Nevada: The Silver State Looks To Shine

A five-year plan, coupled with expansive energy opportunities, is leading the way for the Nevada economy.

By Anne Cosgrove
From the May / June 2024 Issue

 

Given the development in Nevada’s clean tech industry and its resources to provide a lithium supply chain, Nevada is positioned to be ground zero for the energy transition and to play a key role. The development of the IT and advanced manufacturing industries, Nevada’s access to and production of natural resources such as lithium, and proximity to innovation hubs and talent, has enabled clean energy to flourish in the Silver State. The expansion of existing an Redwood Materials operations in Carson City in the northern part of the state has helped to close the electric value chain loop for electric batteries giving Nevada a competitive advantage.

Nevada’s innovation ecosystem benefits from an entrepreneurial culture, dynamic economy, low cost of living, and easy access to the fifth largest economy in the world, California. And, the state’s Knowledge Fund recruits specialized science and research faculty, expands existing research areas, and assists applied research centers in supporting industry innovation. A consistent flow of venture capital investments and patenting activity indicates additional significant innovation potential.

Nevada economy
Nevada State Capitol in Carson City (Photo: Adobe Stock / Spirit of America)

 

To diversify the economy and grow target industries, Nevada officials are focused on a new generation of infrastructure and have transformative opportunities underway. These include Nevada’s Comprehensive Connectivity Strategy, funding from the Infrastructure Investment and Jobs Act (IIJA), funding from National Telecommunications and Information Administration to expand internet access to 11 Tribal communities, and an agreement to develop high-capacity transit in the city of Las Vegas.

The Nevada Governor’s Office of Economic Development (GOED) is focused on fostering an innovative and sustainable economy. This economic future, notes GOED, will be realized by pursuing clean energy, strengthening innovation ecosystems, and bolstering critical infrastructure.

City Of Henderson, NV Unveils AI-Led Industry Dashboard

The City of Henderson recently released a technology resource that supports both existing area businesses, as well as potential new business entering the region. This tool provides a blueprint for efficiently focusing the region’s economic development efforts. Henderson is part of a rapidly growing business community, and the City recognized the importance of understanding the industry landscape and the need to assess data quickly. In support of the City’s new Target Industry Analysis, the economic development team worked to create the first-of-its-kind Target Industry Dashboard, which will shape the City’s plans for years to come.

Nevada economy

 

This valuable business community resource was created in partnership with national consulting firm Emergent Method and international research firm ResearchFDI. The new dashboard is a complement to the City’s Target Industry Analysis and creates an actionable path for prioritizing five critical sectors:

  • Back Office Management and Support Services;
  • Electrical Equipment and Components Manufacturing;
  • Financial and Credit Services;
  • Logistics Management; and
  • Technology, and Media and Sports Production.

All of these industries offer high-paying jobs rich with opportunities for advancement and continue to diversify and expand the business landscape in Henderson.

The Target Industry Dashboard provides an innovative tool — a state-of-the-art resource center that economic leaders can utilize to view focused, localized industry data. Powered by AI, the new dashboard provides updates for numerous data points including average wages, City employment, and employment concentration, all in relation to the gross regional product while monitoring the overall health of the City’s economy. Typically, leaders need to utilize several sources and compare research data to view a complete industry snapshot. The Dashboard also supports an AI chatbot that answers community questions and provides information about target industries.

Funding for this new technology was provided from a grant from the U.S. Department of Commerce’s Economic Development Administration. The business community is encouraged to view the new dashboard as well as the full Targeted Industry Analysis and other resources on the City’s Economic Development website.

The City of Henderson economic development team is an Accredited Economic Development Organization by the International Economic Development Council (IEDC) and follows the strategy that providing more resources for businesses and entrepreneurs benefits the whole community, especially in a dynamic growth area like Southern Nevada. The Target Industry Analysis and Dashboard furthers the City’s strategic priority of economic vitality, and also aims to enhance quality of life for all those who work, live, learn, and play in Henderson. The City of Henderson continues to be a trendsetter and provides a national example for comparable organizations with its innovative approach to economic development.

To learn more, visit Hendersonnow.com/targetindustries.


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