New companies in Reno led to increase in jobs, living cost
Nearly 100 companies have relocated to Reno in the past three years.
Nevada is a prime location for businesses, ranking top 10 in the nation for best business tax climate and best business incentives.
Over 2,800 jobs were added this year from the new companies that have arrived; of those companies, 14 of them moved their headquarters to Reno.
Reno is a prime location because companies can offer 1-day shipping for over 60 million customers.
Moreover, the city offers over 80 million square feet of affordable industrial real estate.
“At the end of the day its about the cost of doing business, the quality of labor, and the quality of life, and when you put all that together, we hit all the marks,” said Mike Kazmierski, President of Economic Development Authority of Western Nevada.
According to the economic planning indicator committee, northern Nevada is expected to add around 50,000 jobs between 2014 and 2019.
Because of the influx of jobs, however, housing costs are rising across the city.
Average rent in Reno is up $200 from three years ago.
While employees who are working at companies like Tesla may see higher wages, many long-time residents won’t see a significant spike in their pay.
A recent survey of homes in the area found there are only 200 affordable homes on the market, down from 2,600 in 2011.