Nevada has recovered all jobs lost during the recession
Nevada has surpassed precession employment, gaining more than all of the jobs lost during the recession. Employment levels are now at an all-time high at 1,301,300. The Silver State has added 190,100 jobs since the recovery began, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation in a press release.
Governor Brian Sandoval announced the news at the Governor’s Conference on Business today at the Rio Hotel and Casino.
“I am pleased to announce Nevada has officially gained back all of the jobs lost during the recession. This is a great day for our state and we should all take pride in this exciting news. Through sacrifice, determination and true grit we have risen from the depths of the great recession to build a stronger and more resilient Nevada. Business owners across Nevada help sustain the promise of opportunity for the new Nevada economy” said Governor Sandoval. “As I’ve said before, the Nevada I know is just getting started. There is more to be done and we must work together to continue upon this shared success.”
In May 2007, Nevada hit record employment at 1,297,600 jobs. However, it was one of the hardest hit states, losing 186,400 jobs, bottoming out at 1.1 million jobs in September 2010, Anderson said. The two industries impacted the most were construction, which lost 80,000 jobs and leisure/hospitality, which lost 30,000 jobs.
“The state’s labor market has been consistently on the mend ever since the 2010 trough,” Anderson said. “In fact, jobs have grown every month in the Silver State since January 2011, measured on a year-over-year basis. That’s 68 consecutive months of growth. It is especially encouraging to note that employment growth since the recovery began has been relatively broad-based. While we are seeing solid contributions from the state’s historical drivers, leisure/hospitality and construction, job growth in a number of other industries during the recovery has been especially impressive since 2010.”
The trade/transportation/utilities sector has added 36,600 jobs; professional and business services has added 34,100; and health care added 25,000 jobs.
“Looked at another way, the Silver State has established a new record level of employment with approximately 70,000 fewer construction jobs than pre-recession ,”Anderson said. “The broad-based growth across nearly all industries will hopefully lead to a more stable economy going forward.”
For more information visit http://www.nevadaworkforce.com.
Northern Nevada’s smaller markets expect economic stability in 2021; issues could slow future growth
While much of the economic attention in Nevada has centered on Las Vegas and Reno, the Silver State’s smaller markets and rural communities are in varying degrees of rebounding from the COVID recession.