Nevada Needs a Growth Spurt

Nevada Needs a Growth Spurt

There’s no way to put it lightly; Nevada is one of the slowest growing states in the country.  Despite the fact that the economic climate in the United States began to improve late last year, Nevada hasn’t enjoyed quite the same experience.  In fact, the states losing streak has continued into 2011.  Knowing this, do you still want to move there?

Unfortunately, Nevada was one of the hardest hit states when the housing market went bust.  People were moving into new homes in Nevada leading up to the bust, but now no one seems to be doing anything.  By the end of 2010, the odds were against people living in Nevada – 1 in 99 homes were in foreclosure.  There was an incredible amount of forced relocations.

The state’s declines in both real estate and construction were so serious that despite the hotel, restaurant, and mining sector improvements there were still real problems.  So, even though some parts of the economy were making small comebacks, the state just couldn’t do the same overall.  Nevada’s overall growth rate in 2010 was definitely moving in the wrong direction at -0.2%.  The state’s GDP rings in at about $112 billion.

In April of 2011, Nevada also had one of the worst unemployment rates in the entire United States – 12.5%.  Currently, more people are trying to move out of Nevada than in.  We’re wondering if the state didn’t have Las Vegas, where would its GDP and growth rate be then?

Jon Huser