TQ Takes: LVGEA’s Refined Target Industries

LVGEA’s mission is to strengthen and diversify the Greater Vegas economy through business attraction and expansion, but how do we determine what companies are good fits for our region?

In 2017 and again in 2021, the LVGEA conducted target industry validation studies to identify new and emerging industries that could assist Greater Vegas in diversifying its economy. The most recent study identified seven target industries: General & Advanced Manufacturing, Business & Financial Services, Creative Industries, Clean Technologies, Transportation & Logistics Technologies, Information & Communication Technologies, and Healthcare Services.

While these target industries have served us well over the past several years, as our region continues to face resource challenges, we recognize the need to be more thoughtful and intentional when attracting business to the Greater Vegas region.

Over the past six months, the LVGEA team surveyed the current business base in Southern Nevada to better understand (1) companies currently thriving here, (2) companies poised for growth, and (3) those industries increasingly looking at Greater Vegas as a place to do business.

Our findings revealed some clear trends:

1. Greater Vegas is an ideal location for the growing lithium-ion battery manufacturing Nevada is the only US state that holds every part of the lithium-ion battery economy and life cycle, including mining, R&D, production and assembly, and battery recycling. According to a 2022 white paper prepared by UNVL’s Center for Business and Economic Research, forecasts predict a fivefold increase in the global lithium-ion battery market through 2030, and the Silver State already employs 60% of the US battery manufacturing workforce.
2. There are a growing number of FinTech companies, particularly payments companies, operating in Greater Vegas. Companies already operating in the region include Sightline Payments, Everi, and Shift4.
3. Regional and national headquarters continue to move to Greater Vegas from other markets. In fact, consulting firm The Boyd Company recently released a list of the top locations for US companies wanting to establish national or regional headquarters, and both Summerlin and Henderson were listed in the top 30.
4. In the past six years, Greater Vegas has seen exponential growth in sports entertainment, with the addition of the Vegas Golden Knights, Las Vegas Raiders, Aces, and Las Vegas Desert Dogs, along with other minor league teams. With those sports teams, comes a growth of sports and entertainment production and digital media companies.
5. Healthcare companies, including those in the Life Sciences, R&D, and Pharma, continue to lease office space in the region, making the medical office sector one of the healthiest commercial sectors in Greater Vegas.

In an effort to align our economic priorities statewide, our refined target industries also coincide with the new statewide economic development strategy, “Realizing Nevada’s Electric, Innovative, and Connected Future,” released last month by the Governor’s Office of Economic Development.

Now that we have this market intelligence, we are not only looking at ways to support these companies’ continued growth, but also to create an ecosystem that allows for additional companies to set up shop more easily in the region:

• We are meeting regularly with national site selectors, business advisors who help growing companies evaluate local markets for potential new facilities.
• We are attending battery manufacturing conferences across the country to meet directly with companies looking to grow their footprint.
• We are speaking with local FinTech professionals to learn how we can support their industry, and meeting with company executives when they visit Las Vegas for industry events.
• We are planning trade missions to California to speak directly with companies looking to establish a Greater Vegas presence.
• We are convening with the major stakeholders in the sports industry to map out a strategy to grow not only events, but to also attract the companies needed to produce and broadcast those events.
• We are joining with regional partners to attend biotech events, including the Bio International Convention in Boston in June, which hosts more than 10,000 healthcare companies annually.

While our recruitment strategy may have evolved over the years, one thing remains the same. The LVGEA has not wavered in its mission to attract new and diverse industries to the Greater Vegas region.