LAS VEGAS (KTNV) — Economic development in Nevada has come a long way since the days an official from the Nevada Development Authority dressed up in a gorilla suit to try to steal business from neighboring California.
On Thursday, the Las Vegas Global Economic Alliance unveiled a strategic plan, developed after a year of research and interviews, designed as a guide for figuring out how to diversify Nevada's gambling-and-tourism based economy.
"This is really built on data and stakeholder input, so I think that's been very critical," said Danielle Casey, the president and CEO of the authority, in an interview with Channel 13. "There was, about a year ago, a deep dive analysis in our target industries to really understand what makes the most sense for our market today and in the future."
According to a presentation on the strategic plan, "...the Southern Nevada economy remains heavily concentrated in leisure and hospitality, leaving the region vulnerable to economic disruption and limiting long-term wage growth and resilience."
Instead, the strategy calls for focusing on advanced manufacturing, technology, business and financial services, health and life sciences and creative industries. The list is designed to attract high-wage jobs, businesses that will grow and ones that will have a minimal impact on the region's shortage of water.
"So, the idea is, what if in business development more of our annual wins are in the target industries we're going after, because again, those are designed because they have higher wage jobs, better outcomes," said Casey, who's been on the job since September. "We need a national and global marketing strategy. We also need to be using our airport and visitor assets. We have really amazing things that millions of people see every year and there's not a single business why you should want to live here, or do business here message in it."
It's not going to be an easy job. Casey acknowledges some hurdles, including several local jurisdictions competing with each other to nab new businesses.
"Every local jurisdiction or municipality has to serve within their borders, so that's very understandable. I think that happens in all markets," Casey said. "So our job is to raise that regional story, that dialogue, and remind everybody that a rising tide does raise all ships. So a new company bringing hundreds of jobs in unincorporated Clark County benefits North Las Vegas, benefits Boulder City, benefits Henderson."
Other hurdles: Selling a city that's been advertised for its sin and indulgence as a good place to do business as well. "I would say primarily that biggest hurdles that we have to get past, probably in order, are first getting them to be willing to consider our market," she said.
Another hurdle: Available land for the right price. Casey says we've lost out on opportunities because there wasn't a proper site available for the type of business that was looking to relocate.
And, of course, equipping a proper workforce for the higher wage jobs that the alliance is trying to attract. "So it's creating a true pipeline, and you're talking about K-12 all the way through full-blown university deliverables, but also trades and technical schools," she said.
So why should locals care about a strategic plan for new business? Casey says the jobs bring money and demand for goods and services, "and they're [new workers] going to be able to spend money in the community, so the other thing that's really important to think about is that business spending and investment, and then people having new net wealth."
"So more wealth circulating in the community than was circulating before is what we are trying to do, that impacts all your municipal and government revenue sources, so now you've got more money for public safety, you've got more money for public parks, you've got more money for hopefully the education system as well."
One final change that's coming: A new name for the alliance that better reflects the group's mission. What that new name will be is still under consideration.
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