GOP Governor Brian Sandoval’s determined focus on growing jobs in Nevada is paying off for workers in his state. Not only is Nevada leading the nation in job creation, but Moody’s Analytics projects that the state’s job growth will rise by an annual rate of 2.6 percent through 2020, a better forecast than that of any other state. As new employment opportunities continue to grow in nearly every sector of Nevada’s economy, Governor Sandoval’s pro-growth, pro-jobs policies are getting real results for the people of his state.
Nevada’s employment opportunities are growing in nearly every sector of the economy. In 2017, Nevada gained 40,900 workers, according to recent data released by the Nevada Department of Employment.
Compared to its 2009 employment growth rate, which was in the red at a minus 7.1 percent, Nevada is now leading the nation in job growth in 2018. Nevada’s year-to-year job increase (seasonally adjusted) was 3.3 percent compared to 1.4 percent for the U.S.
Gov. Brian Sandoval attributed Nevada’s continuing job growth to statewide efforts, stating in a recent release that the ‘groundwork has been laid for continued improvement in the economy. In addition to leisure/hospitality and construction, industries such as professional services, healthcare, trade/transportation, and manufacturing also made notable contributions to the Silver State’s job base…’
More jobs have boosted Nevadans’ personal income in all but one of the last 30 quarters, and dropped the jobless rate from 5.7 percent in 2016 to 4.9 percent in 2017. A decline of 0.8 percentage marks the lowest annual average since the 2007 rate of 4.6 percent.
Long-term unemployment stands around 15,000, with the most significant drop among veterans. In 2017, 4.9 percent of veterans were unemployed compared to a whopping 14.7 at the height of the Great Recession…
The economic turn-around for Nevada is significant. During the recession, Nevada lost 14 percent of its workforce, and its unemployment rate was over 14 percent. Ten percent of Nevada’s homes were in foreclosure; 71 percent of Las Vegas homeowners owed more than their homes were worth.
But by 2016, Forbes listed Nevada first in its list of “the ten best states for future job growth.” It pointed to tax incentives, tourism, and the legislature’s public funding proposal to draw the NFL’s Oakland Raiders to Las Vegas. And, Moody’s Analytics projected that Nevada’s job growth would rise by an annual rate of 2.6 percent through 2020. Nevada’s forecast was better than any other state’s, which the recent labor statistics support.