industrial Submarket
Commercial RE ReportOffice Summary: Fourth Quarter 2020
Northern Nevada By Colliers | Reno The Reno/Sparks office market has begun its journey to recovery in the fourth quarter of 2020, with positive office job growth and strong in-migration pointing to a rebound in the near future. Office vacancy saw a 40 basis point decrease since the previous quarter, from 13.1 percent in the third quarter to 12.7 percent in the fourth … [Read more...] about Commercial RE Report
Business IndicatorsMarch 2021
The “advance” estimate of U.S. real gross domestic product (GDP) for the fourth quarter of 2020 increased 4.0 percent at an annual rate, after a best-ever gain of 33.4 percent in the third quarter. Personal consumption expenditure and business investment, including private inventory, contributed positively to the real GDP growth, while net exports and government spending … [Read more...] about Business Indicators
It’s time to ChooseThe Economy Versus COVID-19
Over the last eight months, COVID-19 has been brought into sharp focus for most of us. I know people that have caught the virus and have seen the effect it has on them. It’s certainly not something anyone should be taking lightly. The advice on how to protect yourself and others is solid: social distance, mask up, isolate if you’re high risk and avoid people that are sick. It’s … [Read more...] about It’s time to Choose
Making ConnectionsCommunications in Nevada
When the COVID-19 quarantine closed nonessential businesses, Nevada employers, used to traditional businesses with staff working on the jobsite, found themselves, overnight, with remote workers. Along with that, there was a sudden need for technology to support communications between employees, employers, and the technology they rely on. Communications during the … [Read more...] about Making Connections
Daunting ChallengesMedical Education in Nevada
Learning that their state continues to provide far too few doctors, nurses and other medical professionals to serve its fast-growing population, Nevadans sometimes ask Debera Thomas why she doesn’t simply add more classes at the Orvis School of Nursing at the University of Nevada, Reno. If only it were so easy. Thomas, dean of the Orvis School, and her peers in medical … [Read more...] about Daunting Challenges
Industry FocusAttorneys
Nevada attorneys are at the forefront of many issues, from litigating court cases to helping businesses navigate these trying times. Recently, attorneys across the Silver State met in a virtual roundtable, sponsored by City National Bank, to discuss their industry and what the future holds. Connie Brennan, publisher and CEO of Nevada Business Magazine, served as … [Read more...] about Industry Focus
Luxury DemandOpulent Homes Selling in Nevada
Recently, a home in MacDonald Highlands in Henderson sold for $5.35 million. While significantly higher than the median sale price, it’s representative of a typical transaction these days, according to real estate brokers and developers in Nevada. What was unusual about this particular deal was that the 80-year-old retiree in Florida who purchased the home conducted the … [Read more...] about Luxury Demand
The Future Belongs to the Entrepreneurs
Thanks to the rise of the “gig economy” and a growing disinterest among young workers for the traditional nine-to-five day job, the way Americans think about work was evolving even before the chaos of the coronavirus shutdowns. The events of 2020, and the massive economic disruptions it has brought, has only further accelerated this trend—which could actually be good news for … [Read more...] about The Future Belongs to the Entrepreneurs
Commercial RE ReportOffice Summary: Third Quarter 2020
Northern Nevada By Colliers | Reno Reno/Sparks saw office vacancy increase in the third quarter of 2020 to 10.8 percent as net absorption turned negative. There were no new completions of office space during the quarter. The average asking rate for office space increased slightly, to $1.84 per square foot (PSF) on a full-service gross (FSG) basis from $1.83 in the second … [Read more...] about Commercial RE Report
Last WordHow Have you Adjusted your Holiday Traditions in Light of the Pandemic?
Tennille Pereira DirectorVegas Strong Resiliency Center “Decorating early and focusing on all I have to be thankful for will be a welcome change. Holiday shopping will be exclusively online, and I will finally get to impress with my COVID baking skills.” Deacon Tom Roberts President and CEOCatholic Charities of Southern Nevada “This year we’ve had to shift … [Read more...] about Last Word