Nevada Unemployment At Five-Year Low
Nevada has seen steady economic recovery for the last five years, and now has the lowest unemployment rate since 2008. Reno Public Radio’s Noah Glick reports.
Unemployment has fallen to 6.4 percent, down from a high of 13.7 percent in 2010. Jobs have increased for 60 straight months, and small business employment is up to nearly its pre-recession peak.
Bill Anderson is Nevada’s chief economist, and he says a lot of this growth comes from filling in those jobs that were lost during the recession.
“I think it’s important to add some historical perspective," Anderson says. "There’s a huge hole to dig out of. And because it proved to be unsustainable, arguably it’s a good thing to never get back to those boom-like conditions.”
Construction is leading the way in percentage growth, up more than eight percent, while the leisure and hospitality industry is adding the most jobs. And Anderson says this growth looks to be more sustainable.
“We’re seeing contributions from just about every other significant sector in the economy," says Anderson. "We’re seeing job gains in manufacturing, in healthcare, professional and business services. All in all, this is a very broad-based recovery and will help us weather any future downturns that occur.”
The Reno-Sparks area is performing slightly better than the rest of the state, both in unemployment and job growth.