Third quarter 2016 results: Nevada ranks fourth in private sector job growth
Submitted by editor on Thu, 03/16/2017 - 2:41pm
Nevada recorded the fourth fastest growing private sector in the nation, with a 3.5 percent job growth rate during the first nine months of 2016, according to figures released Thursday by the state's Department of Employment, Training and Rehabilitation. Utah, Idaho, and Florida currently lead the nation.
“This is significant as Nevada was the hardest hit state during the recession with the lowest growth rate in the nation in 2009 at -10.1 percent and 2010 at -2.8 percent,” said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. “The Silver State has gradually regained lost ground over the past five years, peaking in 2014 as the second fastest growing state in the nation, with a private sector growth rate of 4 percent. In the years preceding the economic downturn, Nevada led the country in private sector employment growth, at 6.4 percent in 2005.
Nevada has experienced 73 consecutive months of net job growth, Anderson said. Total seasonally adjusted nonfarm jobs reached a new all-time high of 1.32 million in January, up 44,400 jobs or 3.5 percent over the year. All sectors are experiencing job growth, with construction leading the way in percentage growth, up 7.3 percent over the year, while leisure and hospitality sector experienced the greatest nominal growth, up 10,000 jobs since January 2016, with a growth rate of 3 percent.
