A national study released today says the Las Vegas area economy remains one of the country’s best, but not quite as good as it used to be–and not even the best in Nevada.
The report from the Milken Institute, a California economic think tank that periodically evaluates regional economies, ranks the Las Vegas metropolitan area No. 44 among the country’s 200 largest metros. But in the last report, two years ago, Las Vegas ranked a lot higher–No. 23. The 21-click drop was the biggest among the 50 highest-ranked large metros.
The new report, “Best Performing Cities 2020,” ranks Las Vegas’s cross-state arch-rival, Reno, as No. 4, higher by a click, even, than Silicon Valley capital San Jose. In 2018, Reno ranked No 11.
And in a separate evaluation of the country’s 200 next largest metropolitan areas, Carson City ranks No. 21, also better than Las Vegas when measured against peers. Last year, the state capital ranked No. 63.
The main reason for the gap between Las Vegas and Reno is more rapid job and wage growth in Reno and the fact that technology there is a bigger chunk of the local economy. In the view of the Milken Institute report’s authors, knowledge-based industries are better, perhaps because they are more sustainable. Continue reading
