by Treva Bennett/staff writer
Nevada’s economy is forecast to be “full speed ahead” in 2020, according to Kiplinger’s Economic Outlook for All 50 States, 2020. A continuing construction boom in Las Vegas, in the southern part of the state, is expected to provide momentum to keep the economy thriving.
In northern Nevada, east of Reno, Tesla and its partner Panasonic are building out the Gigafactory, a multi-billion-dollar plant that makes batteries and parts for Tesla’s Model 3. The plant currently employs 10,000, but expansion plans are dependent on the success of the Model 3, the Kiplinger report said.
Payrolls in the state are set to grow 3 percent in 2020, according to the report, making Nevada a standout in the region and nation. As construction continues to boom, employers are having trouble finding skilled labor to complete the $23 billion worth of projects underway in Las Vegas alone.
With construction underway on a $2 billion football stadium, future home of the Las Vegas Raiders, and a successful professional hockey team, the city is emerging as a major sports center.
Kiplinger reported that housing markets in Las Vegas and Reno are healthy, with a surge in home building easing the supply crunch a bit.
Although the Nevada economy remains healthy, there was not much news coming out of the grocery industry in the state for 2019.
The Las Vegas Review-Journal reported in August that WinCo supermarket will open a second Las Vegas location in a former Kmart building in northwest Las Vegas Valley, in the Parkway Retail Center at West Washington Avenue and North Buffalo Drive.
The location is near retailers such as Trader Joe’s, Supercuts and The UPS Store at the shopping center, according to the Review-Journal report.
Parkway’s landlord, Laurich Properties Inc., said it expects the supermarket to open toward the end of the first quarter of 2020, the report stated.
WinCo is an employee-owned company with more than 120 stores in the U.S. and four in Nevada, including one on North Decatur Boulevard and one in Henderson on North Stephanie.
Raley’s, with 15 stores in Nevada, in 2019 completed two remodels of its stores in the Reno area in Mira Loma and on Caughlin Parkway. Chelsea Minor, corporate director of consumer and public affairs with Raley’s, said the company is “definitely looking at other area locations for remodels,” but doesn’t have anything to report at this time.
Sprouts, with 13 stores in Nevada, reported no new locations are planned for the state this year. The company says its Nevada locations continue to “make healthy products more accessible, including items with specific attributes such as keto, plant-based, vegan, organic, gluten free, paleo and more, which are clearly tagged throughout the stores.
Five companies to expand in Southern Nevada with help from LVGEA
Five companies are approved for state incentives to relocate to or expand in Southern Nevada with the assistance of Las Vegas Global Economic Alliance (LVGEA).
With approval by Nevada Governor’s Office of Economic Development (GOED) board of directors, the following companies will add 239 regional jobs in the next five years: Smithfield Foods, Xtreme Manufacturing, Premier Displays, Visual Impact PrePrint Vegas and Hard Eight Nutrition.
Jonas Peterson, president and CEO of LVGEA, said 2019 was another “exceptionally strong year” for job growth in Southern Nevada. “We’re excited to finish the year with an impressive group of companies choosing to invest and create new jobs here,” he said when the announcement was made in mid-December.
During the process, GOED worked closely with the LVGEA and other redevelopment agencies across the state to ensure that businesses were able to get the incentives they need to expand their businesses.
• Smithfield Foods dba Saratoga Food Specialties—61 jobs, $24.04 average wage. For more than 70 years, Saratoga Food Specialties has offered customized dry seasoning blends for retail, industrial and major foodservice companies and applications. Saratoga Food Specialties is a business of Smithfield Foods. Headquartered in Smithfield, Virginia, since 1936, Smithfield has 40,000 U.S. employees
• Xtreme Manufacturing LLC—60 jobs, $22.55 average wage. Xtreme Manufacturing—which is expanding operations—was founded in Nevada in 2003 and now offers the largest product line of its kind in North America. The company is a manufacturer of heavy equipment and construction machinery including lifts, loaders and telehandlers. The company’s entire product line is designed, fabricated and assembled in the U.S.
• Premier Displays & Exhibits Inc.—51 jobs, $37.08 average wage. Premier Displays is relocating its headquarters and much of its fabrication facility to Clark County. It is an award-winning end-to-end exhibit production house specializing in the design, fabrication and activation of convention and trade show exhibit spaces, retail environments and brand experiences across the globe. Clients include Pixar, HondaJet, Skechers, KB Homes, Nike, The History Channel, Electronic Arts and Discovery Communications.
“The move to Southern Nevada was a no-brainer,” said Chris Bullard, president and CEO of Premier Displays and Exhibits. “The business climate and tax structure in Nevada is unparalleled, and we will be able to take advantage of the close proximity to one of the most forward-thinking convention cities in the world and the extraordinary transportation access to market destinations across the country and the globe. We are confident that moving to Las Vegas will add great value to our long-term objectives and to our continued business development and growth.”
• Hard Eight Nutrition LLC, dba BulkSupplements.com—37 jobs, $22.74 average wage. BulkSupplements.com will expand its Henderson operations. The company imports, packages and distributes pure dietary supplement ingredients to both consumers and businesses producing a variety of food and cosmetic products. Founded in 2013, BulkSupplements.com has grown to 61 employees and now ships more than 5,000 orders a day. The company supplies more than 400 pure nutritional supplement ingredients to hundreds of thousands of consumers and manufacturers.
• Visual Impact PrePrint Vegas LLC—30 jobs, $24.46 average wage. Visual Impact PrePrint Vegas is a digital printing facility under the ownership of Corrugated Synergies International LLC (CSI), which has provided sheet feeding to the corrugated industry for 30 years.
CSI has developed and operated 12 sheet feeder operations and three full line box plants, employing 16 state-of-the-art corrugators in addition to opening a fully digital print facility last year in New Mexico.
LVGEA is a public-private partnership dedicated to growing the economy in Southern Nevada through connectivity, community development and strong business recruitment, retention and outreach. As Southern Nevada’s regional development authority, the LVGEA’s vision is to help residents thrive in a global economy by fostering a more prosperous, diverse and connected regional economy.