Since January of 2019, the Nevada Governor’s Office of Economic Development (GOED) has approved abatements for 86 companies. Within five years, these companies will add 13,227 jobs and make $2.4 billion in capital investment in the State of Nevada. Over the next 10 years, these companies will generate more than $1.2 billion in new net tax revenues for the state.
In 2022, the top five projects by number of jobs created included:
1. Nutrition Corp, Inc. dba Fresh n Lean, a new project that will see the construction of a manufacturing facility in Clark County, creating 500 new jobs in the first two years of operation.
2. Foam of Nevada, LLC., a new manufacturing facility in Clark County that will create 450 new jobs in the first two years of operation.
3. Crocs, Inc., a new warehousing and distribution center in Clark County that will provide 250 new jobs in the first two years of operation.
4. Nuro, Inc., an autonomous vehicle testing site and end of-line manufacturing facility in Clark County that will create 250 new jobs in the first two years of operation.
5. The Kroger Co., a new warehousing and distribution center in Clark County expected to produce 207 new jobs in the first two years of operation.
In 2022, the top five projects by capital expenditure included:
1. Ball Metal Beverage Container Corp., a new manufacturing facility in Clark County that will bring $286.9 million in capital investment in the first two years of operation.
2. The Kroger Company’s new warehousing and distribution center in Clark County is worth $211 million in capital investment in the first two years of operation.
3. Novva Holdings, LLC., a new data center project in Clark County that has attracted $202.5 million in capital investment for the first five years of operation.
4. Crown Cork & Seal USA, Inc., a new manufacturing facility in Clark County that will bring in $181.3 million in capital investment in the first two years of operation.
5. Crocs, Inc.’s new warehousing and distribution center in Clark County will attract $100 million in capital investment in the first two years of operation.
Helping Small Businesses Access Capital
The United States Treasury has approved up to $112.9 million for Nevada’s State Small Business Credit Initiative (SSBCI). On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). Nevada’s Program will receive an initial tranche of $35 million that will be overseen by the Governor’s Office of Economic Development (GOED).
“This level of funding will greatly increase our ability to help small businesses access capital needed to invest in job-creating opportunities in Nevada, which is a priority for me and for the Governor’s Office of Economic Development,” said Governor Steve Sisolak.
While the SSBCI Program is not offering any grants, it will substantially improve Nevada’s small businesses access to capital with a particular emphasis on previously underserved communities. GOED is targeting an early January 2023 launch. In the meantime, small businesses and lenders can access the program’s website at nvsmallbiz.org. The website will be continually updated during the period prior to official launch.
A New Startup Accelerator
Governor Steve Sisolak launched the first-ever nationally ranked small business and startup accelerator to operate in Nevada. Operated by gener8tor, the accelerators will be located in Las Vegas and Reno-Tahoe to provide investment, support, mentorship and access to in-state and out-of-state capital to early-stage small businesses and startups throughout Nevada.
Alongside Nevada’s State Small Business Credit Initiative (SSBCI) program, gener8tor Las Vegas and gener8tor Reno-Tahoe will invest in and accelerate at least 10 small businesses and startups per year. These Nevada companies will experience a program focused on mentorship and customer discovery, creating value for consumers and communities, strategic planning for company growth, individualized coaching and pitch meetings with investors in Nevada and from across the country.
The GOED-gener8tor partnership aims to grow and scale leading Nevada startups across the state through gener8tor’s 12-week investment accelerator that includes $100,000 of seed capital, access to gener8tor’s international network of mentors and investors as well as entrepreneurial training and support.
“This program demonstrates that Nevada is both home to promising startups and attractive to talented entrepreneurs choosing to grow their vision here,” said Karsten Heise, GOED Senior Director of Strategic Programs and Innovation. “This marks a major milestone for not only GOED and gener8tor but also the Economic Development of Western Nevada and the City of Las Vegas’ efforts to build and strengthen entrepreneurial ecosystems.”
The selected accelerators for the fall 2022 Las Vegas cohort include CARDZ3N, Rizo Radiance, Sage Medical Coding & Billing, SpaceTogether and VisionAid. These Vegas startups are operating out of the International Innovation Center #2 at The Herbert Building. The Reno-Tahoe startups are Atlas Solutions, ClothesLyne, Loop, Prosper and Vistro with the accelerator based at the University of Nevada and working out of the Reno Innovation Center.
GOED approved $1.6 million to enable the Truckee Meadows Community College (TMCC) to establish a training center in Reno that will support Panasonic Energy North America (PENA) in filling 400 jobs that pay upwards of $32 per hour.
More than one million in training equipment will outfit the facility at the new PENA building in Reno, which will increase access to training opportunities in advanced manufacturing, production systems, automation and robotics for those seeking a living wage career pathway or those upskilling for advancement. As the manufacturing industry has continued to thrive and expand during the pandemic, the demand for continuing to grow our skilled workforce is urgent. PENA is currently in need of nearly 400 entry level and advanced-skill operators and maintenance technicians.
Helping Underserved Workers
Nevada’s Board of Examiners approved the GOED contract with Access Community Capital in Southern Nevada to administer a minority-focused direct loan program, targeting startups and early-stage businesses based on the utilization of $6 million from the Attorney General’s office T-Mobile and Sprint settlement. The allocation to GOED was approved by the Nevada Legislative Interim Finance Committee in April of 2022.
“The main goal of the project is to seed a home-grown Nevada Community Development Financial Institution (CDFI) with a direct focus on minority small business financing,” said Governor Sisolak. “Through its revolving loan program, it will help grow businesses in low-income communities, with a focus on minority-and women-owned businesses — areas that have been historically overlooked by traditional financial institutions but are critically important to growing and diversifying Nevada’s economy.”
“CDFIs can be the unsung heroes and champions to the residents and businesses of low-income communities and communities of color,” said Karsten Heise, Senior Director Strategic Programs and Innovation of the Governor’s Office of Economic Development. “According to the Opportunity Finance Network, CDFI borrowers are 84 percent low-income, 60 percent of color and 50 percent women. CDFIs are vital. In addition to their commitment to deliver affordable credit and financial services to small businesses and communities underserved by mainstream commercial banks and lenders, they also provide much needed technical assistance services.”
An Effort to Grow the Pool of Commercial Drivers
In addition, GOED approved a $400,000 grant from the Workforce Innovations for the New Nevada (WINN) fund to grow a Commercial Driver’s License (CDL) Training Program at Western Nevada College (WNC).
“Our In-Demand Occupation analysis shows that Nevada is 4,509 jobs below the national average in licensed commercial drivers,” said Stacey Bostwick, GOED Director of Workforce Development. “This program in Carson City will create 100 training slots for jobs with an average starting wage of $24 per hour and begin to address the deficit in an area of critical workforce development need.”
Nationally, it is estimated that there is a shortage of 80,000 commercial drivers that may grow to 170,000, according to the American Trucking Association’s National Truck Driving Shortage Report published in 2021. The Nevada Trucking Association estimates that roughly 92 percent of manufactured goods in Nevada are transported in trucks, making a trained truck driving workforce critical to ensure goods and services reach the state.
Tim Aboussleman, Senior Director of Fleet Operations for ITS Logistics, stated that the wages a full-time Class A licensed truck driver can earn at ITS Logistics range from $65,000 to $115,000 per year, plus full benefits, depending on previous work experience.
For more information on locating in Nevada, visit https://goed.nv.gov/. T&ID