Nevada’s Economic Forum, the group charged with analyzing all of the state’s economic data and creating projections for the amount of revenue the Silver State will have to spend, conducted its 2013-14 Interim Meeting earlier today.
The construction industry has added 5,000 jobs since the same period a year ago and leisure and entertainment employment is up by 4,000, according to the Labor Market Briefing prepared by the Nevada Department of Employment, Training and Rehabilitation (DETR). Professional and business services lead the way in hiring with 5,500 more jobs so far in 2013 compared to a year ago. Personal income gains have rebounded off of recessionary lows and personal income is up 2.7% from a year ago.
In the construction sector, nearly 100,000 jobs were lost over the 2006-2012 period but signs of growth began to show in late 2012. The state is on pace to add about 4,600 construction jobs this year. Growth should strengthen a bit in 2014 and 2015, with DETR projecting 5,000 and 6,000 jobs, respectively, to be added.
The state’s overall jobless rate peaked at 13.8% in 2010 and has declined more than four points since, according to DETR. The department expects a modest downtrend over the next several years, with the rate falling to 9.5% this year, then to 9.2% in 2014 and 8.8% in 2015.
The Regional Transportation Commission prepared a report on the impact of AB413, the legislation allowing Clark County to raise its gas tax to provide revenue for street and highway construction.
Annual funds available averaged $136 million from 2002-2012 but are scheduled to decline to an average of $22.4 million from 2014-2023. The RTC’s solution is to index fuel revenues to inflation.
Over a three-year period RTC expects to bond approximately $700 million to build 185 transportation projects that it predicts will create 8,931 to 9,467 direct and indirect jobs.
Nevada’s General Fund revenues through the November report are $1.9 million above forecast for major revenues and $900,090 above forecast for minor revenues. Sales taxes, gaming percentage fees and Modified Business Tax revenues are a little lower than forecast but these shortfalls are being made up for in other areas.
Other reports provided at the Economic Forum included those covering the Affordable Care Act and Nevada Health Link – the state’s insurance exchange – the Governor’s Office of Economic Development, the Nevada New Markets Tax Credits and Medical Marijuana.