Economic and Community Development
Regrouping and Refocusing in Nevada
In November, the Brookings Institution released an intriguing economic development report for Nevada titled Unify, Regionalize, Diversify.
The study highlights Nevada’s economic challenges, chiefly that it has been over-dependent on consumption sectors like tourism and home construction. But it also notes that Nevada’s key asset is an “overall business-friendly environment, including low taxes, relatively low costs, light regulation, and ease of business start-up/permitting.” I believe this is a testament to the ongoing public policy work of the Las Vegas Chamber.
After performing a full SWOT analysis and examining strong potential growth sectors, the study’s authors identify three primary recommendations to boost growth and economic innovation in Nevada:
- Unify: Install an operating state-wide system for 21st century economic development
- Regionalize: Support smart sector strategies in the regions
- Diversify: Set a platform for higher-value growth through innovation and global engagement
Sounds easy, right?
Digging deeper into the report, Kristin McMillan and the Las Vegas Chamber are already tackling many of the workforce and infrastructure challenges outlined in the report. They also plan to help feed the regionalized “bottoms up” approach recommended for a reworked economic development structure.
Brookings has done similar business plans for the Puget Sound, Northeast Ohio and the Twin Cities. If you’re not familiar with this work you should take a look.