Nevada's Industrial Evolution: Manufacturing and the Road to Innovation
Beyond the Neon: Nevada's Transition to EVs and Battery Production
While Nevada is known for its city lights in Las Vegas, it is rapidly becoming a hotspot for a different kind of energy revolution: electric vehicles and battery manufacturing. The natural resources the state provides, such as lithium deposits, are contributing factors in attracting major manufacturing companies and reshaping its industrial landscape.
Nevada's Manufacturing Renaissance
In recent years, Nevada has experienced a surge in construction investments, with key players in the manufacturing sector establishing their presence. While manufacturing has traditionally been a modest contributor to Nevada's GDP, the landscape is shifting rapidly. In 2017, manufacturing accounted for only 4.3% of the state's GDP. The number has risen to 5.3% by 2021, marking a shift in the state's economic profile.
Incentives for Manufacturing Investments
Nevada offers an attractive proposition for manufacturers, providing various tax incentives, including no corporate income tax and inventory tax. Additionally, the state offers incentives like sales and use tax abatements, business tax abatements, and property tax abatements, making it a very appealing location for manufacturing investments.
A Promising Future for Manufacturing in Nevada
The future looks promising for the Manufacturing industry in Nevada. The state is expected to attract a broader network of suppliers through its investments in battery and electronic manufacturing. International players like Tesla, along with supporting companies, are already transforming Nevada's manufacturing landscape. While EVs have contributed to this manufacturing growth, it doesn't stop there. The growth is expected to extend to health tech, med tech, biotech, and even pharmaceutical manufacturing, making Nevada a hub for innovation across various sectors.
Nevada's industrial landscape and diversified manufacturing sector have positioned the state to thrive as a manufacturing powerhouse in the years to come. Here at Manufacture Nevada, we provide businesses with the resources they need to strive in this booming industry. Connect with one of our advisors Here for insight to unlock your company's full potential in Manufacturing.
Content in this blog is in part sourced from Manufacturing Drive