The Silver State has long been synonymous with the mining and gaming industries. Nevada produces 82 percent of the gold mined in the United States, and ranks fourth in world production behind South Africa, China and Australia. The international gaming community looks to Nevada not only for trends, but to set the standards in gaming law, generally accepted accounting practices and intellectual technology. These industries are the historical cornerstones of Nevada’s economy.
Today, the framework of Nevada’s economy is built around the renewable energy, manufacturing, business and financial services, and biotechnology industries. These are the industries where Nevada has the competitive advantage over other states through its forward-thinking legislation or indigenous resources.
With a growing number of companies and a priority focus on renewable resources, clean energy is the fastest-growing industry in the state of Nevada. The state’s abundant natural resources, high tech companies and progressive research centers make it an ideal location for clean energy businesses.
Geographically, Nevada is at the center of 11 Western states, so it makes sense from a distribution aspect to base manufacturing operations in the state; but, manufacturing companies benefit from the state’s business environment dedicated to helping companies to succeed.
Apart from the laws that govern business structure and taxes, Nevada also has unique advantages that support business sectors such as insurance and financial services.
Technological advancements have changed the face of industry, and Nevada recognizes an aggressive commitment to science, engineering and technology must be sustained. Anchored by the University of Nevada, biotechnology hubs are growing in Reno and Las Vegas. Approximately 85 percent of the industry’s output and 75 percent of the industry’s employment is generated by the Pharmaceutical Preparation Manufacturing Sector.