The recent announcement that electric auto maker Faraday Future would build its $1 billion manufacturing plan in North Las Vegas marked another milestone for Nevada’s economic development strategy. The Faraday Future agreement was reached about a year after a similar agreement with electric car maker Tesla Motors, which is building a $5-billion battery manufacturing plant near Reno. Combined, Tesla and Faraday Future are expected to create 11,000 new permanent jobs once their plants are built and fully operational.

These announcements, which put Nevada at the heart of electric car manufacturing, have been the most high-profile achievements in the state’s recent efforts to diversify the economy. The seeds of those efforts were planted amid the fallout from the Great Recession, when Nevada was recovering from a nation-leading unemployment rate of 14.0 percent and large job losses in key sectors, including construction and leisure and hospitality. Although heavy concentration in these sectors enabled the state to experience significant growth over multiple decades, that same concentration made it susceptible to extreme volatility triggered by the housing bubble and recession.

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