From the Governor
“At the heart of Nevada’s economy are our small businesses and supporting their expansion into foreign markets will nurture their success. More than 480,000 Nevadans are employed by a small business. Nevada’s economy is stronger and more resilient because of the success of small businesses.” —Gov. Steve Sisolak
Steady Growth in the Silver State
Economic growth continues to surge in Nevada, driven by tech in the northern part of the state and logistics and manufacturing in the south. According to the Census Bureau, Nevada’s population grew by 2.1% between 2017 and 2018, making it the fastest-growing state in the nation. Apple, Google, Amazon and Polaris have all announced projects here in the past year.
Data Center Abatement: Offers abatement of up to 75% of the taxes due for 10 to 20-year periods for personal property tax and sales and use tax.
Modified Business Tax Abatement: Offers a tax abatement of half of the 1.475% rate on quarterly wages exceeding $50,000.
Sales and Use Tax Abatement: Offers a tax abatement on quality capital equipment purchases, with reductions in the rate to as low as 2%.
Silver State Works Employee Hiring Incentive: Offers up to $2,000 per employee in incentive reimbursements and training allowances for new employees.
Nevada Governor’s Office of Economic Development: diversifynevada.com
Las Vegas Global Economic Alliance: lvgea.org
Economic Development Authority of Western Nevada (Reno/Sparks/Tahoe): edawn.org
Highlighted Program or Initiative
The State Trade Expansion Program (STEP) helps small businesses expand into international markets and has been instrumental in elevating the global profile of businesses in the state. Since 2011, GOED has received more than $1.5 million in STEP funding. Businesses can get awards to assist with pre-approved export expenses like sales trips, trade show activities, international marketing materials and training workshops.
- Apple announced in February 2019 completed construction on its warehouse in Reno, and another expansion in northern Nevada. The facilities are part of the company’s $10 billion data center investment in five states announced in 2018.
- Google held a groundbreaking in July 2019 for its $600 million data center in Henderson.
- Amazon announced in August 2019 it would soon open its third fulfillment center in the Las Vegas area.
- Polaris opened in September 2019 a $47 million distribution center in Fernley.
Four Fortune 500 companies headquartered in state including:
Las Vegas Sands
MGM Resorts International
“We are thrilled to be a part of the Fernley and greater Nevada communities. The addition of a western region distribution center to support our growing portfolio of brands and customers is an important strategic investment for the company.” —Steve Eastman, President of Aftermarket, PG&A, Polaris
“Scientific Games is proud to call Las Vegas home for our global headquarters. The city and community are wonderful supporters of our industry and our customers, and of course, you can’t beat the weather.” —Todd Clark, Vice President of Global Facilities, Scientific Games
“Las Vegas remains the ideal place for us to continue growing our operations….With a 24/7 call center, it is great to be in a 24/7 town that offers a well-trained workforce and convenient commuting options for employees.” —Spencer Schmerling, Founder and CEO, Cascade