Data from 2022 is now available in reference to the economy and real estate markets in Northern Nevada. The new year has marked a post-pandemic era where many markets are expected to begin to stabilize. The economy in Northern Nevada has grown to be and remains significantly strong.

The Reno Gazette Journal recently cited an article in which Reno was named as the 3rd most popular city in the United States for businesses to relocate. Many new residents have found refuge in the area due to the higher quality of life. Just minutes from Reno, and even within the city, lie countless opportunities for outdoor activity. Golf, snowboarding/skiing, hiking, mountain biking, snowshoeing, and stand-up paddleboarding are a handful of the many choices. Lake Tahoe, just a 30-minute drive away, is renowned for its beauty and adds additional charm to the region. 

What Happened with Real Estate in 2022?

The luxury real estate market in 2022 was very similar to 2021. According to the Dickson Realty Year-End Luxury Trends Report, there were notable sales records in the ultra-luxury market. The three highest sales in Reno were between $6.2 and $6.9 million, while there were 22 additional sales of homes over $3 million. 

However, last June the market experienced a slowdown of buyers from out of state that continued until the end of the year. As sales declined and market times increased, overall demand stabilized with an equalization of sellers to buyers. Buyers who were caught up in a frenzy of fighting against multiple offers were able to take a breath. 

Attracting Businesses that Diversify the Local Economy

When the 2008 recession hit Nevada, unemployment skyrocketed and the primarily gaming economy suffered. Leaders within the community put forth efforts to diversify the economy in order to weather future economic hardship. EDAWN (The Economic Development Authority of Western Nevada) was pinnacle in the promotion of the region that ultimately led to Tesla choosing the state for its Gigafactory. The partnership is committed to adding quality jobs to the region by recruiting new companies and supporting the success of existing companies. 

In a recent press release, EDAWN announced 27 companies that relocated or expanded their workforce in the area. The companies are reported to add a combined 2,263 new jobs at a record average wage of $32.67. The technology industry leads the way in these 27 companies at 41%. Manufacturing comes second with 33%, while logistics, distribution and ecommerce represent 19%. 

“This year proved to be yet another impressive year with new and local expanding companies adding more quality jobs to the region over the next few years, said Mike Kazmierski, President and CEO of EDAWN. “The Reno-Sparks unemployment rate continues to drop at 3.1%. Our strong economic activity is a direct result of the diversification of industries, which will help secure our economic vitality longterm. We are proud to welcome these new companies to our community and are grateful for their investment and confidence in our region.”

A list of the companies is below: 

1047 Games | Technology

1047 Games began with the simple principle that people should have fun while making great games. In 2017, Ian Proulx and Nicholas Bagamian founded the company. The company is building the next great AAA studio to create a new generation of amazing experiences. Bringing together a talented core development team with seasoned veterans from around the industry.

Brix | Technology

Life insurance group brokerage and MGA. Brix works with companies from 2-100 employees, brokers and partners providing a specialized life insurance ecosystem to members.

CIQ | Technology

CIQ powers the next generation of software infrastructure, leveraging capabilities from enterprise, cloud, hyperscale and HPC. From the base operating system, through containers, orchestration, provisioning, computing, and up to cloud applications, CIQ works with every part of the technology stack to drive solutions for customers and communities with stable, scalable, secure production environments.

DESS – USA | Back Office Business Support

Manufacturer of high precision components for the medical and dental industry. The new Reno location is comprised of the company’s back-office support and corporate headquarters.

EE Technologies | Manufacturing

EE Technologies, established and headquartered in Reno since 2001, specializes in circuit board assembly and box-builds for electromechanical components, and takes pride in its ability to bring global electronic manufacturing to the United States and Nevada.

Fyrn | Manufacturing

Manufacturer of furniture that lasts for generations. Fyrn is committed to a Planet Friendly Design Movement that reduces natural resource consumption and waste with products that are thoughtfully designed, easy to maintain and refurbish.

Footlocker | Logistics, Distribution

Leads the sneaker and youth culture around the globe as a distributor of a large portfolio of footwear. Footlocker brands are carried in over 3,000 retail stores in 28 countries across North America, Europe, Asia, Australia and New Zealand.

HydaaS | Aerospace, Aviation and Defense

HydaaS offers the world’s first ever liquid hydrogen drone for its drone services. The Helium-X drone uses the most technologically advanced liquid hydrogen fuel cell technology to provide superior payload, flying time, and charging time.

Kikoff | Technology

Leading FinTech company, providing, educating and helping refreshingly fair, effective, and simple pathways to meet financial goals. Kikoff helps consumers build credit, manage debt and improve financial health.

Mannassi IT Solutions | Technology Ecosystem

Manage computer networks to enable business growth. Protecting businesses from simple to complex technology issues that can adversely affect their operations, sales and profitability.

Nathan James | Logistics, Distribution

A home furnishing company focusing on the habits of urban dwellers and first-time home buyers with best-in-class customer happiness, and quality products that are affordable. The Sparks location serves as Nathan James’ main distribution center.

NCCI | Back Office, Business Support

National Creditors Connection Inc. is a provider of risk resolution outsourcing (RRO). Work with banks & creditors in processing risk analysis and generating actionable intelligence to provide risk resolution for its clients.

Nevatio Engineering | Engineering

Is an agile design team capable of on-demand mechanical and electrical engineering, functional prototyping, engineering documentation, and machine retrofitting. Our mission is to empower our clients with the tools and skills necessary to create solutions to their technical problems.

Oasis | Technology

A-I research lab focused on enhancing everyday human communication through photorealistic avatars & Al-generated video.

Post-Consumer Brands | Manufacturing

A division of Post Holdings, Inc. Post-Consumer Brands manufactures a broad portfolio of cereals spanning all segments of the ready-to-eat cereal categories including well known iconic brands. They are the #1 player in the value cereal segment, and the #3 producer of ready to eat cereal.

Redwood Materials | Manufacturing

Redwood is building a circular supply chain to power a sustainable world and accelerate the reduction of fossil fuels. This is to make batteries sustainable and affordable, closing the loop at the end of life.

Sparks NV, LLC | Manufacturing

The project compromises a closed-loop recycling and manufacturing operation focused on providing green recycling and solutions for the domestic and international markets of the scrap metal industry. The company’s primary objective is to recycle end-of-life and post-consumer metal in a product a represents the first steps of manufacturing.

Standvast | Healthcare E-Commerce

The e-commerce fulfillment and supply chain technology. Standvast services that rescues you from a reliance on inflexible or outdated solutions. The company implicates by providing fulfillment services and innovative technology powered by passionate, industry leading experts.

Stellar Snacks | Manufacturing

Stellar Snacks is a women owned business that manufactures and distributes healthy pretzel snacks. The company has a goal of putting Nevada on the map as the pretzel capital of the world!

Stericycle | Manufacturing

Medical waste management leader. The Storey County operation will provide medical waste incineration serving vital healthcare facilities in NV, CA, WA, OR, AZ, NM, CO, ID, MT, UT, WY and western Canada.

Superior Essex | Logistics, Distribution

Designed to be the energy sector supplier for Tesla. The company has long term goal to reduce carbon and Greenhouse gas emissions.

TLS Supply Chain Solutions | E-Commerce Fulfillment

A global transportation and e-commerce company with corporate headquarters in Turkey. Automotive, mining, pharma, and energy sectors has the company well-positioned to expand this site for future opportunities and growth.

Uptip | Technology

Uptip is reinventing cash tipping with an innovative digital platform. The company’s focus is to drive higher tips for hotel, casino and valet parking workers, while helping their employers to improve service quality. They are a proud to be based in Nevada, where gaming and hospitality is an important segment of the economy.

Valley Service Electronics | Manufacturing

VSE is a full-service contract manufacturer and mechanical designer of printed circuit board assemblies and electronics. They partner with many of the world’s leading innovators of technology in semiconductors, medical devices, green tech and automotive.

Vistro | Technology

Vistro enables customers to order multiple types of cuisines from one single virtual food hall with free delivery. The company provides a variety of food options for families, college students, evening laborers, and more.

Workbnb | Technology

A phone application on a mission to accelerate the proliferation of the traveling workforce. This app is designed to improve the lives of millions traveling for work. The Workbnb App is a highly scalable, fast and secure travel booking platform for enterprise use.

Yateou | Manufacturer

Yateou is a sustainable clean beauty and wellness brand with a tech spin. Yateou creates products that are all-natural, vegan, cruelty-free, chemical-free and made with 10 ingredients or less, featuring their patented consumer facing robot, ADE, to both engage consumers on the retail side and fulfill orders.