How Does Northern Nevada Plan to Bounce Back?

Lives of Northern Nevadans have been changed in a big way, and the effects have all but slammed the brakes on it’s fast-growing economy. Back in late January, the Economic Development Authority of Western Nevada (EDAWN) hosted their annual State of the Economy. In the address, the Reno-Sparks area received accolades for its jump in job creation, drop in unemployment rate, and overall economic growth. I attended this event, along with more than 1,000 others from our business community.

Mike Kazmierski, EDAWN president, joined a virtual panel of experts on April 3 with Northern Nevada Business Weekly to discuss the region’s path to economic recovery with an emphasis on a better-educated workforce. He advocated that schools statewide should be teaching classes like coding and robotics, which are skills that will be needed in the future.

“That will make it easier to attract the next generation of jobs and grow the next generation of jobs through our entrepreneurial activity,” he said.

“This crisis will probably accelerate our transition into the Fourth Industrial Revolution,” he explained. “Automation and AI is going to be accelerated, which requires a better-educated workforce at a time when our state is going to take huge budget hits in the next couple years. That will impact their ability to properly fund education, which is already improperly funded.”

How much does Nevada spend now on education funding? The state spends about $9,200 per student and ranked 48th out of 49 states in school financing according to Education Week’s 2019 Quality Counts report. Wyoming, for example, spends $18,090 per student which is nearly double what Nevada pays. Our state also ranks second-to-last in public education overall.

Nevada had the nation’s oldest school funding formula until last summer, when Governor Sisolak signed a new school funding formula into law. The state has also turned funds from marijuana sales tax from a rainy day fund into an education fund instead. This has generated an estimated $119.9 million is additional school funding to be used over the next two years.

“We’re giving 30% of our budget, in theory, to education. The reality is, we’re still at the bottom of the heap when it comes to national funding,” Kazmierski said April 3, adding that education lobbyists and parents need to make their voices heard loud and clear by elected officials. “We’re moving in the wrong direction, so at some point we need to get together as a state and say education is our top priority. I think it really is something that will benefit not just the here and now, but our economy in the long-term.”

However, now that we are in present day’s circumstance it remains to be seen how the COVID-19 crisis will impact future funding. Shortly after the April 3 panel, Sisolak then issued an order to state agencies and others who benefit of state funding to be ready for budget cuts as a result of reduced tax collections caused by coronavirus-related business closures.

The order stated that agencies should identify a 4% cut for this fiscal year and a 6% for next fiscal year, but there could be two additional 4% reductions in 2021 if the situation gets worse.

Along with Mike Kazmierski, the panel was joined by Patricia Herzog, director of the rural economic and community development for GOED; Jeff Brigger, director of business development at NV Energy; and Tom Harris, director of the university center for economic development at the University of Nevada, Reno. Together they discussed retraining the workforce, linkages between rural and urban areas, and more. Click here for the full article.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

Virginia Street Project Could Finish Sooner Amidst Midtown Closures

You may have gathered that my favorite place to hang out is in midtown. Prior to the lockdown and in the midst of the Virginia Street tune up I never missed a day of going to midtown. Whether it was for coffee, a cold beer, lunch or shopping I never let the weaving in and out of traffic cones and taking side streets and alleyways deter me. It’s so special there because of that small cozy vibe you get from all the establishments. The midtown kindness is infectious. Looks like the completion of Virginia Street will happen sooner than later. Excellent!

The Regional Transportation Commission of Washoe County and Sierra Nevada Construction announced in mid-March that the recent business closures have allowed them to accelerate construction operations on the $87 million Virginia Street project taking place in midtown Reno.

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The RTC made the decision after consulting with local businesses in the Midtown area who have already expressed support to expedite the construction project. Doing the extra work while most businesses are closed will result in less impact when the businesses are open again.

“This is great news for all Midtown businesses,” Rum Sugar Lime business owner Larry DeVincenzi said in a provided statement. “The RTC and SNC reached out to us, they listened, and we support their plan to expedite the project. This project is going to be great when it’s done.”

As of March 21, crews closed Virginia Street to through traffic from Mary and Center Streets to Mt. Rose Street. The 24-hour closure is in effect until at least April 30, when the Governor’s mandate may end and businesses can once again open.

From Liberty to Center Streets, traffic will continue to be one-way southbound. According to the RTC, the accelerated work will definitely result in early completion of the current section of work. This could also lead to an earlier completion date for the overall project down the line. According to previous projections, the entire Virginia Street project is expected to be complete by November of 2020 (weather permitting).

The photo above was taken on April 4 and depicts the construction at Mary and Center Streets with the new roundabout addition. As you can see from the photo (if you haven’t been in person), the entirety of Virginia Street is shut down just past it. Rum Sugar Lime is located in this section, as well as many other popular shops, restaurants and bars. You can still park on Holcomb Ave. and any of the other streets that run parallel to Virginia. Mind the signs though, there are a few tricky one way streets that may sneak up on you!

To learn more about the Virginia Street Project, visit the RTC website here.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

Reno’s Economy 4th in the Nation

This is Reno has put out another great article about the boom of Reno’s economy.

The Biggest Little City has once again proved itself to be one of the economically best-performing cities in the United States, and it continues to rise. Reno has ranked fourth in the nation in economic performance among 200 large metropolitan areas according to an analysis by the Milken Institute Center for Regional Economics, a think tank headquartered in Los Angeles. In last year’s study of Best-Performing Cities, Reno ranked 11th place.

This rise in rank has been deemed especially noteworthy because it’s an indication that non-traditional tech and employment centers are rising into prominence in the U.S. economy according to Kevin Klowden, executive director of the Milken Institute. The rapidly growing tech sector in Reno is diverse in that it ranges from Tesla’s Gigafactory to a cluster of data centers to a thriving logistics  and drone sector. These new jobs are diversifying the economy away from its original domination from distribution and tourism.

The research institute also noted that home prices in the Reno-Sparks region remain rather high in comparison to average wages, making Reno one of the least-affordable places in the country. This added factor will poses a threat to both the retention of workers and future economic growth. These annual rankings that the Milken Institute uses are based on job growth, wage growth, and measurements of innovation-industry metrics.

Results from the Milken Institute studies are used to help investors and policymakers understand what parts of the nation are booming and why. The newest study also found that the San Francisco region has the strongest economy in the nation, followed by Provo, Utah, and the Austin-Round Rock region of Texas. In addition to Reno, other strong-performing mid-sized cities include Boise and Melbourne, Florida.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

A True Chocolatier! Send Some Sugar Love

Who doesn’t love a sweet treat? One of my all-time favorite local shops in Reno is Sugar Love Chocolates.

For years, I have been giving her chocolates away to my clients from Renown. Folks come in to see me for a tour of Reno and they get a bag of information, an early Reno book, and a box of her delectable chocolates. I always get feedback on how good they taste!

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Founder and chocolatier, Krysta Bea Jackson, grew up around great food in her mother’s restaurant. She learned that food is a fast way to people’s hearts and the perfect way to spread joy in everyday life. She started the chocolate shop in February 2015 and has been going strong ever since. I have been a fan of hers since the very beginning!

Krysta creates interesting flavors with real ingredients that taste fantastic. Some flavors may only be in store for one batch or they may only be released at certain times of the year. She holds the proud title of first-ever chocolatier of Artown in 2017. By collaborating with foodies and artists, she’s able to passionately produce a fine product. For example, the raw berries come from California and Michigan, she incorporates fresh herbs and specialty ingredients from all over the world.

They also do fun events like cocktail and chocolate tastings/pairings, classes to make your own sweet creations, more!

Sugar Love Chocolates is located in the Basement in downtown Reno. You can even smell the enticing chocolate from down the hall as you get closer to her store. Valentine’s Day may be over, but something sweet never really goes out of style.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

Toll Brothers’ National Sales Event: Step Into Luxury

NOW THROUGH FEBRUARY 17TH

Toll Brothers is the nation’s leading builder of luxury homes and it has just kicked off its National Sales Event.

What is the National Sales Event and why do we care about it? For those who have been wanting a new home for the new year (or just in general) there is no better time than during this event for buyers to get the best possible value.

Toll Brothers’ has won countless awards and even has an in-house architectural design team that has developed floor plan layouts and options for buyers. The many different options truly allow you to make your new home your own. Because of the partnerships that TB has with leading brands like Kohler, Whirlpool, Shaw, DalTile, and more, buyers will be able to have select savings on a long list of products.

How can you get involved in this sales event? I can help! Limited-time incentives vary among communities and they will likely have a package of savings created specifically for this event.

Contact me via the form below and let me know which communities you are interested in. Deposits will need to be made by February 17 to take advantage of this amazing opportunity:

 

 

More About Toll Brothers:

Toll Brothers, an award-winning FORTUNE 500 company founded in 1967, embraces an unwavering commitment to quality and customer service. Toll Brothers is currently operating in 23 states nationwide and is a publicly owned company.

Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries.

Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.

For five years in a row, Toll Brothers has been ranked the #1 Home Builder Worldwide on the FORTUNE Magazine “World’s Most Admired Companies®” list.* Toll Brothers has won numerous other awards, including Builder of the Year from both Professional Builder magazine and BUILDER magazine, the first two-time recipient from Builder magazine. For more information, visit www.tollbrothers.com.

Images provided courtesy of Toll Brothers

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

Strongest Economy Belongs to Reno in 2020

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!

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

2020 Northern Nevada Business Growth and Beyond

Northern Nevada has been in a business boom for several years. In the past several months in particular there have been headlines popping up across the region.

Not only are the big-name tech companies staking their claim in the Reno-Tahoe region, but many other business people are choosing to relocate because it’s a great place to retire and an even greater place to raise a family. The economic development opportunities have never been better.

The Economic Development Authority of Western Nevada released their EPIC report in late January 2019 with the following projected growth:

  • Population across Washoe, Storey, Douglas, Lyon and Carson City counties will increase by 8.6 percent by 2023.
  • Employment is expected to rise by 12.7 percent, while households are projected to grow by 8.8 percent by 2023.
  • All told, by the end of the 2023, the region’s population, employment and households will grow by 54,470 persons, 51,585 jobs and 22,559 households.

Northern Nevada isn’t the only region experiencing this growth, but the entire state of Nevada has produced some interesting statistics. The U.S. Census Bureau released updated migration estimates in November 2019.

In the timeframe of July 2017 to July 2018, the data confirmed that Nevada is the fastest-growing state in the nation when it comes to employment and population.

Below are some of the highlights from the data:

  • Roughly 127,000 people moved to Nevada from other states, and another 14,000 moved to the Silver State from international countries.
  • Of those 127,000 American residents, nearly 40 percent — 50,707 in fact — moved here from California.
  • Utah (7,133 people) was next in line, followed by Arizona (6,999), Washington state (6,231), Texas (5,129) and Florida (4,018).
  • Meanwhile, 22,400 Nevada residents moved to California, which amounts to about 10,000 fewer people than in 2009.

So what does this all mean?

Thousands upon thousands of people are moving to Nevada.

Primarily to our northern half of the state an this means that business is BOOMING.

The Northern Nevada Business View reached out to the 2020 Book of List’s top advertising partners and sponsors to ask them:

With 2020 ushering in a new decade, what opportunities for growth do you see when it comes to the overall business community in Northern Nevada — and where do you see the most growth potential in your industry for the next decade?

Click here to read all of their answers.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

 

Free Italian Art Exhibit Ends Soon!

Ending soon on December 29th, Arte Italia presents NeoRealismo. You don’t want to miss this exhibit before it leaves Reno! In it you will find the most comprehensive curate collection of images of Italy after World War II.

NeoRealismo: The New Image in Italy, 1932 – 1960 has recently made it’s U.S. debut at New York University’s Grey Art Gallery, after its greatly acclaimed European tour. Coming to Reno from the Museo Italo Americano in San Francisco, this exhibit is exclusively sponsored by the E.L. Wiegand Foundation. Not only does it document Italy’s economic and social conditions in the mid-20th century, but how it was reborn as a democratic nation.

This journey was one that was characterized by chaos and war that led to triumph and liberation, ending with a rebirth through resilience. Forming a memorable narrative meant to connect viewers with any rich Italian heritage, these images will also celebrate the many blessings inherent to democracy. The exhibit boasts some 110 prints, primarily of vintage photographs from Italian photographers along with the original magazines, photobooks, and newspapers in which the photos were circulated.

I went and paid a visit to see this exhibit for myself and it was very touching. A lot of the photos were during and after WW2. You see all these people from all walks of life dealing with the turmoil and destruction. It made me even more grateful for the life I have and the privilege of being born in the USA.

These works are on display exclusively at Arte Italia now through December 29th. Don’t miss out on this fantastic display of Italian history. The exhibit also includes film excerpts by notable directors Federico Fellini, Roberto Rossellini, and Luchino Visconti, along with related movie posters.

About Arte Italia:

Arte Italia is a charitable organization founded in 2008 and is located at 442 Flint Street in Reno, NV. Built in 1914, the historic mansion that it is within sits in a prominent location in the Reno arts corridor.

The mansion was restored to its original splendor after the E.L. Wiegand Foundation purchased it in 2004. Two museum style art galleries were constructed on the second floor and a commercial, state-of-the-art kitchen featuring Wolf and Blue Star stoves along with a wood-fired over provide the perfect setting for visiting chefs from Italy.

There is a small tuition fee to attend culinary classes, but other than that programming is free.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

My Favorite Resource for UNR Events

One of the great benefits of living in Reno is having the educational resources of our very own Tier 1 Institute: The University of Nevada, Reno.

What is a Tier 1 Institute, you may ask? Basically it means that the school is a nationally competitive research university known for world-class research, academic excellence, an exceptional student body, and the highest levels of innovation, creativity, and scholarship.

UNR for short, the University of Nevada offers incredible events that anyone can attend (not just students). Would you like to learn about Basque culture? How about take a jazz lesson? Maybe you want to learn about butterflies and how global change is affecting their migration patterns? Well, UNR has all of that and more.

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If you’d like to stay up-to-date on university-run events at UNR, you can follow this link to sign up and receive their newsletter. If you’d like to browse some of their current events, you can click here.

Below are some great upcoming events that you won’t want to miss:

RSJ Student Documentary Film Festival

Friday, December 13 at 6:00pm to 8:00pm

The University of Nevada, Reno’s Reynolds School of Journalism presents the fifth annual Student Documentary Film Festival. Enjoy an evening of short documentaries made for and about our community as well as stories from as far away as central Mexico and the border at Tijuana. Free to the public! Cast your vote for Best Short Student Documentary at the end.

Free Radon Education Presentation

Thursday, Jan. 9 at 6 p.m.

In this FREE presentation you will learn:

  • What is Radon?
  • How to test for Radon
  • How to fix your home if you have Radon
  • Get a FREE Radon test kit

RADON is a naturally occurring radioactive gas that can seep into your home from the ground, increasing your risk for LUNG CANCER. All homes should be tested!

The University of Nevada Extension, Reno Extension and the Nevada Division of Public and Behavioral Health support efforts to encourage all Nevadans to test their homes for radon and mitigate elevated levels of radon.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

2019 Q3 Housing Affordability Chart – What’s Happening with Real Estate in Reno/Sparks?

Housing affordability is on everyone’s mind as Reno/Sparks continues to grow and attract newcomers to the area. The chart above summarizes the third quarter of 2019 and combines median housing prices, mortgage rates, and median family incomes to track progress. But what does it all mean?

This chart shows a drop in the median home sale price the last two quarters of 2018 and the first quarter of 2019, which stirred up doom and gloom. The second and third quarter of 2019 had a strong bounce back and gain.

I am constantly being asked: When will the Reno/Sparks housing market implode?

My response has been the same for many years: Our economy is strong. The new industry coming to town and the many employees being hired is impressive. Our area currently has 2.2% unemployment, which is incredibly low and a huge turnaround after the recession ten years ago. Barring a global meltdown like we experienced in 2008 (many believe brought about by lax and irresponsible lending practices), the Reno economy is strong and will continue an upward trend.

It seems like the housing market is cooling down, but this is a positive thing. We need to get back to a trend in housing of annual increases in equity of 1-3% not 10-15%. I always look forward to EDAWN’s (Economic Development Authority of Western Nevada) New Year’s conference with reports of the past years success and the coming years forecast.

The only negative I have heard over the past few years, from EDAWN, is the lack of affordable housing. It will be interesting to see if all the apartments being built have eased some of that pressure. There will be peaks and valleys in the real estate market, but that is a given and the market does not have to melt down for this to happen.

Enjoy the ride. This economic boon helps everybody! Feel free to reach out to me with any questions about our area, or to help you find a home.

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Realtor® Sierra Nevada Properties

http://nealfincher.com/

https://www.snphomes.com/

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