Report: Nevada Ranks As Best Economy in Country
Vitality measured by personal income growth, employment growth and population growth
By Megan Barth, April 5, 2022 4:50 pm
According to a report in Vegas Business Digest and tweeted by Governor Steve Sisolak, Nevada ranks as the best economy in the country based on three key measures of personal income growth, employment growth and population growth.
In the first quarter of 2022, the State Policy Reports, published by Federal Funds Information for States, ranks Nevada as the best economy in the country. State Policy Report ranks states based on their most recent performance in three key measures of economic vitality – personal income growth, employment growth and population growth.
Just 19 states exceed the national economic performance in this update. Nevada beat out Texas and Florida. Nevada is by far the leading state in employment change, beating out Hawaii and California. Nevada’s employment increased 9.7% over the past year compared to the national average of 4.7%.
Nevada’s personal income grew by 10.2%, slightly behind Florida and Texas at 10.3%. Nevada’s annual population growth is at 1% compared to the national average of 0.12%. Idaho led the nation at 2.9%. Nevada’s unemployment rate is still high at 5.1% compared to the national average of 3.8%.
During the peak of the pandemic, the governor mandated the closures of all “non-essential” businesses. The unemployment rate spiked to near 30% causing a major backlog in unemployment claims with the Department of Education and Training (DETR).
The Nevada Independent reports that DETR is still experiencing a backlog of three months.
Therefore, it is curious to use employment growth as a basis for this determination due to the fact that the unemployment rate in Nevada remains higher than the national average. Additionally, employees returning to a job that was once deemed non-essential is not employment growth or job creation. Employees simply went back to work.
The population growth in Nevada is another curious metric. As blue-staters fled high-tax havens like California, they sought relief in Nevada and refuge in the mountains of Northern Nevada—causing real estate prices to reach historic highs and double digit increases in rental properties.
Lastly, Nevada is ranked 49th in the nation for education. Diversification of any economy is essential to future employment growth and economic viability.
As Sisolak touts: “Nevada is on the move – and national organizations are taking note – we were just ranked the best economy in the country for the first quarter of 2022” many unemployed and struggling Nevadans are looking at eviction notices, rising inflation and a failing education system.