Nevada is probably the only state that has bucked the trend where military bases promoted the growth of the high technology sector in the area.
Nevada is still largely a desert, with more than 80% of the land held by the government in military and civilian jurisdiction. For a very long time, the reputation of Nevada has relied on the two areas: Las Vegas and Reno, known for their interests in the gaming industry. It is unfair to say that Nevada thrives on gaming, even if its tourism industry is largely based on the attraction of gaming. Nevada also has other thriving industries, such as those in mining, cattle and sheep farming. In mining, Nevada’s gold output reached a value of $ 2.84 billion in 2004, while cattle count in Nevada in 2006 numbered some half a million heads.
Tough times may be ahead for Nevada. The credit crunch and the housing bubble that caused inflation in their respective periods showed how sensitive Nevada’s tourism and gaming industry are to such economic difficulties. The state is now trying its best to leverage some of its resources and attractions to attract new industries to relocate. The state is leveraging its tourism numbers to lure back tourists to invest in the Nevada’s budding retirement community business. And the state is actively diversifying its retail base by investing in new mixed use developments, projecting that tourists can be converted into investors with such high profile property developments.
One of the possible growth prospects in Nevada is business support. Business support takes on specific business functions, like time keeping and payroll, and offers these to small and medium scale businesses that are still sensitive about their bottom line. There’s a big potential in payroll; Nevada is seriously courting small business enterprises through regulation.
Business support enterprises will find payroll (Nevada) simple. The state has no personal income tax or corporate income tax. Without the corporate income tax, many small businesses might be enticed to establish themselves a presence in Nevada.
This is the best scenario for business support to locate in Nevada. To position themselves favorable for services in payroll (Nevada), they must be one of the first to offer such services at a competitive rate.
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