Nevada has a population of about 3.2 million, having grown at an annualized 1.4 percent over the five years to 2023, according to IBIS World. The Silver State’s gross state product in 2023 reached $170.1 billion, growing 17.5 percent over the five years to 2023.
Nevada’s market size in the supermarket and grocery industry was $8.7 billion, with 503 businesses and 23,585 employees in the industry.
Help Advisor reports that Nevada has the second highest average weekly grocery spend in the continental U.S., $294.76, following California at $297.72.
The Nevada Governor’s Office of Economic Development reports the state’s labor force and job market continue to expand. As of September 2023, it reported all major industry sectors are above pre-pandemic employment, except for “other services,” which includes personal care services, auto repair, and civic/business/grantmaking organizations, among others.
The GOED reports that many economic indicators around tourism and recreation are strong, with much of this strength being driven by special events.
“The expectation is for economic growth, both nationally and in Nevada, to continue but at a decreasing rate well into 2024 without turning negative,” the report states.
In December, the GOED collaborated with SRI International on a five-year comprehensive economic development strategy.
Key findings from the report state that with the development of Nevada’s clean tech industry and its complete lithium supply chain, the state is “positioned to be ground zero for the energy transition and to play a key role in securing the energy independence and security of the U.S.
“The development of the IT and advanced manufacturing industries, Nevada’s access to and production of natural resources such as lithium and its proximity to innovation hubs and talent, has enabled clean energy to flourish in the state.
“The expansion of existing Redwood Materials operations has closed the electric value chain loop for electric batteries, giving Nevada a significant competitive advantage in the industry as the only state in the nation that can claim such a feature.”
The report also stated that in order to diversify the state’s economy and grow target industries, it needs a new generation of infrastructure and work is under way on “transformative opportunities.”
Read more market profiles or association news from The Shelby Report.
Add Comment