Data & Dialogue About the Nevada Economy

EDAWN’s 3rd Annual "Existing Industry Awards"

The Economic Development Authority of Western Nevada is proud to present the winners of the Existing Industry Awards. The companies considered for these awards represent the backbone of the Northern Nevada economy.  Please join us in congratulating these recipients.

Biggest Little Wow
Access Event Solutions

Corporate Citizen Award Small
Computerized Screening Inc.

Corporate Citizen Award
Haws Corporation

Employees First
Fortifiber Building Systems Group

Founders Award
EP Minerals 

Leader in Sustainability Award
Trex Company Inc.

Supply Chain Excellence
AVA Logistics

Think Local small
AD Hawk

Think Local Large
Belnick Inc.

Community Partner
Reno-Tahoe Airport Authority

Company of the Year Small

Company of the Year Large
NOW Foods

President's Award *3 Awards for this Category
L. Lance Gilman

Roger William Norman
Don Roger Norman

Deep Dive on Five

Reno/Sparks MSA[1] Employment

Monthly Reno-Sparks MSA employment trends (year-over-year, “YOY”) have seen consistent positive employment growth since March 2012. August 2014 employment levels reached 203,300 workers, a 2.4% increase (4,700 jobs) over August 2013. The August 2014 employment level was higher than for any August employment estimate since 2008.

The August 2014 job count of 203,300 represents an increase of 18,500 jobs since the lowest level of employment in January 2011 (184,800 jobs), but remains 24,800 jobs shy of the region’s peak employment (December 2006, 228,100 jobs).

The industries with the largest employment gains between August 2014 and August 2013 include Professional Services (3,000 jobs), Retail (800 jobs) and Education & Health Services and Construction (600 jobs).

Washoe County Gross Gaming Revenue

Despite the downturn in the Washoe County gaming industry’s performance in recent years, the industry remains an important employer and revenue generator. Of the top 20 employers in Washoe County, eight are casino-hotels.

On a moving average basis, after 15 months of YOY growth in gaming revenue, the last two months have reported declines (-0.3% & -1.2%, respectively).

The local gaming industry first experienced negative gaming revenue growth in the early goings of the 2000s. This coincided with the legalization of Las Vegas-style gaming in California. The negative growth lasted through November 2004. Gaming revenues then increased until January 2007, when another downturn led to a 72-month negative growth trend (including the recession) which lasted until April 2013.

Reno-Sparks MSA Existing Single-Family Home Values

The existing single-family median home value of $240,000 (Q2, 2014) represents a 12% jump over the same period in 2013, and a 6% increase over the Q1, 2014. On a YOY basis, home values in the Reno-Sparks region have risen for the last nine quarters after decreasing for the previous 23 quarters from the peak of $350,000 in Q4, 2005.

Average appreciation rates for the Reno-Sparks region (calculated between 1990 and 2001) are 1% per quarter and 4% per year. At this average appreciation rate, the median home value in Q2, 2014 would have been $270,939. As a result, the current home value of $240,000 remains under-valued by almost $31,000, although the comparison is somewhat skewed by the lack of homes currently sold in the higher price ranges compared to the mid-2000s.

The Reno-Sparks MSA differs from Washoe County, because it excludes Incline Village (Lake Tahoe) and rural parts of the county. Existing home values are significantly higher in Incline Village ($885,000 in Q2, 2014).

Washoe County New Single-Family Home Sales

Through August 2014, the average number of new single-family home sales this year is 79 per month after averaging 67 per month for the same period in 2013. New single-family home sales in Washoe County remain far below pre-recession levels, however, after peaking at 315 sales in November 2005.

The median value for new single-family homes is up 17%, from August 2013 to August 2014, with the current value at $336,623. After peaking at $423,000 in February 2006, the highest median value since then was $359,000 in November 2013.

New single-family construction is reported countywide due to the insignificant amounts of new home construction outside of the Reno-Sparks region.

EDAWN Assisted Jobs

New jobs assisted by the Economic Development Authority of Western Nevada (“EDAWN”) have increased significantly between fiscal years 2007-08 and 2013-2014 (FY 2008 and FY 2014). The average number of EDAWN assisted jobs between FY 2008 and FY 2011 was 840 jobs. In FY 2014, EDAWN assisted 2,500 jobs, a 198% spike over past performance.

Sources: UNR Center for Regional Studies and EDAWN

[1] The Reno/Sparks MSA includes Washoe and Storey Counties.