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Thursday, November 14, 2024

Southern Nevada leads U.S., sees rapid growth in manufacturing sector

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Carolyn G. Goodman Mayor at City of Las Vegas | Official website

Carolyn G. Goodman Mayor at City of Las Vegas | Official website

The manufacturing industry in Southern Nevada has been experiencing significant growth, aligning with a broader resurgence across the United States. Over the past year, Southern Nevada led the nation in manufacturing job growth among the 30 largest metro areas, boasting a 6.6 percent increase. This rise brought the total workforce to 32,200 from 30,200 a year prior. No other top metro area saw more than a 3.6 percent increase during this period.

In comparison to other southwestern metros, Southern Nevada's growth was second only to Albuquerque's nine percent increase. Manufacturing now represents 2.8 percent of Southern Nevada's workforce, up from 2.5 percent five years ago. This expansion is helping diversify the regional economy beyond its core tourism industry.

Nationally, over 100,000 jobs are expected to be added in manufacturing over the next decade, and Southern Nevada is well-positioned to contribute significantly due to its proximity to major cities in California and Arizona. This location advantage provides access to over 64 million consumers within one trucking day.

Southern Nevada has attracted several notable manufacturing businesses for relocation and expansion recently. The Wilen Group established a paper manufacturing facility in downtown Las Vegas in 2019 and expanded it in 2022 to employ 60 workers.

Industrial park development has facilitated this influx of businesses; five million square feet of industrial space were completed in the first three months of this year alone, surpassing last year's total. The region's total industrial space inventory stands at 163.8 million square feet with an additional 14.9 million under construction.

Efforts targeting Southern Nevada’s manufacturing sector as part of regional economic development strategies appear successful as it becomes one of the fastest-growing sectors nationally. With an active industrial real estate pipeline and workforce training programs at institutions like the College of Southern Nevada, the region is poised for continued momentum.

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