Nevada's Economy Breaking Records
CARSON CITY, Nev. - Statistics from the state show Nevada's economy is back in the black and breaking records following the Great Recession, which hit the Silver State harder than most places.
Bill Anderson, chief economist with the Nevada Department of Employment, Training and Rehabilitation, says the number of employers in the state's unemployment insurance system reached a record high 62,500 during the second quarter of this year.
"During the height of our boom we got up to between 60,000 and 61,000 employers," he says. "And we've surpassed that mark in each of the last three quarters."
Anderson adds the record number of employers is good news that comes on top of July's 6.8 percent unemployment rate. He says that is Nevada's lowest jobless rate in seven years and reflects the 53rd consecutive month of year-over-year declines in the rate.
Anderson says another positive factor is there is growth in all job sectors with the exception of mining. He says there is major growth in a couple of areas.
"The leisure and hospitality sector, the state's largest employer, is up by about 20,000 jobs compared to a year ago," says Anderson. "The once hard-hit construction sector is actually our fastest growing in the state at about 10.7 percent."
Anderson says over the course of the economic recovery, Nevada business openings are up 24 percent, which is the 13th strongest gain in the nation.