Quality of Life Indicators
economic vitality data
employment wage by industry -- updated 5/08
employment by industry
average weekly wage
unemployment -- updated 5/08
tax revenues -- updated 5/08
building permits -- updated 7/16/08
employment wage by industry -- updated 5/08
In most years in Washoe County, wage growth outpaces inflation, but 2007 to date is an exception. This is tempered by the fact that service, trade, and hotel/gaming jobs pay less than the weekly average wages. Finance and construction jobs, although impacted by market forces, are among the fastest growing and pay above the weekly average for Washoe County, plus education and health services.
employment by industry
While gaming and tourism have been the centerpieces of the region’s economy, efforts to diversify and capitalize on market and technological innovations are critical as well. Only 460 jobs were added in Washoe County from 2002 to 2004. Since then, over 25,000 jobs were added through April 2007. Construction, service, and finance/insurance/real estate jobs grew the fastest, while hotel/gaming and trade sector lost jobs in the last decade. Hotel/gaming, service, and trade jobs dropped from 56% in 2004 to 37% of the jobs by April 2007.
average weekly wage
The Federal Labor Standards Act (FLSA) sets the minimum wage at $5.85, plus overtime pay. The FLSA does not require severance pay, sick leave, vacation, or holidays. The minimum wage, at a 40-hour workweek equals $234.00 per week.
unemployment -- updated 5/08
Job creation programs and workforce development impact job creation, while unemployment shows how many people are having difficulty getting jobs. Note that unemployment does not show people who are no longer looking for work or are underemployed.
tax revenues -- updated 5/08
Although tax revenues are an economic indicator just as business growth, taxes are fixed, so it’s unclear if it’s better if tax revenues go up or down. The proportion of revenues from the gaming tax has decreased since 2004.
building permits -- updated 7/16/08
The housing market has impacted the demand for building permits, while commercial projects in Reno are keeping valuations high. Permitting is one measure of building friendliness, along with length of time, taxes and regulations. Reno-Sparks has been named one of the 50 hottest cities in the nation for relocating or expanding a business, according to an industry publication. Expansion Management magazine cited Reno after its annual poll surveying 80 national site location consultants to come up with the top 50 out of 362 metropolitan areas. Forbes magazine ranked Reno 22nd in job growth out of the 200 best places for business and careers in 2007. Forbes Best Places
