2020 vision: Looking ahead to the next decade of business in Northern Nevada
RENO, Nev. — In case you haven’t heard — and how could you not, with all the headlines popping up across the region for the past several months — “growth” is the name of the game right now across Northern Nevada.
Whether we’re talking about high-level tech companies opting to plant their flags across greater Reno-Sparks, or scores of businesspeople relocating to Northern Nevada to raise families here, there’s been arguably no better time in the history of the Silver State when it comes to seizing economic development opportunities.
And the stats don’t lie — take, for example, the Economic Development Authority of Western Nevada’s EPIC report, the updated version of which was published, with help from RCG Economics, in late January 2019. Here are just a few nuggets underscoring that projected growth:
- Population across Washoe, Storey, Douglas, Lyon and Carson City counties will increase by 8.6 percent by 2023.
- Employment is expected to rise by 12.7 percent, while households are projected to grow by 8.8 percent by 2023.
- All told, by the end of the 2023, the region’s population, employment and households will grow by 54,470 persons, 51,585 jobs and 22,559 households.
Growth, indeed. And this is just Northern Nevada we’re talking about. When looking at the Silver State as a whole, the statistics are equally interesting.
For example, in mid-November 2019, the U.S. Census Bureau released updated migration estimates, taking into account a timeframe of July 2017 to July 2018, further confirming a fact oft reported the past several months: Nevada is the fastest-growing state in the nation when it comes to employment and population. Here are some of the highlights:
- Roughly 127,000 people moved to Nevada from other states, and another 14,000 moved to the Silver State from international countries.
- Of those 127,000 American residents, nearly 40 percent — 50,707 in fact — moved here from California.
- Utah (7,133 people) was next in line, followed by Arizona (6,999), Washington state (6,231), Texas (5,129) and Florida (4,018).
- Meanwhile, 22,400 Nevada residents moved to California, which amounts to about 10,000 fewer people than in 2009.
Long story short — thousands upon thousands of people are moving to Nevada, specifically to the northern half of the state, and that means business is booming.
So what does that mean not only for the next year, but also the next decade?
With 2020 upon us, and as we look to capitalize on these levels of unprecedented growth on the horizon for greater Reno-Sparks, the Northern Nevada Business View reached out to the 2020 Book Of List’s top advertising partners and sponsors to ask them the following question:
With 2020 ushering in a new decade, what opportunities for growth do you see when it comes to the overall business community in Northern Nevada — and where do you see the most growth potential in your industry for the next decade?
Check out their answers below:
City National Bank — Lori Haney | Senior Vice President and Northern Nevada Market Manager
City National is optimistic about 2020. Northern Nevada is seeing relocations of new companies as well as expansions from existing companies. We see innovative companies looking at ever changing technology, such as computers and robotics, as they balance this advanced automation with available work force.
With the Feds lowering rates again, capital remains inexpensive and companies have been taking advantage of financing at lower rates while using accumulated cash to manage cash flow and growth of their companies.
Although we do not know what the future brings, we remain optimistic that whatever the economic environment, smart business owners are able to navigate and prosper, including City National.
Hometown Health — Racquel Abowd | Director of Sales & Retention
For 2020 and beyond, I think Northern Nevada will continue to diversify our business base beyond gaming as we have done for the past decade. For the health insurance industry, and for Hometown Health in particular, our challenge will be to continue to innovate our product offerings and leverage technology to provide our employer group clients with comprehensive and affordable employee benefit options.
Meadows Bank — Denny Williams | Northern Nevada Regional President
We see the continuance of the momentum of growth we have been experiencing with new businesses, especially corporate headquarters, coming into Northern Nevada, hiring local employees and contributing to the economy.
The banking industry’s growth potential over the next decade will be due to new deposit customers (from those new businesses mentioned above) and loan demand to finance new multi-family housing, and to purchase and build industrial, office, retail and investment properties.
Eide Bailly — Lauren Sankovich | Partner
As Northern Nevada grows, it continues to attract new and exciting businesses that will help diversify our job market. Our firm can benefit from this by offering us the opportunity to work on a variety of industries within our geographical space.
With innovation being the focus of Eide Bailly, we should be able to provide faster and more efficient service to our clients across all industries.
One Nevada Credit Union — Paul Parrish | President & CEO
One Nevada Credit Union will look to grow as Northern Nevada grows, and in a manner that we’ve always done it, “one Nevadan at a time.” The hardworking residents of Washoe County will continue to need high quality, convenient personal financial services, and we plan to be there to meet those needs every minute of the day … for decades to come.
Farm Bureau Bank — Rodger W. Stone | Nevada Regional Banking Executive
The past decade has brought tremendous growth for the Northern Nevada region; however, due to the detriment of the recession, several opportunities for major growth developed. Community leaders have influenced Nevada’s growth with a pro-business stance by offering favorable tax environment and limiting regulations.
Nevada has capitalized on its fortunate geography with distribution, transportation, logistics and tourism, resulting in the introduction of information technology and a new revolution of data logistics. Nevadans have a rugged, frontier entrepreneurial spirit, and many of the firms opening and growing here are extremely innovative; everything is becoming high-tech including manufacturing, construction, agri-business and healthcare — all of which need support from financial services.
Additionally, we can’t underestimate Nevada’s extremely popular outdoor attractions; the next 10 years will hinge on our infrastructure to support this industry. Nevada has extensive resources for business start-ups, relocation and expansion opportunities, as well as a stable power supply, eager workforce and accessible government officials. Newcomers don’t just live here; they connect and thrive here. It is Nevada’s heritage and passion that makes it a great place to live, raise a family and grow a business.
ProTechnical — Rick Thomas | Founder & CEO
The Truckee Meadows continues to experience tremendous growth as companies and people flock to the area. I would wager the word has spread far and wide of what the region has to offer both personally and economically — no longer just a place to get away, but a place to live and prosper. This was my dream nearly 20 years ago and I’ve never looked back since moving here.
Economic growth looks promising from all my company’s indicators, not to mention the numerous help wanted signs dotted throughout the city. People need business and businesses need people to flourish, which is exactly the combination the region continues to experience. Come one, come all — we welcome you to Reno and the surrounding communities.
Heritage Bank of Nevada — Stan Wilmoth | President & CEO
One of our greatest strengths in Northern Nevada is the fact that we’re on California’s doorstep, and it appears they are going to continue to have problems over there, which encourages folks to invest their cash elsewhere, and that’s a huge advantage for us. The opportunity zones that have been created in Downtown Reno, as well as around us at the Park Lane development and out at the (Tahoe Reno Industrial Center), they are another big catalyst to get that money from California and for people to invest it here into areas that have growth potential.
The downtown Reno redevelopment, if that continues on the Virginia corridor, as well as down on the river — and even some of the area in the Fourth Street corridor — it brings us up to another level. That development is now starting to push north, and with UNR’s campus pushing south, those two are going to meet. We are just blessed as a community to have a major college institution in our backyard to help us attract businesses that want their kids to go to college.
When it comes to the next decade, for a community like ours, we love that a lot of these entrepreneurs are coming to live here and want a house here. As more and more small businesses move here, we can help them put together business plans, so come 5, 6, 7 years and they’re successful, we can jump in there and start to finance growth. I think we’re in a real good sweet spot right now.
Per the agreement, Caesars will continue to operate Harrah’s for the first half of 2020 before it’s redeveloped into a non-gaming hotel and mixed-use development.