Nevada poised as leader in U.S. energy, security under new state economic development plan
Submitted by Jeff Munson on Fri, 03/03/2023 - 3:00pm
CARSON CITY — Nevada is poised to be ground zero for the energy transition. The economic strategy released Monday by the Governor’s Office of Economic Development, Realizing Nevada’s Electric, Innovative, and Connected Future: 5-Year Comprehensive Economic Strategy, finds the state’s quickly growing clean tech industry, innovations, and investments have positioned Nevada to lead the U.S. in strengthening critical supply chains and securing energy independence.
“Nevada’s natural resources, people, reasonable cost of living and doing business, and proximity to west coast tech-hubs have enabled innovation to flourish in the State,” said Tom Burns, GOED Executive Director. “This new strategy will be critical to the continued growth of our economy.”
GOED and SRI International assessed Nevada’s current economic landscape and developed strategies for a vibrant economy. The new report finds that despite vast economic and social losses from COVID-19, the State’s economy has been growing in competitive industries with high-paying jobs. Key findings include:
— Nevada has a high percentage of associate degree graduates with technology skills, but to remain competitive, greater investments are needed to improve science, technology, engineering, and mathematics (STEM) education overall.
— Key metrics of innovation strength including venture capital and patents have increased rapidly in recent years.
— Industries with the strongest growth potential and high-quality jobs are Information Technology, Transportation and Logistics, Natural Resources and Technologies, Hospitality, Tourism, Sports, Creative Industries, and Advanced Manufacturing.
— Within the broad industry of Hospitality, Tourism, Sports, and Creative sectors, employment and wages in Sports and Creative sectors grew faster over the past decade than gaming.
The report also pointed to barriers to economic growth, including water scarcity, affordable housing, accessible healthcare, quality education, and connectivity.
“Nevada is playing a key role in the energy independence and security of the United States,” said Governor Joe Lombardo. “My administration is committed to growing Nevada’s global leadership with new investments in our workforce, infrastructure, and education.”
The new economic plan is a roadmap to guide these investments with strategies to prepare a workforce with technical skills at all levels, accelerate entrepreneurship and innovation, bolster mining and production of batteries and solar energy for new global markets, and increase broadband and utility infrastructure throughout the State. Nevada will make investments as necessary to convert its unique geographic locations in the north and the south into connected hubs for re-shored supply chains and digital networks.
About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the State. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.
