For the second consecutive year the Economic Development Authority of Western Nevada (EDAWN) reports a record number of new and expanding companies representing an economic impact of $267 million to the region during fiscal 2004-05. The 40 companies that moved to or expanded in northern Nevada is double the 20 companies EDAWN reported last year – or a 100 percent increase.

EDAWN’s 2004-05 business report shows that the $267 million represents 29 new companies, 10 expansion projects and one retention project. The 40 companies generated 2,022 new jobs in the region, a 38 percent increase over the 1,470 new jobs created in 2003-04.

Manufacturing led the types of industry with 22 companies, followed by 12 distribution companies and six tech-service companies. Geographically, the majority of businesses relocated from the West Coast with California representing 15 companies, followed by six companies from the South and two companies each locating from the Midwest, Northeast and internationally.

Chuck Alvey, president and CEO for EDAWN, attributes the region’s steady business growth and vibrant economy to a number of factors.

“Northern Nevada is beginning to reap the benefits of economic diversification and marketing the area as a top place to live and do business,” he said. “Companies and CEOs that didn’t consider Reno/Sparks and our surrounding communities before are contacting us because they’ve read or heard something favorable about our community.”

Nevada’s proximity to California, a low regulatory environment and favorable tax climate has also driven local business growth.

“Certainly the influx of quality companies from California fed up with that state’s high costs of doing business have supported our growth in manufacturing and other industries fueling higher than average wage jobs and capital investment,” said Alvey. “Nevada’s statewide marketing campaign in California has resulted in hundreds of media stories that promote the benefits of doing business here and keep Nevada top of mind.”

Additionally, EDAWN spearheads a local business retention and expansion effort, Business Builders, that is credited with assisting existing companies with expansions and retaining quality jobs locally. In 2004-05 EDAWN staff and Business Builders volunteers conducted approximately 137 interviews with companies in Washoe County.