Bill Anderson, chief economist for the Nevada Department of Employment, Training and Rehabilitation, took some time recently to speak with Nevada State Bank on the improving jobs picture in Nevada.

Anderson explained, “From a historical perspective, before the recession, Nevada was a national leader in employment growth. During the recession, Nevada had the most pronounced job losses of any state in 2009 and 2010. In 2011 Nevada made up the job loss, and by 2015 it had the third highest private job growth in the U.S. Nevada went from the top to the bottom and back to the top again.”

Anderson explained that our state “is seeing job growth across all sectors, except for the mining industry. Diversified job growth is providing continued and sustained growth. It looks like jobs will be up from 30,000 to 35,000 from a year ago, and should continue on this pace through the next several years.”

While some sectors of the state’s economy are enjoying robust growth, none surpasses the construction industry. “Construction, which was hit hardest during the recession,” Anderson said, “is now the strongest.” Other leading sectors in job growth are retail sales, wholesale trade, transportation, business services, manufacturing and healthcare.

In a recent media release to state news outlets, the Bureau stated that, “Nevada’s labor force has grown markedly, suggesting that those seeking work are growing increasingly confident of their job prospects.”

Nevada Diversifies Employment Opportunities

“Economic development in Nevada, such as the Tesla Gigafactory for electric car batteries outside of Sparks and the Farraday Future electric car project in North Las Vegas, plays an important role [in the employment picture],” said Anderson. “This helps diversify the state’s economy.”

Certainly, tourism will continue to provide a steady stream of resources – from the Las Vegas Strip to Reno, and from ski resorts to desert watering holes. However, a more diverse economy lessens the likelihood of our state taking a big hit should another economic downturn occur.

Whether you’re looking for a new job or a new lifestyle, Nevada offers job seekers employment opportunities across diverse sectors of the economy. According to the state’s Research and Analysis Bureau, employment in the state will continue to grow as more people become increasingly confident in the future of the Silver State’s sustained job growth.

 


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of ZB, N.A.