State of the Counties: Economic development benefits all By Scott Neuffer, Thursday, January 25, 2024 Storey County Manager Austin Osborne maintains that economic development benefits all counties in western Nevada wherever the development is occurring. “When economic development happens in any of our counties, all the ships rise with it,” he said. “We all benefit one way or another, directly.” Osborne was one of five speakers representing rural counties at the Northern Nevada Development Authority’s annual State of the Counties conference Wednesday. Managers of Carson, Storey, Lyon, Douglas and Mineral counties discussed economic strengths and weaknesses of their respective areas and described a common synergy. Osborne pointed to the success of the Tahoe-Reno Industrial Center (TRIC) in Storey County. “The (Tesla) Gigafactory alone, when you look at the data, has generated $117 million in (tax) revenue to the Reno-Sparks-Storey County area and to the neighbors,” he said. Construction for the Tesla factory began in 2014. Osborne said seven years before the arrival of Tesla, Washoe County’s budget was growing by $4.9 million. Seven years after Tesla’s arrival, it was growing by $113 million. “That doesn’t mean every one of [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Nonfarm Productivity (QoQ) declining from 5.2% to 2.1% Unit Labor Costs (QoQ) increasing from -1.2% to 2.4% Nonfarm Payrolls declining 28% from 216K to 155K READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: GDP Annualized (QoQ) declining from 4.9% to 1.7% Durable Goods Orders (MoM) declining from 5.4% to 1.5% New Home Sales increasing 7% from 590K to 634K READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Import Price Index(YoY) declining from -1.4% to -2.0% Industrial Production (MoM) reversing trend from 0.2% to -0.1% Housing Starts decreasing 8.5% from 1560K to 1427K READ THE ORIGINAL ARTICLE

Extreme Takeoffs and Soft Landings Economic Forecast 2024 January 1, 2024 By Jennifer Rachel Baumer Welcome to 2024. Following three years of economic extremes, from historic high unemployment and business lockdowns to the pandemic-caused bust and stimulus-caused boom, it’s been a ride. The Governor’s Economic Advisory Council, launched in tumultuous 2020, is lead by Bob Potts, deputy director, Governor’s Office of Economic Development (GOED). The council collects data from regional, tax, labor, and tourism economists, and university and executive branch economists. “If you were to summarize everything down to one statement it would be expectation for growth to continue leveling off in 2024 without turning negative,” said Potts. John Restrepo, principal, RCG Economics, concurs. “We don’t anticipate any recession or downturn in 2024, but we do anticipate a slowing of growth. Job growth is going to slow. We think the population growth is going to slow, both in northern and southern Nevada, but more to long-term historical levels than anything dramatically bad.” “The expectation going into 2024 is that the Nevada economy will remain relatively stable coming off of strong performances following the height of the pandemic,” said Brian Gordon, principal, Applied Analysis. Northern Nevada [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: CPI (MoM and YoY) remaining flat to expectations Core CPI (MoM and YoY) remaining flat to expectations PPI Final Demand (YoY) increasing from 0.9% to 1.4% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant changes in expectations came from: Personal Income (MoM) is expected to increase by 0.4% Durable Goods Orders turning positive from -5.4% to 3.1% New Home Sales increasing by 1.3% READ THE ORIGINAL ARTICLE

Is Nevada’s economy booming or middling? It depends on the questions, who you ask While the state rakes in record high tax revenues, workers are still facing slow wage growth and the nation’s highest unemployment rate. Sean Golonka December 10th, 2023 at 2:00 AM Looking at traditional indicators to get a sense of how Nevada’s economy is faring is a bit like betting on roulette. Betting on black — or in this case finding a positive metric? You may or may not come out on top because the state’s economy is filled with mixed signals. Good news: The state has seen 32 consecutive months of more than $1 billion in statewide gaming revenue. Bad news: Nevada has the highest unemployment rate in the nation — and has for months. Good news: Record tax collections have furnished the largest budget in state history. Bad news: Nevada ranks near-bottom nationally for average wages and wage growth. The national economy has been similarly difficult to parse. While the annual inflation rate has declined significantly since last fall, prices continue to rise and remain far above where they stood prior to the COVID-19 pandemic. The Federal Reserve, meanwhile, continues to navigate a soft [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant changes in expectations came from: CPI (MoM) is expected to remain unchanged and CPI (YoY) is expected to drop to 3.0% PPI Final Demand (MoM) turning positive from -0.5% to 1.0% Industrial Production (MoM) turning positive from -0.6% to 0.1% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant changes in expectations came from: Factory Orders (MoM) turning negative from 2.8% to -3.3% Nonfarm Payrolls increasing by more than 50% from 150K to 230K READ THE ORIGINAL ARTICLE