Seeking storage units in Nevada? Check out the listings above and use our custom search features to help you locate the ideal unit.The economy of Nevada is largely driven by the industries of tourism, mining, and gaming. As one of the most popular tourist destinations in the US, Nevada's tourism industry has been a major contributor to the state's economy since the early 20th century. Casino resorts, along with the state's attractive scenery, have been a major draw for tourists from around the world. In addition to tourism, mining has been a major industry in Nevada since the 19th century, when large-scale mining operations were established to mine the state's abundant gold and silver deposits. Mining has been an important source of employment, as well as revenue for the state.
The gaming industry in Nevada is also a major contributor to the state's economy. Nevada is home to some of the world's most successful casinos, including the world-famous Las Vegas Strip. Gaming has been a major source of revenue for the state, with the gaming industry contributing more than $13.4 billion to the state's economy in 2021. (https://www.forbes.com/sites/willyakowicz/2022/01/27/nevada-hits-all-time-record-of-134-billion-in-gambling-revenue-in-2021/)
The labor force in Nevada is largely concentrated in the tourism and gaming industries. According to the US Bureau of Labor Statistics, the leisure and hospitality sector accounted for nearly one-quarter of the state's jobs in 2020. In addition, the mining industry is an important employer in the state, employing over 30,000 workers in 2020.
According to the US Bureau of Economic Analysis, Nevada's Gross Domestic Product (GDP) was estimated at over $194.5 billion in 2021 (https://fred.stlouisfed.org/series/NVNGSP)
making it the 34th largest economy in the US. (https://balancingeverything.com/gdp-by-state/)
The state's GDP has grown steadily in recent years, with an average annual growth rate of 3.1% between 2010 and 2020. This growth has been largely driven by the tourism and gaming industries, which have been the primary drivers of the state's economic growth.
Nevada has experienced a steady increase in its economic ranking over the past few years. In 2021, the state was ranked 34th in the nation for GDP (https://balancingeverything.com/gdp-by-state/)
The state is also ranked highly in terms of job growth and economic growth, with the state's unemployment rate falling from a high of 11.6% in 2010 to 5.7% in 2020 and to 5.5% in 2022. (https://www.bls.gov/regions/west/nevada.htm#eag)
Overall, Nevada's economy is largely driven by the industries of tourism, mining, and gaming. These industries have been the primary drivers of the state's economic growth, resulting in steady increases in GDP and job growth. With the state's attractive scenery and vibrant casino resorts, Nevada is one of the top states of the country.