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RELEASE: Nevada economic development and public policy for 2022-2026

Posted at 6:14 PM, May 05, 2022
and last updated 2022-05-05 21:23:11-04

(KTNV) — The Lincy Institute and Brookings Mountain West said they released the Nevada economic development and public policy for 2022 to 2026. This policy offers recommendations in areas such as education, transportation, and housing.

This report is said to evaluate the economic development efforts in the State of Nevada and examines how state and federal actions since the onset of COVID-19.

These are said to be the topics covered in the policy:

  • Economic Development
  • Governance Modernization
  • K-12 Education
  • Higher Education
  • Transportation
  • Housing
  • Climate Change and Sustainability

The following information are key takeaways provided from the report:

Southern Nevada’s population growth and ethnic and racial diversification will continue to outpace the rest of the state, and the aging of Nevada’s population will result in greater economic dependency on fewer labor-market participants.

Economic development initiatives targeting the efficiency of Southern Nevada’s scale can generate more tax revenue, induce additional federal resources, and help Nevada weather future economic downturns.

Direct state investments in economic development pale in comparison to those of neighboring states and are well below what is needed to transform Nevada’s economy.

To generate the tax revenue and to support the skills needed to serve a larger and older population of dependents, Nevada must invest in STEM-oriented industries, particularly Health and Medical Services, to create employment opportunities in higher paying jobs.

Reforms implemented in the wake of the Great Recession reshaped Nevada’s approach to economic development. By blending state-level coordination and resources with local entrepreneurialism and initiative, economic development policy successfully embraces the demographic and economic differences and varying asset portfolios inherent to the Three Nevadas. In the coming decade, Nevada’s regional demographic and economic differences will continue to increase. The state’s polices and governance should embrace these regional differences to ensure a sustainable future for all Nevadans.

Click to read the full report here.