A thriving economy provides jobs, income for necessities, and sufficient revenue for public services, creating a flourishing community for people and businesses.  Strong economic resources allow individuals to possess workforce skills for success, businesses to be more productive, families to be more self-reliant, and government to be responsive to citizen priorities. 

Strong employment growth and revitalization are signs of, and contribute to, a healthy economy, while employment by sector indicates a diverse economy, and higher wages make the region more affordable for residents to be self-sufficient.

The employment-to-population ratio is an alternative measure to unemployment, capturing the unemployed who leave the labor market over time because their state unemployment benefits run out, they weren't eligible or never applied for benefits, or they stopped looking for work.  The duration of decline overtime is an indication of job growth needed to return to pre-downturn levels. 

The unemployment rate measures the percentage of the labor force that is unemployed, based upon a monthly Bureau of Labor Statistics (BLS) household survey, but it does not show people who are no longer looking for work or are under-employed.  Employment is measured separately via different BLS payroll and business surveys.

Job creation programs and workforce development impact job creation, while unemployment shows how many people are having difficulty getting jobs.  Higher unemployment rates may reflect those no longer able to collect unemployment or find work.  Lower rates can be related to seasonal employment (minimum wage seasonal retail jobs have limited long-term impact on the local economy).  California also impacts economic factors in Nevada.

Questions remain as to how many jobs at varying levels, skills and wages are needed to spur our economy, in consideration of population changes and new entrees to the job market. To stimulate the economy, higher wage jobs are needed.

While gaming and tourism have historically been the centerpieces of the region’s economy, efforts to diversify and capitalize on market and technological innovations are making headway.

The Cost of Living Index compares living costs for the typical middle-class family, and keeping it close to the national average helps economic development organizations bring quality jobs to the region.

The Cost of Living Index compares living costs (such as housing, transportation, utilities, groceries, and healthcare) for the typical middle-class family.  Visit the Basic Family Calculator measure to learn more about what it really costs to live in the Reno-Sparks MSA (Metropolitan Statistical Area).