Nevada Economic Forum: Job growth projections expected to soar for Silver State
Submitted by editor on Mon, 05/01/2017 - 1:41pm
Job levels in Nevada are projected to exceed the pre-recession peak by 127,000 at the end of 2019, according a report presented Monday to Nevada’s Economic Forum by chief economist Bill Anderson for the Research and Analysis Bureau of the Department of Employment, Training and Rehabilitation.
By the end of 2019, 33,000 more jobs are expected to be added than previously forecasted in December.
“This latest report is good news for the state of Nevada,” Anderson said. “Projections are showing continued solid growth in the labor market, with all sectors experiencing notable improvements. The Silver State has much to be proud of considering how far it has come since taking such a tremendous hit during the recession. Looking at the continuous improvement in all of the economic indicators, we remain optimistic about Nevada’s future.”
Essentially all sectors are expected to add jobs. By the end of 2019, 54,000 jobs are projected to be added in construction since bottoming out, Anderson added. Construction growth is driven by Las Vegas convention center, Raiders’ stadium, data centers, warehousing, large manufacturing facilities and residential housing. Manufacturing is expected to add 14,300 jobs through 2019, mostly driven by the Tesla project.
DETR reports 212,300 jobs have been added since the recession, making Nevada the fourth fastest growing private sector in the nation.
The Nevada Independent reports legislators will have $95.7 million more than initially expected to spend on the state’s two-year budget after the state’s Economic Forum approved final revenue forecasts.
Gov. Brian Sandoval issued the following statement after the Economic Forum made their final projections for the upcoming biennium which will begin July 1, 2017.
“Throughout Nevada we are witnessing expansive growth in traditional industries and robust development in diversification. It is reassuring that State revenues are also generating growth and keeping up with dynamic population increases.
"Today’s projections add nearly $100 million to the State’s bottom line for the next biennium. We do have unanticipated demands in corrections and emergency response, however I would like to see a majority of this new revenue go directly to education, specifically to students in K-12.
"I introduced the weighted student funding formula last session and this additional money provides a unique opportunity to invest directly in students who are economically disadvantaged, English learners, gifted and talented, and in special education. This is a student-first formula where funding follows a student and is based on their specific needs.”
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