The New Year just dawned a few weeks ago and Reno-Sparks started off the year strong with the strongest economy among medium-sized cities.
A publication for economic-development professionals called Researchers for Area Development found that the big growth in the Northern Nevada region was mainly due to a solid base of manufacturing jobs. About 65% of the workforce in the area is employed in the trade and services sector.
This is a big change from the old days when the Biggest Little City was known for gaming and entertainment. The Tesla and Panasonic Gigafactory at the Tahoe Reno Industrial Center (TRIC) is responsible for creating 12,000 of these jobs in the past three years. However, Area Development said that other manufacturers are playing key roles in the economy as well.
New Deantronics, a medial device maker, has decided to stake it’s claim in Northern Nevada and will be opening its $40 million, 200-job research and manufacturing facility later this year. The publication said that typically each new manufacturing job equates to the creation of two to three jobs in other sectors of the local economy.
In 2018, Reno was ranked by Area Development as the number 4 region in the nation. In 2014, Northern Nevada was ranked 218th in economic strength among 399 metro regions nationwide. To say that Reno has been steadily gaining economic momentum is an understatement!
Looking forward to the future, the Economic Development Authority of Western Nevada (EDAWN) says that corporate headquarters are and will continue to be a more important part of the region’s economy. Just last year, 14 companies decided to move their headquarters to Reno-Sparks.
What will the future hold for Reno’s economy? I truly believe that things are just getting started in our region and am looking forward to see what the future brings!
Realtor® Sierra Nevada Properties