VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/63745
IN BUSINESS SANDOVAL: ECONOMIC DEVELOPMENT A 'CONTACT SPORT' HE'S READY TO PLAY THE ECONOMY By Delen Goldberg staff writer G ov. Brian Sandoval called the governors of Texas, Indiana and New Jersey his friends but said he's ready to go head to head with them to try to lure companies to Nevada. Economic development is "a contact sport," Sandoval said April 18 during a speech at the Silverton for members of the Keystone Corporation, a con- servative anti-tax business group. "If we want to be in the game, we have to have a cutting-edge approach." Earlier this year, Sandoval unveiled a new state economic development plan that relies on regional develop- ment authorities and "industry spe- cialists" who will work with specific business sectors to increase exports, research and development. Hill, Sandoval also empowered Steve the state's economic develop- ment director, to authorize grants and challenged local businesses to create 50,000 new jobs by the end of 2014. Sandoval modeled much of his plan on the best practices adopted by other governors. He praised Texas Gov. Rick Perry, New Jersey Gov. Chris Christie and Indiana Gov. Mitch Daniels for their efforts. But he also pointed out that Nevada is in direct competition with those states. Companies looking to relocate try to negotiate the best deals possible, and states go to extreme measures to win them over. Governments spend millions of dollars on incentives and seed money, and some have even giv- en away free land to lure businesses to town, Sandoval said. THE ECONOMY COUNTY UNEMPLOYMENT DOWN TO 12.1 PERCENT force as opposed to outright improve- By Cyan Ryan staff writer U nemployment dipped to 12.1 per- ment," said Bill Anderson, chief econ- omist for the department. cent in Clark County in March, its low- est level since April 2011. The State Department of Employ- ment, Training and Rehabilitation re- ported April 20 that Nevada's jobless rate overall fell to 12 percent, the sev- enth straight month of declines. There were 163,400 people unemployed last month. "Unfortunately, most of the decline is attributed to erosion in the labor 8 "The drop is due partly to discour- aged workers who have simply given market fell from 862,000 workers in February to 859,300 in March. up looking for work," he said. "Never- theless, the news is not all bad. The la- bor market is showing some positive signs of recovery." The state unemployment rate still surpasses the national 8.2 percent. 117,800 reported jobless workers, | 30 APRIL 2012 | The resort sector added 600 jobs to 164,200. Utilities, transportation and trade reported a gain of 1,700 jobs to 148,600. Employment in construction declined by 300 jobs to 34,800, and In the Las Vegas area, there were manufacturing lost 100 jobs, with 19,500 employed. COMPETITOR: Gov. Brian Sandoval talks to media during the Consumer Electronics Show in January. "We have to have a cutting-edge approach" to economic development, Sandoval said. Sandoval recalled economic a telephone conversation he had with Perry on April 17. "If Nevada does nothing (to improve development), Texas is going to kick your butt," Perry told Sandoval. In Carson City, things are looking up as state revenues exceed projec- tions, Sandoval said. Gaming earn- ings are up, as are collections of sales and use taxes. State finances haven't been this solid since 2007, Sandoval said with a smile. "No one will pay more in taxes than the day I took office," Sandoval said as the crowd cheered. But the good news doesn't mean Nevada is out of the woods. Sandoval said that federal mandates burden the state's finances and if approved, health care reform could cripple the state budget. CHRISTOPHER DeVARGAS EDUCATION PROGRAM TAKES STUDENTS BEYOND PIGGY BANKS By Conor Shine staff writer I n a town that thrives on visitors throwing financial caution to the wind and sticking that extra dollar in the slot machine, a new program aims to teach high school students the importance of managing their money responsibly. The Nevada State Treasurer's Office is launching a financial literacy pilot pro- gram at nine Clark County high schools and one middle school. A high school in Washoe County is also included in the pilot. The program will teach 1,000 students the basics of budgeting, earning in- come, saving for college and investing. "You have to have control of your money and not let it control you," state Treasurer Kate Marshall told an audito- rium of students on April 18 at the East Career and Technical Academy. As a result, the governor vowed to hold the line on taxes, a promise that brought Keystone members to their feet. Financial literacy is a critical skill for students to learn, Marshall said, but the decline in the popularity of home eco- nomics or consumer science classes means many students aren't getting the knowledge they need. The pilot program is being taught by business, computer science, math and politics teachers at the schools. The cur- riculum is based on a national model created by the national Council for Eco- nomic Education, Marshall said. The pilot will cost about $10 per stu- dent, for a total budget of $10,000, Mar- shall said. The program does not rely on taxpayer dollars and instead is funded using program fees paid to the state by private investment management com- panies that participate in the Nevada College Savings Plan program. down from 120,200 in February. The rate matches the 12.1 percent report- ed in April 2011. Total employment in the Las Vegas Students enrolled in the financial lit- eracy program took a pretest last month to measure their level of financial litera- cy. The average student was only able to correctly answer 21 out of 50 questions on the test, underscoring the need for the program, Marshall said. Students will take another test after completing the program, and if signifi- cant gains are made, Marshall eventual- ly hopes to expand the program to other schools across the state. "I hope that by learning these les- sons," Marshall said, "(students) will have more control in their lives."