When thinking about economic development in Nevada, the giant Tesla Motors battery factory near Reno comes to most people’s minds. It’s a big deal.
But don’t discount Southern Nevada.
This past year, the Las Vegas Global Economic Alliance, Southern Nevada’s economic development organization, helped facilitate 3,800 jobs and assisted 33 companies expand or relocate to the Las Vegas Valley.
Southern Nevada’s economy is improving. Our regional economic development efforts are paying off.
I have watched Gov. Brian Sandoval transform how Nevada pursues economic development, and this new approach is helping guide the state’s nation-leading economic growth.
We no longer are in the throes of the Great Recession, and while the downturn was a catalyst for re-engineering economic development, we’re at the point now where the community wants to know what’s next. The impetus for economic development in 2011 was to recover from the recession, and we’ve largely done that.
Our efforts are just a sliver of the regional gains in jobs, capital investment and industry diversification that have broadly decreased unemployment and increased economic growth during the past two years. We have seen encouraging growth in technology ecosystems, unmanned aircraft systems, logistics and manufacturing.
But before we cheer too loudly, we should realize that though we’ve reached one summit, there are many more mountains to climb if we want to reach the height of true industry diversification and sustainable prosperity.
That’s part of the reason why the LVGEA is hosting a “State of Economic Development” breakfast Jan. 28. It’s useful for a community to collectively refine our goals and ensure we’re on a course to a sustainable economic future. At the breakfast, we will discuss the new paradigm for economic development going into 2015 and beyond.
Our gaming, tourism and convention industries are more stable than they were several years ago, but we need to do more to bolster the creation of new industries and improve community institutions so we have safe, quality neighborhoods where parents have well-paying jobs, children have quality learning and employment opportunities, and all families have amenities that enhance their lives.
That’s why the LVGEA and its partners will be more involved in education and transportation initiatives, as well as specific industry projects. Southern Nevadans deserve to prosper in a global economy. Ensuring that future is a tall order, but we must embark on that course.