Nevada Day: Nine Stats on Nevada’s Economic Growth and Commercial Real Estate
On the 152nd anniversary of Nevada’s statehood, we’d like to share an interesting blog by Capstak. The full article is below.
Kevin Annis, SIOR, CCIM, Broker/Principal
Nevada Day: Nine stats on Nevada’s economic growth and commercial real estate
Today marks 152 years of Nevada’s statehood. Mining was the main economic driver of Nevada 152 years ago, and was the impetus for gaining statehood on October 31, 1864.
Since gaining statehood, Nevada continues to be recognized for a strong mining industry, producing 73% of US gold, and, after legalizing gambling in 1931, for one of the world biggest hospitality markets.
Nevada was hit hard by the “great recession.” Nevada Governor Brian Sandoval touched on this at Capstak’s official launch saying, “As you all may or may not know, during the great recession it hit Nevada harder than any other state, and we lost 175,000 jobs throughout the state as a result of the recession.”
Since the downturn, Nevada has been dedicated to diversifying their economy. Hospitality and Mining still make up a large part of the Silver State’s economy, but Nevada now boasts industries based on natural resource technologies like agriculture, energy and water, aerospace and defense, health and medical services, manufacturing and logistics and information technology.
Nevada is poised for success moving into 2017. Gov. Sandoval may have put it best, saying, “We all feel this momentum, and it’s not slowing down, and it’s something that is translating across our great state.”
This momentum is something that Capstak is excited to be a part of since Nevada’s commercial real estate industry is also booming, here’s nine reasons why:
In the past year, Nevada added over 37,000 jobs across the state. | Governor Brian Sandoval
Switch’s SUPERNAP data center in Northern Nevada and Las Vegas’ SUPERNAP campus being connected by the new fiber loop makes Nevada the most digitally connected state in the U.S. | Governor’s Office of Economic Development
Economists and industry analysts expect Nevada’s economy to post a 3 percent growth rate by the end of the year. | Nevada Business Magazine
Since the great recession Nevada has replaced all jobs lost during the great recession — about 175,000 jobs. | Governor Brian Sandoval
Reno’s percentage of city housing used for rental purposes is high at 53% signaling job growth will quickly mean growth for the multifamily sector. | SVN
Reno was ranked 9th overall hottest American metropolitan places for new and expanding businesses, and 2nd among mid-size cities | Area Development
The Carson City region has seen seven new companies and the expansions at five existing businesses for a total of 470 jobs and about $26 million in capital investment. | Nevada Appeal
Las Vegas is ranked number 25 on ULI’s 2016 U.S. Markets to Watch: Homebuilding Prospects | Urban Land Institute
The Southern Nevada industrial market has absorbed just under 2 million square feet of space this year. | Nevada Business
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