First Independent Bank Hosts 2017 Economic Forum
The Nevada economy gained momentum over the last few years, and this was the theme of First Independent Bank’s Economic Forum, held Tuesday, September 12 at The Grove in Reno. Dr. Christopher Thornberg of Beacon Economics was the keynote speaker where he reviewed the current economic state of the United States, the State of Nevada and Washoe County. Following Dr. Thornberg’s presentation, Brian Bonnenfant of the University of Reno’s Center for Regional Studies provided insights that dove deeper into the Washoe County economy.
A Regional Intelligence Report was released on Dr. Thornberg’s findings. Key findings in the report include:
- Median home prices have increased 8.7% since June 2016 in the Reno metro area. Currently, a home in the Reno-Sparks are is worth roughly 33% more than a home in the Las Vegas metro area.
- Washoe County businesses reported taxable quarterly sales growth which was 5.4% above pre-recession peak levels.
- Steady job creation is bringing the state closer to full employment, with statewide unemployment at 4.8%. This has translated into wage growth for Nevada workers, with a 3.1% increase in weekly wage from 2015.
- Relocation of high-profile tech firms to Washoe County has and will continue to have an effect on the region, adding hundreds of skilled workers to the Reno-Sparks area.
- Nevada’s economy has gained momentum over the last couple of years, outpacing the nation in terms of annual gross domestic product (GDP) growth since 2015.
EVENT PHOTO GALLERY
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