The Nevada Governor’s Office of Economic Development Board recently approved nine companies that will receive $4.7 million in abatements over two years that will result in an estimated 1,325 permanent jobs in the next five years with a weighted average hourly wage of $29.87.
During the first two years, these companies will make $47.4 million in capital equipment investment. In total, the companies will also generate $68.7 million in new tax revenue over 10 years. The companies receiving abatements include: Four businesses in Clark County, two in Storey County, one in Washoe, Carson City and one in White Pine County.
Companies vary from Insurance companies, hemp, and a fin tech company.
Silver Lion Farms, a hemp growth and processing manufacturing company is the recipient from White Pine County. It will receive $291,767 in tax abatements through 10 years. It will create an estimated 50 jobs in the first 10 years of expansion at an average weighted hourly wage of $27.30.
The company will make $3.3 million in capital equipment investment within the first two years of expansion and generate $2.8 million in tax revenue in 10 years.
“These companies will create more than 1,300 permanent jobs within the next five years and bring $116 million in capital investment and tax revenue to Nevada over the next 10 years.” said Gov. Steve Sisolak. “Nevada’s return on investment is very high resulting in job creation, new businesses, and business expansion that will help stimulate our economic recovery.”