Northern Nevada Economy Fueled By Growth in Tech and Manufacturing
59 Companies, 29 Headquarters and More Than 5,600 Jobs Reach Unexpected Milestones During the Pandemic
RENO, Nevada (Dec. 16, 2021) – Fifty-nine companies that relocated to Greater Reno-Sparks-Tahoe, Fernley, Washoe County, Storey County areas and several local companies that expanded their workforce in 2020 and 2021, were honored at EDAWN’s “10th Annual New and Expanded Companies” welcome reception held at the Peppermill Resort Spa Casino. Technology and Manufacturing, two of the fastest growing industry sectors in Northern Nevada comprised over 60 percent of all the companies that relocated and expanded here in the past two years. The influx of 29 corporate headquarters are strong indicators of their commitment to long-term growth and partnership in our community and with this, also brings many high-paying jobs. Approximately 5,600 new jobs over the next 5 years are directly attributed to these 59 companies and points to EDAWN’s efforts and the support of the community to diversify and grow our economy. As efforts continue to move in the right direction, average salary also rose in 2021 to $64,000 annually.
The local economy also benefits from the investment these companies are making, not just in capital expenditures, which were estimated to be more than $800 million, but also in research collaboration with our educational institutions and workforce development programs that support the changing needs of businesses. EDAWN is also committed to supporting local initiatives that promote innovation and technology. Examples such as seed funding, hackathon, robotics studio, STEAM programs, the University of Nevada Reno research and technology, and many others should be credited with the successes we are seeing community-wide.
The Reno-Sparks unemployment rate continues to drop, from 6.7 percent to 3.5 percent in the past year, well below the national average of 4.8 percent and less than half that of Las Vegas at 7.4 percent. Our strong economic activity is a direct result of the diversification of our economy. Our manufacturing, logistics, distribution, and technology employees are working and spending money. Additionally, this economic activity coupled with our remarkable quality of life is attracting talent to the region. We recently received top ten rankings for the attraction of Millennials and Gen Z members to the region, and a top 50 ranking for best places to live.
“Despite the pandemic, our region has continued to grow,” said Mike Kazmierski, CEO of EDAWN. “More importantly, we are attracting quality companies bringing the higher paying “jobs of the future” to our region. The continued development of our advanced manufacturing and technology sectors will continue our diversification efforts and lead our community to economic success for many years to come,” he said. More than 400 business and government leaders attended this year’s celebration including Ed Lawson , Mayor City of Sparks; Naomi Duerr, Councilmember City of Reno; Roy Edgington, Mayor City of Fernley; Jay Carmona, Storey County Commission Chair; Vaughn Hartung, Vice Chair Washoe County who participated in the announcement.
