Trade Nov-Dec Interactive - page 26

evada is a state most known for
the glitz and buzz of its largest
city, Las Vegas. Gambling, loose mar-
riage laws and illuminated billboards
shape its image. But there’s more to
be seen in Nevada outside Las Vegas.
Scenic recreational attractions like
the Sierra Nevada mountain range
and Lake Tahoe draw millions of
visitors every year. Tourism is by far
the Silver State’s most important
industry, out-sizing even its mining
industry, which gave the state its
nickname. Whereas Nevada was a
historical producer of silver, it is now
responsible for 80% of U.S. gold
production. Nevertheless, the state’s
true “gold” lies in its millions of
visitors each year, who also spur
other industries like transportation,
construction, finance and real estate.
Why Las Vegas
Dominates the Entire State
With a population growth of 2.2%
since 2010, Nevada is one of Ameri-
ca’s fastest growing states. Enticing
real estate prices, low tax rates,
affordable food costs and a broad
range of employment
possibilities attract new foreign
immigrants every year. Germans
make up a considerable fraction of
this group. Andreas Adrian, the
Honorary Consul of Nevada, esti-
mates the number of inhabitants
with German origins at 45,000. Most
German expats and companies are
located in the greater Las Vegas area,
the epicenter of Nevada’s economy.
With over 36 million visitors every
year, Las Vegas is not only one of the
most famous tourist destinations in
the world, but also a desirable
location for many global businesses.
Among them are some of the world’s
largest hotel and resort chains,
including MGM Resorts International,
Las Vegas Sands and Wynn Resorts.
In addition, tech companies like
Zappos and Switch have built their
headquarters here and given a boost
to the region’s tech scene. Further-
more, Las Vegas has emerged as a
hotspot for international conventions
and trade shows. The city attracts
about five million representatives
from diverse industries annually who
come to present the latest products
and exchange new
ideas. As a result, an innovative
business climate has developed in
Southern Nevada, which is now home
to 300 different startup companies.
SolarCity and BrightSource revolu-
tionize the clean tech market and
research centers like Cleveland Clinic
Lou Ruvo Center for Brain Health and
Comprehensive Cancer Centers of
Nevada have achieved medical
breakthroughs in recent years.
The Silver State’s
“Golden” Incentives
Despite its economic potential,
Nevada was hit hard by the economic
crisis in 2008. Like many other states,
it has experienced high unemploy-
ment rates and little job growth.
However, Nevada has managed to
recover in the last two years. The
gross domestic product is growing
and unemployment rates are sinking.
Economy recovery can also be seen
in increases in spending and invest-
ment volumes. German investors
have taken part in this trend, led by
Deutsche Bank and their $4 billion
investment in the
German American Trade Nov/Dec 2013
by Simone Friese, GACC
The Silver State with a Golden Future?
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