Residential construction and consumer spending grew at above average rates over the first five years of the new century. Starting at mid-year 2006, however, new home construction took a sharp downturn. A national housing recession is underway, though there are marked differences among regions of the country. Permitting is down by double-digit rates from year ago levels in Las … [Read more...] about February 2007: Business Indicators
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February 2007: Business Up Front
Public-Private Water Utility Partnerships Urged American Water, the largest water services provider in North America, urged municipal officials to consider partnerships with private companies as a way to manage the enormous task of providing reliable water supplies to cities with aging infrastructure and growing populations. The company made its presentation at the 2006 … [Read more...] about February 2007: Business Up Front
February 2007: Face to Face
Troy Smith Chief Executive Officer Hometown Health Reno Years in Nevada: 10 Years with Firm: 10 Type of business: Insurance division of Renown Health Biggest business challenge: Creating a positive work environment that enables and empowers team members to do their best every day. What do you enjoy most about your job? Interacting with highly … [Read more...] about February 2007: Face to Face
February 2007: Nevada Briefs
COT Signs Friendship Agreements with ThreeChinese Provinces Nevada Commission on Tourism (NCOT) recently signed tourism friendship agreements with three Chinese provinces while in China for the recent China International Travel Mart, the largest international tourism trade show in Asia. NCOT now has friendship agreements with seven Chinese provinces, the most of any U.S. … [Read more...] about February 2007: Nevada Briefs
January 2007: Business Up Front
Litigation as a Growth Industry American business, known the world over for its entrepreneurship, innovation and competitiveness, might just as easily be recognized for another attribute – its time spent on legal disputes. That’s the conclusion of a new survey of corporate counsel from international law firm Fulbright & Jaworski LLP. In its third annual survey of … [Read more...] about January 2007: Business Up Front
January 2007: Nevada Briefs
Bank Receives Permission to Organize Service1st Bank of Nevada has received “Permission to Organize” by the State of Nevada Financial Institutions Division. This step in the formation process allows bank organizers to accept stock subscriptions. Service1st expects to raise initial capital of $50 million, making it Nevada’s first “super-start-up bank.” The stock will be sold … [Read more...] about January 2007: Nevada Briefs
January 2007: Business Indicators
We’ve been looking for a slowdown in the high-flying Nevada economy – and the most recent data show a more measured pace of activity. To be sure, housing activity, as reflected in monthly permitting, is down markedly in both Las Vegas and Reno (down 40 percent and 61 percent, respectively, for residences). A slowdown in housing has some benefits, however, helping other … [Read more...] about January 2007: Business Indicators
January 2007: Face to Face
LaVonne N. Brooks President and CEO HSI (High Sierra Industries) Reno Years in Nevada: 12 Years with Firm: 6 Type of business Northern Nevada’s largest provider of services to people with intellectual and physical disabilities Biggest business challenge Juggling the dual missions of HSI: providing employment, job training and residential supports to people … [Read more...] about January 2007: Face to Face
December 2006: Business Indicators
The most recent (September 2006) data for residential permits for both Las Vegas and Reno show a pronounced slowdown, dropping 35.6 percent and 45.4 percent, respectively. These sharp declines reflect market corrections to housing activity that have been in the wind for some time. After the dot-com stock-market decline, housing increasingly became an investment of choice for … [Read more...] about December 2006: Business Indicators
December 2006: Business Up Front
Government Website Aids with Compliance A newly launched federal government website, business.gov, provides business owners with a one-stop resource that searches federal government agencies for compliance information and resources. The site makes it easier to find information on taxes, immigration laws, workplace safety, environmental requirements and other regulations that … [Read more...] about December 2006: Business Up Front
December 2006: Face to Face
Mike Kennedy Principal Kennedy Commercial Las Vegas Years in Nevada: 5 Years with Firm: 5 Type of business: Real estate developer with residential and commercial projects underway in California, Las Vegas, Mesquite, North Las Vegas and Montana. Biggest business challenge: Our biggest challenge is managing the multitude of consultants, municipalities and … [Read more...] about December 2006: Face to Face
December 2006: Nevada Briefs
World Jewelry Center Announced Probity International Corporation recently unveiled plans for one of the largest jewelry industry projects in the world: the 1 million-square-foot World Jewelry Center. The project is located on approximately 5.4 acres near downtown Las Vegas in the master-planned Las Vegas Union Park development adjacent to the World Market Center, which serves … [Read more...] about December 2006: Nevada Briefs
November 2006: Business Up Front
New Law May Affect Tax Returns The American Society of Appraisers (ASA) recently completed a five-year effort to get legislation enacted to change appraisal standards. President Bush signed Senate Bill H.R.4 into law in late August, ensuring that in the future only “qualified appraisers” will be eligible to submit appraisals for charitable gift tax purposes. Future … [Read more...] about November 2006: Business Up Front
November 2006: Face to Face
Paul Perkins, SIOR, CCIM Senior Vice President, Industrial Properties Alliance Commercial Real Estate Services, LLC Reno Years in Nevada: 28 Years with Firm: Since company was formed in May, 2005 Type of business Commercial real estate brokerage Biggest business challenge Utilizing technology to make me more efficient only seems to bog me down. I spend … [Read more...] about November 2006: Face to Face
November 2006: Business Indicators
Amid some pessimism, we see a good U.S. unemployment rate below 5 percent, but inflation topping out at the upper end of the comfort range. The core consumer price index (CPI) is growing at an annual rate of 2.8 percent. With inflation posing a concern, the Federal Reserve has moved the Federal Funds rate from 1 percent to 5.25 percent in a series of steps. However, with the … [Read more...] about November 2006: Business Indicators