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Reno Bets Big on Manufacturing - 11/6/15

Reno, Nevada is also known as the Biggest Little City in the World.  The town has been known as a much smaller and less glamorous version of Las Vegas, with its primary industry being gambling.  But Reno’s leaders have decided to secure fortune in a different way, turning its back on casino tourism as an economic driver in favor of emerging as a manufacturing hub for everything from car batteries to drones. 

As indicated by writer Jim Carlton, Reno has recruited approximately one hundred companies since two thousand and eleven, producing more than ten thousand new jobs.  The city’s unemployment rate stood at fourteen percent four years ago, but now stands at around six percent.  The most noteworthy economic development success has been the landing of Tesla’s five billion dollar Gigafactory. 

Reno landed the Tesla deal in large measure because of a one point three billion tax break package signed by Nevada Governor Brian Sandoval.  Apparently, some folks in Las Vegas were less than thrilled by the deal, but the folks in Reno feel like five aces.  Tesla estimates that it will hire sixty five hundred workers by twenty-twenty.  One byproduct of Reno’s economic development success is surging home prices, which have nearly doubled since twenty-twelve.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.