• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Blog Home
  • Topics
    • Keystone Press Releases
    • Politics and Government
    • Legislation
    • Nevada News
    • Tourism & Gaming
    • Rural Nevada
    • Business
    • Opinion
  • Membership
  • Contact Us
  • About Keystone Nevada

Keystone Nevada Korner

Welcome to The Keystone Korner The Official Blog of Keystone Nevada

Home » Manufacturing is key to Nevada’s economic stability

Manufacturing is key to Nevada’s economic stability

August 8, 2022 by Pauline Lee

by Rich Robledo, Las Vegas Sun, July 30, 2022

I often hear of a rivalry between Northern and Southern Nevada. The two parts of the state are so different, I don’t see why either should be “jealous” of the other.

That said, though, I am a bit jealous of how well Northern Nevada recovered from the 2020 lockdowns. While Clark County’s unemployment rate continues to linger around 5%, Reno/Sparks has been around 2.9% for months. In fact, every northern county is at 3% or less, while only Nye and Clark continue to hover around 5%.

How did Northern Nevada recover better than the south? One word: Diversification.

While Southern Nevada’s economy continues to be heavily based on tourism and hospitality, the North has focused on attracting sectors like technology, manufacturing and logistics.

Now don’t get me wrong, Southern Nevada still drives the state’s economy, and no city can match our outstanding casinos, events and night life. But when your economy is so heavily based on tourists, it is very susceptible to downturns in the economy.

That is why I’m supportive of expanding manufacturing and technology in the Las Vegas Valley. I’m thrilled to see that Haas Automation, the largest machine tool maker in the United States, plans to invest $100 million to build out 2.3 million square feet of new space in Henderson. The company is creating 500 new jobs at this facility. This is exactly the kind of company that we should be attracting to Southern Nevada.

We have seen how sectors like manufacturing are significantly affecting Nevada’s economy. In a 2017 study by the National Association of Employers, manufacturing jobs in Nevada saw double-digit wage growth since the 2010 recession. Manufacturing jobs grew from 20,428 in 2010 to 26,140 in 2020, with an average pay of $72,881 a year, according to the Governor’s Office of Economic Development.

Nevada’s Economic Development office has identified aerospace, information technology, manufacturing and logistics as sectors we should recruit to Nevada to help diversify our economy. Many of these industries benefited from the Tax Cuts and Jobs Act of 2017. That one bill was like rocket fuel specifically for the manufacturing sector, which has been expanding across the U.S. like never before.

In 2018 alone, manufacturers created 263,000 jobs — the best year for job creation in two decades. Manufacturers were also able to increase wages and benefits, and invest in their communities.

That is why I’m concerned that at a time when Nevada is spending a lot of energy to attract businesses like manufacturing, Congress is thinking about reversing some of these tax cuts that has helped them grow and create new jobs.

I read that Congress is considering increasing the corporate income tax rate, eliminating deductions for certain pass-through business income, and other tax increases that will dramatically affect sectors like manufacturing.

Nevada businesses are still struggling to recover from the 2020 lockdowns. Supply chain disruptions, inflation and labor shortage issues are making it even harder for businesses to remain open, let alone create new jobs. If we undo the critical 2017 tax reforms now, our economic recovery is at stake.

Manufacturing is a critical sector that is needed to diversify our economy and protect us from an economic downturn. I urge our senators to maintain the tax reform that is helping keep Nevada on the right track.

Rich Robledo is broker and owner of Acclaim Real Estate.

Filed Under: Opinion Tagged With: 2017 Tax Reform, manufacturing, Nevada's Economic Development

Primary Sidebar

Connect with Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
Bootleg Bistro
Bootleg Bistro Ad
SLLC_Keystone_Blog-Ad_300x500_10%-Off-Repairs_05.19.21
CIOServices Ad 300x500-100
BRH Keystone Ad JPEG
Keystone Corporation Nevada

News Topics

  • Keystone Press Releases
  • Politics and Government
  • Legislation
  • Nevada News
  • Tourism & Gaming
  • Rural Nevada
  • Business
  • Opinion

Rural Nevada

BLM cites mining company over endangered wildflower

January 18, 2023 By Colton Lochhead

The Bureau of Land Management has cited a mining company for trespassing on the habitat of a endangered wildflower in rural Nevada. The federal … [Read More...] about BLM cites mining company over endangered wildflower

Rio Tinto puts renewable diesel to test

January 15, 2023 By Pauline Lee

by Elko Daily Rio Tinto announced it is progressing with its plans to swap conventional diesel for renewable fuel in haul trucks at its U.S. mining … [Read More...] about Rio Tinto puts renewable diesel to test

Ex-Tesla executive’s battery company nets $106M tax incentives

December 3, 2022 By McKenna Ross

A lithium battery recycling company headed by a former Tesla executive was approved for a $105.6 million tax abatement for its plan to expand a … [Read More...] about Ex-Tesla executive’s battery company nets $106M tax incentives

Nevada Copper closes restart financing package

October 30, 2022 By Pauline Lee

by Elko Daily, October 27, 2022 Nevada Copper announced that it closed a restart financing package with its key financial partners on Oct. 28. The … [Read More...] about Nevada Copper closes restart financing package

Opinion

Water Is a Terrible Thing for California to Waste

January 22, 2023 By Pauline Lee

The Golden State hasn’t built the storage to make use of winter rains. by The Wall Street Journal Editorial Board, January 17, 2023 California’s … [Read More...] about Water Is a Terrible Thing for California to Waste

How the Davos elite took back control

January 22, 2023 By Pauline Lee

by Thomas Fazi, Unherd.com, January 16, 2023 Thousands of the world’s global elite are convening in Davos this morning for their most important … [Read More...] about How the Davos elite took back control

Nancy Pelosi’s Other Legacy: A Mountain of Debt for Our Children

January 22, 2023 By Pauline Lee

Despite a surging national debt, the spending orgy continues in Washington. Sunday, January 15, 2023, FEE by John Miltimore, FEE … [Read More...] about Nancy Pelosi’s Other Legacy: A Mountain of Debt for Our Children

Tags

Adam Laxalt Build Back Better Business Business Columns Casinos & Gaming Catherine Cortez Masto Clark County Clark County School District Conventions COVID Department of Employment Training and Rehabilitation (DETR) Editorials Education employment Gov. Steve Sisolak Housing inflation Inside Gaming Joe Lombardo Local Local Las Vegas Local Nevada lvcva mask mandate mc-business mc-local mc-news mc-opinion mc-sports Nevada News North Las Vegas NPRI Opinion Opinion Columns PAID pandemic Politics and Government Real Estate Insider Roe v. Wade Separation of Powers Sports The Strip tourism Victor Joecks

Footer

Copyright © 2023 · Keystone Corporation - All Rights Reserved · Log in
Privacy Policy
By accessing this site, you are agreeing to our Terms of Use

The views, opinions and conclusions expressed by the authors of any article or post on the Keystone Korner are those of the author and do not necessarily reflect the opinions of Keystone Corporation or its officers and board members. Moreover, any reference to a person, party, product or entity does not constitute an endorsement or recommendation by Keystone Corporation or its officers and board members.