DOING BUSINESS IN NEVADA
Nevada Governor’s Office of Economic Development
www.goed.nv.gov
Southern Nevada
702-486-2700
msheldon@goed.nv.gov
Northern Nevada
775-687-9900
abacchus@goed.nv.gov
“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. This new strategy will be critical to the continued growth of our economy.”
— Tom Burns, Executive Director,
Nevada Governor’s Office of Economic Development (GOED)
The View From Nevada: Governor Joe Lombardo
In Nevada, there’s a focus on growing the economy in an intentional fashion, and with a proactive approach there’s a transformation in the works. The Silver State offers a low-regulation environment, streamlined licensing and approval processes, a favorable tax environment for business and industry, and strategic location and transportation assets.
Business Facilities spoke with Nevada Governor Joe Lombardo about the business climate in his state and the latest developments.
BF: Please tell us about the current business climate in Nevada. What are recent achievements, and what is driving its success?
Gov. Lombardo: Your publication Business Facilities ranked Nevada as having the eighth best business climate in the U.S. According to the Tax Foundation, in 2023 Nevada had the seventh best business tax climate in the U.S. In my inaugural State of the State address, I declared Nevada “open for business” and additionally announced a new $3.6 billion investment from Tesla into the state. Nevada is an attractive place to land and grow due to a variety of factors including proximity to California’s large market, lower cost of living, business-friendly governance, and innovative spirit.
BF: What are target industries for Nevada? Would you highlight a few projects that have chosen the state for their business?
Gov. Lombardo: Nevada’s target industries are Advanced Manufacturing, Transportation & Logistics, Natural Resources & Technologies, Information Technology, and Hospitality, Tourism, and Sports and Creative Industries…
TARGETED GROWTH SECTORS
Advanced Manufacturing: The Advanced Manufacturing industry includes four main sectors: Aerospace & Defense, Clean Technologies, E-Mobility, and All Other Advanced Manufacturing.
Transportation and Logistics: The transportation & logistics industry in Nevada can be categorized into seven main sectors: Warehousing, Trucking, Rail, Multi-Modal Hubs, Wholesaling, Air, and Water.
Information Technology: The Information Technology (IT) industry is composed of sectors ranging from Broadband and Cyber Security to Technology Manufacturing and Data Hubs.
TOP PROJECTS
COMPANY | LOCATION | INVESTMENT |
Tesla, Inc. | Storey County | $3.6 billion |
Redwood Materials, Inc. | Storey County | $1.1 billion |
Novva Reno, Inc. | Storey County | $258 million |
Novva Holdings, LLC | Clark County | $202 million |
Crocs, Inc. | Clark County | $100 million |
FEATURED LOCATIONS
Nevada is a business-friendly state, offering low-cost startup, regulatory, licensing, annual fees, tax structure, and competitive utility rates for commercial operations as well as transportation infrastructure and the geographic location. Less than one-day’s drive to 60 million customers and five major U.S. Ports serving the Pacific Rim, Nevada also offers several business incentives and programs.
FAST FACTS
Population (July 2022 est.): 3,177,772¹
Largest Cities (2020): Las Vegas (643,292); Henderson (319,055); North Las Vegas (264,216); Reno (264,116); Sparks (109,121)¹
Real GDP (2022): $165.4 billion²
¹U.S. Census Bureau
²Bureau of Economic Analysis, U.S. Dept. of Commerce
SALES TAX INCENTIVES & TRAINING PROGRAMS
Tax Abatement Program: Through the Governor’s Office of Economic Development, Nevada offers incentives to help qualifying companies do business in the state, including sales tax abatements on capital equipment purchases, abatements on personal and modified business taxes, real property tax abatements for recycling, aviation parts and data centers.
Nevada Workforce for a New Nevada (WINN) Program: WINN represents Nevada’s commitment to create training programs that will equip workers with the skills needed by employers. Since its inception, WINN has made more than $13 million in strategic investments to enable accelerated on-ramps to high-skill and high-wage jobs in a New Nevada.
TOP BUSINESS FACILITIES RANKINGS
| Top 5 EV Investment | 2024 State Rankings |
| Top 10 Outdoor Recreation | 2024 State Rankings |
| Top 10 Solar Power (Growth) | 2024 State Rankings |
| Top 10 Solar Power (Installed MW) | 2024 State Rankings |
| #1 Industrial Parks: Tahoe-Reno Industrial Center (Reno-Sparks) | 2024 Metro Rankings |
| Top 5 Best Business Climate (Mid-Sized): Henderson | 2024 Metro Rankings |
