Denmark to Work with Nevada on Renewable Energy Governor Joe Lombardo has signed a Declaration of Understanding with Denmark’s ambassador to the United States, Jesper Møller Sørensen, to explore opportunities to work more closely on renewable energy projects. One of the first collaborations will target the establishment of a renewable energy powered industrial park in Lincoln … [Read more...] about Around the State
Monthly Editorial Departments
Free Market WatchSupply Side Option May Fix Southwest Water Challenges
After two decades of drought, water-year 2022-23 (October to September) brought great rain and snow to the Colorado River Basin. Cooler-than-expected temperatures delayed the snow melt, and so the river and reservoirs rose in the second half of 2023 from record lows in mid-2022. Water demand (use) in lower Colorado Basin states (Nevada, Arizona and California) also fell … [Read more...] about Free Market Watch
Industrial SummaryFourth Quarter 2023
Northern Nevada By Angel Orozco, CBRE The Reno industrial market was comprised of approximately 112 million SF at the close of Q4 2023. The market substantially grew in 2023, adding over 7.3 million SF of new inventory across 25 buildings. The construction pipeline remained plentiful, with a variety of projects totaling over 2.5 million SF underway and 16.1 million SF in … [Read more...] about Industrial Summary
Business IndicatorsFebruary 2024
The third estimate of U.S. real gross domestic product (GDP) for 2023Q3 increased at an annual rate of 4.9 percent, marking a 0.3 percentage point decrease from the second estimate. Although the update primarily reflected a downward revision in consumer spending, the robust growth in real GDP was still mainly driven by strong consumer spending and heightened activity in … [Read more...] about Business Indicators
Around the StateJanuary 2024
Station Casinos Opens Durango Casino & Resort In early December, Station Casinos opened the Durango Casino & Resort, the company’s newest resort in southwest Las Vegas. The resort features 83,000 square foot of casino space and over 200 guest rooms and suites. The resort also has dining options, including a food hall experience, Eat Your Heart Out, which spans 25,000 … [Read more...] about Around the State
Should NV PERS Be Allowed to Invest in ESG Securities?
The federal Department of Labor has adopted a rule allowing retirement plan fiduciaries, such as Nevada’s PERS board, to consider environmental, social and governance issues (ESG) when choosing investments for their members’ retirement funds. Under the 1974 ERISA law, the Department of Labor, or DOL, can set minimum investment standards for retirement and health plans. For … [Read more...] about Should NV PERS Be Allowed to Invest in ESG Securities?
ReD ReportRetail Summary: Third Quarter 2023
Northern Nevada By Gary Tremaine, Dickson Commercial Group The retail market in northern Nevada has encountered ongoing obstacles in terms of development, such as elevated construction expenses and the imperative to address escalating inflation. Nevertheless, there are several new projects advancing. Both regional and national tenants have shown sustained interest in our … [Read more...] about ReD Report
Business IndicatorsJanuary 2024
The second estimate of U.S. real gross domestic product (GDP) for 2023Q3 expanded at an annual rate of 5.2 percent, revised up by 0.3 percentage points compared to the advance estimate. The remarkable increase in real GDP mainly reflected strong consumer spending, as well as increased activity in business investment especially in inventory investment driven by expanding … [Read more...] about Business Indicators
Around the StateDecember 2023
UNR Receives Largest Individual Gift in History to Create Aerospace Department The University of Nevada, Reno (UNR) recently announced a record $36 million individual gift to the University’s Foundation from the George W. Gillemot Foundation. Upon approval from the Nevada System of Higher Education Board of Regents the gift will be used to create the George W. Gillemot … [Read more...] about Around the State
A Year Makes a World of Difference to Water and Other Matters
What a difference a year makes in the water outlook for Nevada. In July 2022, Lake Mead dropped to its lowest level since it was being filled in the 1930s. Northwestern Nevada rivers, the Carson and Truckee and other watersheds in the state were experiencing major droughts, as was all of the Southwest. In November 2021, scientists, public officials and media in Colorado had … [Read more...] about A Year Makes a World of Difference to Water and Other Matters
Business IndicatorsDecember 2023
The first estimate of U.S. real gross domestic product (GDP) for 2023Q3 had an annualized growth rate of 4.9 percent, a significant increase above recent quarters. Consumer spending soared, particularly in services such as housing, utilities, healthcare, financial services, insurance and food, as well as in goods, notably non-durable items like prescription drugs and … [Read more...] about Business Indicators
Office SummaryThird Quarter 2023
Northern Nevada By Jordan Lehman, Colliers | Reno Northern Nevada’s office market experienced some positive market fundamentals this quarter as it saw declining net absorption, shrinking sublease availability, and improving investment activity. Quarterly net absorption of - 5,474 square feet pulled annual net absorption to about 1,800 square feet. Available sublease space … [Read more...] about Office Summary
Around the StateNovember 2023
Clark County Moves Forward with Innovation District In early-October the Clark County Commission voted to accept a strategic action plan for the development and implementation of the Clark County Innovation District (CCID) in the southwest part of the Las Vegas Valley. The district will be focused along the I-215 near south Decatur Blvd. and is being spearheaded by the Clark … [Read more...] about Around the State
ReD ReportIndustrial Summary: Third Quarter 2023
Northern Nevada By Angel Orozco, CBRE The Reno industrial market was comprised of approximately 111 million sq. ft. at the close of Q3 2023. The market has substantially grown this year, adding over 6.44 million sq. ft. of new inventory. The construction pipeline remains plentiful, with a variety of projects totaling over 2.8 million sq. ft. currently underway and 16.1 … [Read more...] about ReD Report
Business IndicatorsNovember 2023
The third estimate of U.S. real gross domestic product (GDP) for 2023Q2 remained unchanged from the second estimate reported last month, with an annualized expansion of 2.1 percent. The third estimate update was shaped by a decrease in consumer spending and imports, alongside upward revisions in nonresidential fixed investment, exports, and inventory investment, mitigating the … [Read more...] about Business Indicators