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
COVID-19
Healthcare Heroes2021
Corporate Sponsor It means the world to us to provide care to the communities where we live and work. At Southwest Medical, part of Optum Care, it’s something we have been doing for nearly 50 years. Across each passing decade, the health and well-being of our patients, our community and our team members continues to be our top priority. We want to see patients stay … [Read more...] about Healthcare Heroes
Higher EducationA Cornerstone of Nevada’s Recovery
Nearly 20 years ago, economic development officials in Nevada wondered what the state could do to attract employers in the fast-growing biotechnology sector. Industry officials told them flat-out that Nevada simply didn’t have the skilled professional workforce to support biotechnology companies. Flash forward to this spring, when StemExpress announced plans to launch a … [Read more...] about Higher Education
Safety on the JobResponsibilities on Site
Construction as an industry, including commercial real estate construction, is subject to safety rules and regulations from federal and state agencies. Federal requirements are implemented by the Nevada version of OSHA – the Occupational Safety and Health Administration, which operates under the U.S. Department of Labor. Nevada’s state-level OSHA is administered through the … [Read more...] about Safety on the Job
Let’s Consider OthersAnd Stay in Our Own Lanes
Now that we are moving away from the pandemic and it’s, hopefully, in the rear-view mirror, we’re all looking forward to a return of normalcy. There is absolutely no doubt the shutdown changed the way we behave as a society. However, it seems we have yet to return to a place of mutual respect and kindness where individuals stay in their own lane. In other words, we all need to … [Read more...] about Let’s Consider Others
Commercial Real Estate FinancingNavigating a Post-Pandemic Market
Fickle – that’s one word to describe the commercial real estate market as the COVID-19 pandemic winds down and the accompanying economic development downturn looks likely to take 18 to 24 months to resolve. For individuals or companies wanting to buy or build commercial real estate (CRE) properties, there’s money available – for the right person, with the right deal … [Read more...] about Commercial Real Estate Financing
Are We Still a Free People?
This July Fourth, as we set off our illegal fireworks, ignore federally-required warnings about letting young children play with sparklers, and celebrate our liberation from government-mandated COVID protocols, it seems like a prescient time to ponder if we are still a “free people.” It’s a surprisingly complex question to answer. Obviously, to anyone who … [Read more...] about Are We Still a Free People?
Industry FocusSubcontractors
What happens in Nevada’s commercial development industry usually filters down to commercial subcontractors. And there has been a multitude of headaches for subcontractors in the last year and a half with supply inflation and labor shortages. Executives from this industry recently met in a virtual roundtable, sponsored by City National Bank, to discuss what comes next for … [Read more...] about Industry Focus
A Year of ChangesEngineering in Nevada
As 2020 kicked off, many firms across the commercial real estate engineering industry were poised for their best year ever. The Nevada economy was healthy, with growth across most industry sectors as new and expanding businesses created new development projects that required commercial real estate (CRE) engineering services. Metro areas were busy with private development and … [Read more...] about A Year of Changes
Commercial RE ReportOffice Summary: First Quarter 2021
Northern Nevada By Colliers | Reno Reno’s office market has continued to show its resilience one year into a once-in-a-century pandemic. Reno’s office demand has stabilized in the first quarter of 2021 and vacancy has only slightly ticked up over the last year. Office vacancy saw a 20-basis point decrease since the previous quarter, from 13.6 percent at the end of 2020 to … [Read more...] about Commercial RE Report
Business IndicatorsJune 2021
The “advance” estimate of U.S. real gross domestic product (GDP) for the first quarter of 2020 experienced a strong gain of 6.4 percent at an annual rate, bringing the gap from the pre-pandemic peak to within one percent. This strong recovery was boosted by a surge in consumer spending that probably incorporated the second and third stimulus checks. In addition, government … [Read more...] about Business Indicators
Power Poll 2021Everything has Changed
In the last year, there have been significant changes to nearly every aspect of daily life. It seems no one was unaffected by the COVID pandemic that swept the world. Activities that were once taken for granted have now been limited or, in some cases, are simply gone. From new technologies to accommodate work from home to mask mandates and supply shortages, everything has … [Read more...] about Power Poll 2021
Event Planning and COVIDTransforming Events Today for Tomorrow’s Market
Some of the top trade shows and conventions in the country happen in Nevada. With an economy that relies on and excels at hospitality and tourism, it’s a good mix. In 2019 there were an estimated 43 million visitors to southern Nevada, with 6.6 million there to attend a meeting or convention. The economic impact of the industry was $11.4 billion. “As much as people think of … [Read more...] about Event Planning and COVID
Industry FocusEconomic Development
The importance of a diversified economy has never been clearer than in the aftermath of the COVID pandemic. Economic development agencies have an important role to play in bringing companies to Nevada and helping create that diversification. Recently, executives representing this industry met in a virtual roundtable, sponsored by City National Bank, to discuss these vital … [Read more...] about Industry Focus
Under ConstructionTransportation Projects are in the Pipeline
So much transportation-related construction will be underway in Nevada this year that one of the most closely watched initiatives is one that puts technology to use to reduce the frustrations faced by motorists stuck in construction delays. Several of the state’s most-traveled intersections — the Centennial Bowl and the Interstate 15 Tropicana Avenue interchange in Las Vegas, … [Read more...] about Under Construction
New Taxes Aren’t Just a Bad Idea, They’re an Insult to Struggling Nevadans
Even before the federal government decided to throw roughly $4.5 billion federal dollars Nevada’s way as part of a COVID relief package, state government had been spared most of the pain from the last year of arbitrary and devastating coronavirus restrictions. While Nevada workers suffer from some of the worst unemployment rates in the nation (Las Vegas has stubbornly rated … [Read more...] about New Taxes Aren’t Just a Bad Idea, They’re an Insult to Struggling Nevadans
Business IndicatorsMay 2021
The “third” estimate of U.S. real gross domestic product (GDP) for the fourth quarter of 2020 increased 4.3 percent at an annual rate, revised up by 0.2 percent from the previous estimate. This reflected larger private inventory investment than previously reported, which was partly offset by a downward revision in nonresidential fixed investment. Retail sales in February were … [Read more...] about Business Indicators
Long Road to RecoveryHealthcare Check-Up
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
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