Seven Stories About Economic Development Impacting Our Region
Western Nevada is a vibrant and ever-growing community with new businesses and industries moving into the area. Here are seven stories about economic development impacting our region.
New Electronics Facility in Washoe County Expected To Generate $7.8 Million in Tax Revenue
VSE, LLC plans to open an 84,000-square-foot electronics research, design, and assembly center in Washoe County. VSE is an established electronic and mechanical design and engineering company serving small to multi-billion-dollar corporations in semiconductor, medical device, green-tech, and automotive innovation. It will receive more than $318,000 in tax abatements and must create 70 jobs in its first two years at $29.64 per hour. In five years, 140 jobs are predicted. The company will invest $2.2 million in its first two years and create $7.8 million in net new tax revenues over 10 years.
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Panasonic – TMCC Partnering on Training Center
Truckee Meadows Community College will open a training center in Reno to help Panasonic Energy North America fill 400 $32-per-hour jobs. The Nevada Governor’s Office of Economic Development will contribute $1.6 million (GOED). More than $1 million in training equipment will equip the new PENA building in Reno, increasing access to training in advanced manufacturing, production systems, automation, and robotics for anyone seeking a living wage career track or upskilling for advancement.
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Post Investing in Nevada Cereal Plant Upgrades
Post Holdings, Inc. will invest up to $110 million to expand its cereal production capacity at its facility in Sparks, Nevada. The expansion is expected to create approximately 30 to 40 new jobs.
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Northern Nevada Getting $32 Million in Federal Funds
A variety of projects focused on law enforcement, wastewater treatment, airport improvements, highway infrastructure and economic revitalization will receive $32.25 million in funding from the federal government. The list includes $4.37 million for Fallon’s wastewater treatment plant, $4 million for the Coleman Road Connector in Churchill County, $3.59 million for Reno Tahoe airport terminal road improvements, $2 million for rural nursing expansion projects at Western Nevada College, $1.1 million for Appion Way intersection improvements in Carson City, and $1.38 million to upgrade Kahle Drive in Douglas County’s drainage, sewer, water lines, and sidewalks.
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Unemployment Rate falls as Nevada Adds Jobs
The Department of Employment, Training and Rehabilitation reports the statewide unemployment rate is now 4.9% and employment is up 96,300 since May 2021. Reno area unemployment is 2.7% and the area has added some 800 jobs since April. Carson City isn’t far behind Reno at 3% jobless. Douglas County was at 3.1%, 673 in a labor pool of 21,441. Total employment in the state is now 1.45 million.
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New Report Provides Economic Roadmap for Nevada and Its Regions
Brookings Mountain West and The Lincy Institute released a 131-page report offering an evaluation of Nevada’s economy over the past decade. It also suggests how policy and business leaders can rally around a new, focused agenda to address long-standing economic, educational, and social deficits and set the state up for a robust, sustainable recovery.
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Reports Chart Good Month for Nevada Casinos, Tourism in May
The Nevada Gaming Control Board said that casinos statewide won $1.3 billion in May, the fourth-highest all-time and the 15th month in a row topping the $1 billion mark.
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