View the full Industry Report on Manufacturing here.
The Las Vegas Global Economic Alliance (LVGEA) released its new Industry Report on Manufacturing, providing an overview of the current state of the Greater Las Vegas region’s manufacturing industry as well as findings and recommendations that can help to continue bolstering the industry’s short- and long-term success.
“Manufacturing is one of the LVGEA’s target industry segments for emerging growth opportunities in the region, and it has seen tremendous growth in the recent years following the Great Recession,” said LVGEA Chief Operating Officer Jared Smith. “This report highlights the opportunities for Las Vegas to further capitalize and expand upon the success of the sector. We are committed to ensuring that manufacturing companies in the region and the industry as a whole continue to thrive in the years to come.”
- Overall, industry participants project significant growth over the next 12 to 24 months, with 60% of respondents planning to expand. However, 58% of these companies that plan to expand will do so outside of Nevada in order to develop new market share, access a better supply chain and aid in workforce development efforts.
- When asked about the best aspects of doing business in the region, reasons related to the tax-friendly atmosphere, proximity to the 5th-largest economy in the world in California, quality of life, cost of living and low-cost logistical access throughout the western U.S. (from San Diego to Seattle).
- Companies noted constraints associated with the lack of a skilled and experienced workforce in the manufacturing sector. They reported a reliance on recruiting out-of-state workforce due to a lack of existing supply in the region.
- Soft skill proficiency and industry experience are top core requirements that companies seek when hiring entry-level candidates
In the report, the LVGEA’s recommendations address the challenges outlined by respondents, in relation to expanding their manufacturing operations while further bolstering and building upon regional strengths that offer tremendous assets for companies operating in and out of the Southern Nevada market:
- Increase the number of area apprenticeship programs
- Incorporate tomorrow’s technology into today’s curriculum
- Support and promote successful educational programs in the region
- Increase the number of shovel ready sites through expedited permitting process
- Maintain the low cost of operations for doing business in Greater Vegas