As reported by the Northern Nevada Business Weekly
By Kaleb Roedel, Northern Nevada Business Weekly Reporter
In 2011, Nevada, like many states, was getting hit hard by the unrelenting jabs of the Great Recession.
The Silver State saw 175,000 of its jobs knocked out, had a wobbly unemployment rate of 14 percent and was tagged with an $800 million bill it owed the federal government in unemployment claims.
Six years later, Nevada has rallied back and then some.
From 2011 to 2017, Nevada has created more than 250,000 jobs and dropped its unemployment rate to a mere 4 percent. Moreover, the state has not only paid off its $800 million debt to the federal government, it now has a staggering $1 billion in the bank.
ALLIANCE is a joint effort between the Economic Development Authority of Western Nevada (EDAWN), the Reno-Sparks Chamber of Commerce and the Reno-Sparks Convention and Visitors Authority (RSCVA) to foster economic growth in Northern Nevada.
“Today, we’re No. 1 in the country in job growth,” Sandoval said in an interview with the media. “Seven years ago, we literally had to borrow money (from the federal government) in order to pay unemployment benefits. So not only did we pay that off, we have a billion dollars in the bank.
“And that really speaks to the business community — they’re the ones that pulled that increment.”
Indeed, the economic boom has been felt strongly throughout the state, especially in Northern Nevada.
Read the rest of the article at nnbw.com.