In the Know: News About Our Regional Economy
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.
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.
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.
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.
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.
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.
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.
