Diversified Reno Economy Stronger Than Ever

Just next month, it will be a full year of pandemic here in the United States. Despite the economic downturn experienced across the nation, Northern Nevada remains in a period of enormous growth.

As a result of the changing economy due to COVID-19, the unemployment rate in the Reno area has double year over year, but the Biggest Little City is doing much better than the job market in our southern neighbor, Las Vegas. In December, the Reno metropolitan area unemployment rate was at 5%, compared to Las Vegas’ rate of more than 10% (the highest in the state of Nevada). These reports are all according to the Nevada Department of Employment, Training, and Rehabilitation.

When compared to December 2019, jobs in the Silver State are down by nearly 7% for a current total of 1,328,300 jobs statewide. While the state’s economy is improving overall, some regions are recovering more quickly than others, according to state officials.

“Las Vegas remains the hardest hit due to the leisure and hospitality sector still operating with limited capacity,” said David Schmidt, Chief Economist for DETR.

Mike Kazmierski, president and CEO of EDAWN (the Economic Development Authority of Western Nevada), said that the Reno metro area has weathered the storm better because of economic diversification efforts made over the past 10 years.

“We haven’t had this kind of stress test, which is what this pandemic has been, and for what we’ve been through it’s impressive how well we’re doing,” said Kazmierski.

In the past decade, Northern Nevada has seen its industry migrate to that of technology and manufacturing as companies relocate to the area, largely incentivized by tax credits. This has led to less job market volatility translating to fewer evictions and foreclosure during pandemic times. However, there will be a challenge in recovery of jobs as the past year’s situation has increase automation across all industries. Company leaders should be considering how best to upscale or retrain existing workers so that they may return to work.

The Reno area had an increase of 4,400 jobs since November 2020 with the trade, transportation, and utilities sector growing the most and with leisure and hospitality sector down the most. Compared to December 2019, total employment in the Reno area saw a decrease of 9,300 jobs, or about 4 percent drop.

Neighboring Carson City also saw the most growth in its trade, transportation, and utilities sector, and its professional and business services sector was down the most. Compared to December 2019, total employment saw a decrease of 2,000 jobs and its unemployment rate was nearly 6 percent in December 2020.

Nevada’s seasonally adjusted unemployment rate was 9.2 percent in December 2020 compared to 3.7 percent in December 2019. Area total estimates are seasonally adjusted to account for regularly seen economic trends, but estimates discussing sector employment and sub-state unemployment rates are not adjusted for seasonality.

Other report highlights included:

  • Las Vegas MSA’s unemployment rate was 10.4% in December 2020 compared to November 2020’s rate of 11.8% and 3.5% in December 2019.
  • The unemployment rate in the Elko Micropolitan area was 3.5% in December 2020 compared to November 2020’s rate of 3.8% and 2.6% in December 2019.
  • The Fallon area’s unemployment was 3.8% in December 2020 compared to November 2020’s rate of 4.2% and 3% in December 2019.
  • The unemployment rate in Lyon County was 6% in December 2020 compared to November 2020’s rate of 6.6% and 4.1% in December 2019.
  • Douglas County’s unemployment rate was 5.4% in December 2020 compared to November 2020’s rate of 6% and 3.5% in December 2019.
  • The unemployment rate in Nye County was 7.2% in December 2020 compared to November 2020’s rate of 7.8% and 4.5% in December 2019.
  • The unemployment rate in the Winnemucca area was 3.7% in December 2020 compared to November 2020’s rate of 4% and 2.6% in December 2019.

Not only are companies receiving tax incentives to relocate, but Reno is a true haven for the many employees that come along. With it’s humble roots, there’s a reason Reno has the infamous title of “The Biggest Little City” – because the city has the amenities to keep most people happy while still feeling like you know your neighbor. Here in Northern Nevada, there is a friendly vibe found in the culture that resonates throughout the region. Especially here in the Montrêux community, with both members of the Club and residents in the neighborhood. The people here care about one another and take care of each other. This has been reinforced even more so this year with the pandemic, as many neighbors have come together to help out those sheltering in place or who need an extra hand.

At Parc Forêt, we’ve made a commitment to ourselves and to you: to create a desirable enclave in an outstanding community of inviting, luxury homes with old world craftsmanship and fresh, thoughtful details. You can select from one of our diverse, semi-custom floor plans with a variety of architectural and finish choices and upgrades. Located in the Montrêux Golf & Country Club community, a gated community of luxury custom homes surrounds the 18-hole, Jack Nicklaus Signature Championship Course (Par 72), a world-class Clubhouse, walking trails, tennis, pool, Fitness Center and much more.

Whether relocating for a job, a remote worker looking for more out of their home, or someone just looking for a change, Northern Nevada is full of opportunities to live life to the fullest.