Carson City, NV - September 11, 2015
Governor Brian Sandoval today announced a significant milestone in the Silver State’s continuing economic recovery. Early results in Nevada labor market information from the Department of Employment, Training and Rehabilitation indicate that December job levels in the State were up 25,000 compared to the previous December. These figures mark five straight years of annual job growth for the State of Nevada with December marking the 60th-consecutive month of positive employment gains in the Silver State. Nevada’s economy remains one of the fastest growing in the nation with early analysis confirming the Silver State had the third-strongest job growth rate in the nation through the first half of 2015.
“This is fantastic news for the State of Nevada. I would like to thank our business community for recognizing the potential of our workforce and hiring Nevadans,” said Governor Brian Sandoval. “Nevada has emerged from the recession stronger and with a future that is bright and full of opportunity. Our state has reinforced our traditional industries and diversified our economy in a meaningful way. This news is another indication that Nevada is moving in the right direction, but I will not be satisfied until every Nevadan who seeks a full-time job is able to find high-quality, long-term employment.”
The economic downturn resulted in the loss of 175,000 jobs in Nevada. To date, Nevada’s job market has added back approximately 140,000 of those jobs. As the economy develops in 2016, it is possible that the State of Nevada will set a new high-water mark for jobs in the Silver State.
“Perhaps the best way to summarize our performance of late is to look at how Nevada has fared relative to the nation as a whole as the recovery has unfolded. Annualized job growth in the Silver State has exceeded that for the nation in each of the past 41 months,” said State Economist Bill Anderson. “Looked at another way, in 2009 and 2010, at the height of the recession, Nevada’s job losses were the most pronounced in the nation. Through the first half of 2015, the most recent period for which reliable comparisons can be made, our State had the third-strongest job growth rate in the nation.”
Other barometers of the labor market’s health are also evident over the past five years. The unemployment rate has been cut in half, and has declined, relative to year-ago readings, in 58 consecutive months. 2015 brought with it the lowest number of initial claims for unemployment insurance since 2006. The number of long-term unemployed, those without a job for at least a half-year, rose to 92,900 during the recession, but now stands at 28,500.
Office of the Governor . 101 North Carson Street . Carson City, NV 89701 . (775) 684-5670
Grant Sawyer State Office Building . 555 East Washington, Suite 5100 . Las Vegas, NV 89101 . (702) 486-2500