Economic outlook for 2021: Reno-Sparks has ‘weathered this pandemic better’ than most U.S. mid-size cities

by Kaleb Roedel

When the coronavirus pandemic sent the U.S. economy crashing last spring, no state was hit harder than Nevada. With COVID shuttering casinos and resorts for months, halting the hospitality and tourism industries, Nevada saw its unemployment rate skyrocket to 28% in April. It was the worst-ever unemployment rate in state history and highest mark in the country.

This set the stage for Nevada’s economy to decline a nation-high 42.2% in the second quarter of 2020, according to the U.S. Bureau of Economic Analysis on state gross domestic product (GDP).

Since then, however, the Silver State has come a long way on its road to recovery.

And it’s Northern Nevada that’s leading the charge.

From April to November (the most recent month of data available as of this story’s writing), the unemployment rate in the Reno-Sparks metro area decreased from 20.4% down to 5.4%, according to the U.S. Bureau of Labor Statistics. Meanwhile, the Las Vegas metro area, which relies more heavily on gambling and tourism than the north, saw its jobless rate go from 34% to 11.5% during that span, per BLS.

All told, Nevada’s continued efforts to reopen businesses and resume activities led to the Silver State’s GDP growing 52.2% in the third quarter, the biggest increase in the country.

Read entire article at the NNBW: https://www.nnbw.com/news/economic-outlook-for-2021-reno-sparks-has-weathered-this-pandemic-better-than-most-u-s-mid-size-cities/