Nevada draws individuals for some of the same reasons its attracts corporate residents: It's a beautiful, sunny state with an incredible quality of life and its tax structure is one of the best in the country.
The state is also central to the increasingly important West Coast. Its government agencies, at all levels, are committed to economic growth. These factors attract businesses, particularly those interested in increasing their presence in the West
Coast region.
Quebecor Printing (USA) Corp. chose a Nevada site for its Western expansion. The company, which is the nation's second largest printer, announced in 1997 its plan to build a 41,000 square foot printing plant on a 50-acre site in the Nevada Pacific Industrial Park in Fernley, east of Reno. The facility is expected to employ up to 400 people to print retail newspaper inserts.
Nevada's proximity to the country's Western markets was a big draw for the company.
| "Fernley is within a short distance of most of the West's major population centers. These cities represent about
20 percent of the nation's population, and an important market for major national and regional retailers."
-- James A. Dawson, Quebecor President and CEO | |
"This location is an ideal manufacturing base from which to serve a huge and fast-growing market," said Quebecor President and CEO James A. Dawson.
Las Vegas-based Mission Industries is an existing company experiencing growth in Nevada. Last year, Bank of America announced a $36 million revolving line of credit for the linen company, which will use the funds to expand existing facilities and build new ones.
The company has more than 2,100 employees and services more than 100 hotels and casinos.
Michelin expands in Reno
The state's business-friendly atmosphere also helped convince Michelin North America, Inc. to stay. The company chose to locate a tire facility in Reno.
"There is a very large demand for our Michelin tires in the West Coast market, so we wanted to establish manufacturing capacity in the West to help satisfy this demand," said company representative Doug Cassidy.
"We already had a distribution center in Reno, so we built on that base to establish our first West Coast manufacturing facility. The area's quality of life and community support of new manufacturing operations were positive factors as well in the decision."
Bob Cook, chief executive officer of Securitron Magnalock, chose Nevada as a new business location because of the state's overall advantages.
"Many of the incentives other states use to recruit new business don't have the same importance in Nevada," he said. "In our state, Nevada itself is the incentive. What the state offers aside from up-front financial rewards is what's important, such as a beneficial business, political and tax climate and a terrific lifestyle for our employees."
During fiscal year 1996-97, 75 companies moved to Nevada and 73 companies expanded in the state, creating a total of 6,886 jobs. Of those jobs, 52 percent are in manufacturing, 28 percent in distribution and warehousing, and 20 percent in finance and service-related businesses.
NEVADA FACTS AND CONTACTS
DEMOGRAPHY AND ECONOMY
Population: 1,582,280
Capital: Carson City
Three Largest Cities: Las Vegas, 368,360; Reno, 150,620; Henderson, 115,380
EM's Education Quotient for the Largest School Districts: Clark County (Las Vegas), Green; Carson City, Blue; Washoe County (Reno/Sparks), Blue
GSP: $37 billion
Per Capita Income: $24,390
Percentage of Durable Goods Manufacturing Labor Force Organized: 8.5
Right to Work State: Yes
Unemployment Rate: 3.8%
Average Hourly Manufacturing Wage: $13.50
Population Over 25 With Bachelor's Degree or More: 15.3%
Corporate Income Tax Rate: No Tax
Percentage Employment by Sector: Construction, 7%; manufacturing, 6%; mining, 2%; transportation/communications, 5%; wholesale/retail, 2%
Primary Industries: Gaming; mining; construction; manufacturing; services not including hotels, gaming and recreation
Targeted Industries: Electronic components; medical devices and analytical equipment; plastics; environmental equipment; back
office operations
BUSINESS ASSISTANCE
Major Financial Incentives: Abatement for sales and use taxes, business taxes, property and personal property taxes; deferral for sales and use tax
Worker Training Programs: Train Employees Now (TEN), Claimant Employment Program (CEP)
Enterprise Zones: North Las Vegas
Foreign Trade Zones: Reno, Las Vegas
International Trade Offices and locations:
Carson City, Las Vegas
Environmental Permit Assistance: Nevada Environmental Small Business Assistance Program (through the Nevada Division of Environmental Protection)
QUALITY OF LIFE
Cost of Living Index: Las Vegas, 105.6;
Reno, 111.8
Average Price for a Single-Family Home: Las Vegas, $142,667; Reno-Sparks, $175,963
Average Round Trip Commute in Minutes:
Las Vegas, 42 minutes; Reno, 38 minutes; Henderson, 20 minutes
FOR MORE INFORMATION CONTACT
Lori Martin, Nevada Commission on Economic Development, 5151 S. Carson St., Carson City, NV, (800) 336-1600, fax (702) 687-4325
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