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2017-State-Of-Econom Key Finding: What the Whole World Wants is a Great Job Economy Was Top Voting Issue in 2016 Election Great Jobs Are Incredibly Scarce Why is Southern Nevada Winning? Nevada Created the Most Favorable Tax and Business Climate for New Corporate Investment Among Western States MOST WESTERN STATES RANKING FAVORABLE NEVADA 24% Utah 14% NEVADA #1 Idaho 13% Wyoming 13% Arizona 11% Washington 8% New Mexico 6% Montana 5% Oregon 3% Colorado 2% LEAST FAVORABLE California 1% Note: Results are based on responses from C-level and other senior executives in public and privately-held Western U.S. Fortune 1000 companies. Online poll asked: “Which of the following 11 western states has the most favorable tax and business climate for new corporate investment?” Sources: The Boyd Co., Inc. 2016 Boyd Corporate Site Selection Leading Indicator Poll Nevada Ranks No. 1 in the U.S. as the Most Policy- Friendly State for Entrepreneurs TOP 5 STATES RANK STATE 1 NEVADA 2 Texas NEVADA NEVADA 3 South Dakota #1 #1 4 Wyoming 5 Florida BOTTOM 5 STATES RANK STATE 46 California 47 New Jersey 48 New York 49 Minnesota 50 Hawaii Note: Rankings are based on 50 major government-imposed or government-related costs impacting small businesses and entrepreneurs. Policy-friendly states are defined as those states with lighter governmental burdens and better environments for entrepreneurship. Source: SBE Council, Small Business Policy Index 2016 Las Vegas is Strategically Located within a One to Two Day Travel Time to 13 Major U.S. Cities and Mexico One Day Drive Time Two Day Drive Time Note: The map reflects a reach of 61M people or 19.4% of the U.S. population. Source: NV Energy Nearly 500 Average Daily Flights at McCarran International Airport Provide Direct Access to 153 Worldwide Markets 36 MONTHS OF CONSECUTIVE YEAR-OVER-YEAR GROWTH IN PASSENGER COUNT 1ST 8TH 26TH Lowest Corporate Busiest Airport Busiest Airport Travel Costs among in North America in the World Western States 47.4M 7.6% Passengers Share of International Passengers (Last 12 Months) (Last 12 Months) Sources: McCarran International Airport; Airports Council International – North America; The Boyd Co., Inc Quality of Life Continues to Drive Growth Please rank the following regions according to how you feel they are TO LIVE IN RANKED #1 Source: LVGEA Competitiveness Survey The LVGEA’s Efforts have Helped Create About 18,000 Jobs in the Last Five Years IN 2016 ALONE, THE NUMBER OF LVGEA-ASSISTED JOBS GREW BY NEARLY 5,000 (+148%) 8,000 7,320 7,000 6,000 5,000 4,000 3,172 3,347 3,000 2,000 1,563 1,314 1,000 0 '12 '13 '14 '15 '16 Source: LVGEA LVGEA: Building the New Nevada Together 1 46 160 Strategy Board Investors Members $11.13 B Economic Impact 75 9 8 (Since 2012) Partner Council of Target Organizations Chambers Industries How Do We Know We’re Winning? Compared to the 50 Largest MSAs in the United States, the Las Vegas Region is in the Top Ten for… Fastest Highest College/ Highest Growing Graduate School Average Weekly Population Enrollment Growth Wage Growth Note: Population growth (+2.2%) and growth in the share of the population 18-24 years of age enrolled in college/graduate school (+0.9 percentage points) reflect the change from 2014 to 2015 (latest data available). Average weekly wage growth (+4.0%) reflects the change from November 2015 to November 2016. Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics Private Business Growth Remains Strong OVER 2,100 NEW PRIVATE SECTOR BUSINESSES OPENED THEIR DOORS IN 2015 60,000 53,540 50,000 40,000 30,000 20,000 10,000 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Source: U.S. Bureau of Labor Statistics Nevada is #1 in U.S. for Job Creation Job Creation Index (2016) Employment has Returned to All-Time Highs EMPLOYMENT LEVELS HAVE EXCEEDED THE PRE-RECESSION PEAK FOR 7 CONSECUTIVE MONTHS 1,000,000 951,100 950,000 936,800 900,000 850,000 800,000 750,000 700,000 650,000 600,000 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: U.S. Bureau of Labor Statistics Wages are Rising AVERAGE HOURLY EARNINGS HAVE INCREASED BY NEARLY 20% SINCE JANUARY 2007 $24 $23.07 $23 $22 $21 $20 $19 $19.36 $18 $17 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Note: Data represent private sector average hourly earnings. Source: U.S. Bureau of Labor Statistics The Economy is Diversifying CURRENT EMPLOYMENT LEVELS NOW EXCEED PEAK PRE-RECESSION LEVELS AND ARE DOING SO WITH 43,000 FEWER CONSTRUCTION JOBS Education and Health Services 32,600 Trade, Transportation, and Utilities 19,100 Leisure and Hospitality 8,100 Professional and Business Services 6,600 Government 2,400 Other Services 1,200 Mining and Logging (100) Information (2,300) +14,300 Jobs Manufacturing (4,900) Financial Activities (5,000) Construction (43,400) Note: Data reflect the difference in employment from May 2007 (peak pre-recession employment) to November 2016. Source: U.S. Bureau of Labor Statistics The Economy is Diversifying ECONOMIC DIVERSITY (HACHMAN INDEX) More More 72 70 Diversified 68 66 64 Less 62 60 Diversified 58 56 54 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Note: To determine economic diversity, the Hachman Index compares the relative shares of the local economy with those of the national economy to identify the variances in each employment sector, also known as the location quotient. Impacts are then aggregated to create the diversity index. A score of 100 reflects a diversified economy, while a score of 0 reflects a narrow economy. The Hachman Index assumes the national economy reflects broad diversity. Source: U.S. Bureau of Labor Statistics; Applied Analysis $13.9 Billion in New Capital Investment is Driving Growth Tourism Non-Tourism Note: Investment total does not include suspended projects or projects with undisclosed costs. 10. Aria Convention Center- $154 Million 9. Park MGM (Former Monte Carlo) - $450 Million 8. Project Neon - $900 Million 7. Faraday Future Plant - $1.0 Billion 6. Switch - $1.0 Billion 5. Union Village - $1.2 Billion Note: Henderson Hospital completed construction in October 2016. 4. Convention Center Expansion - $1.4 Billion 3. Wynn Paradise Park - $1.5 Billion 2. Las Vegas Stadium - $1.9 Billion 1. Resorts World Las Vegas - $4.0 Billion How Can We Continue Winning? Note: Population growth (+2.2%) and growth in the share of the population 18-24 years of age enrolled in college/graduate school (+0.9 percentage points) reflect the change from 2014 to 2015 (latest data available). Average weekly wage growth (+4.0%) reflects the change from November 2015 to November 2016. Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics Strategy 1 - Strengthen Workforce & Education - System-wide Improvements - Alignment with Economic Development - Enhanced Job Training Strategy 2 - Build Globally Competitive Transportation Systems - Multi-Modal Transit - Interstate 11 - Connect Key Assets (Airport + Strip + Stadium + Conv. Center) Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics Population Growth will Require New Transportation Options Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics If we do nothing…. Other Markets are Investing in Light Rail Phoenix Salt Lake $1B $8.25B $2.5 B $7 B .
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