Manufacturing Takes Nevada Economy by Storm

Posted by Jackie Latragna on Sunday, August 28th, 2022 at 9:36am

The manufacturing worker base hit a record high of 5% of Nevada’s employment landscape. This increase reflects the shift and diversification of the local economy that we have been seeing for the past decade or so. 


The Silver State has now exceeded the number of jobs that were within the state prior to the start of the pandemic. The hospitality industry interestingly has remained at 33,000 jobs short of pre-pandemic levels. Economists are unclear if it is due to cost-cutting or if workers have voluntarily left the industry. 


Seven companies relocating to or expanding within Nevada will bring hundreds of jobs to the region and pay average hourly wages ranging from $30 to $45. Nevada’s labor force is made up of more than 1.1 million workers and these new companies are expected to generate $178 in tax revenue over the next decade.


“We're seeing that manufacturing growth taking place and that tells me that we do in fact have the workers to support it,” said David Schmidt, chief economist at the Nevada Department of Employment, Training and Rehabilitation (DETR).


Nevada’s economy was reliant on the hospitality and tourism sector for many years, which could push the state into a susceptible state when consumers pulled back on leisure spending. This cyclical nature hit Nevada’s economy during the 2008 recession as the state had the highest unemployment rate of 14%. As of June 2022, unemployment in the state has fallen to 4.7%.

Read more about Nevada’s economy.

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