Nevada, like many other states, experienced significant economic disruptions due to the pandemic. While the state eventually began to recover, the pace of recovery was slower than in other parts of the country. Despite an unemployment rate that is among the highest in the nation at around 5%, economists consider this level to be close to full employment. However, challenges remain for Nevada’s economy due to low wage growth and inflation.
In December, Nevada reported that its average hourly rate ranked 44th out of 50 states and the District of Columbia, with wage growth averaging just 1.3%, ranking 49th in the country. In contrast, 16 states experienced wage growth rates above 5%. Despite these challenges, inflation has decreased and consumer spending and confidence are on the rise. Additionally, Nevada’s employment growth is second only to Idaho.
Politicians have differing perspectives on the state of the economy. Presidential candidate Donald Trump has highlighted economic challenges while President Joe Biden has touted a booming economy. The debate over the economic outlook for Nevada and the country continues to be a point of contention.
To discuss these issues further, we spoke with Michael Lyle from Nevada Current; Maurice Page, executive director of the Nevada Housing Coalition; and Stephen Miller from UNLV’s Center for Business and Economic Research. Each guest provided valuable insights into current economic situations in Nevada and shed light on different factors affecting its recovery.
Despite some challenges facing its economy, it is clear that Nevada is making progress towards recovery. The podcast provides a valuable opportunity for listeners to gain a deeper understanding of what’s happening in this important state.