Reno, Nevada is poised for unprecedented growth with the relocation of over 75 new companies. In 2017, the biggest stories included high-tech industry growth involving Tesla’s Gigafactory, Google’s 1,200 acre land purchase, and Apple’s new warehouse.
Expected to cost $5 billion and employ 6,500 people, Tesla’s Gigafactory owns 3,000 acres and is considered one of the biggest economic impacts in Reno-Sparks recent memory. Google purchased a large piece of land near Tesla and the Tahoe Reno Industrial Center for $29.1 million. Additionally, Apple is breaking ground on a new $4 million warehouse in downtown Reno and plans continue for a $1 billion expansion of their data center. Most recently, a cryptocurrency company, Blockchains, LLC, purchased 67,000+ acres of land in the Tahoe Reno Industrial Center, nearly buying-out the Center. The site will house their headquarters and other important facilities.
Reno is taking the nation by storm; ranking number one for the high start-up density in its MSA class, third for the most business-friendly tax climate and ninth in nation’s top 100 best places to live. This substantial growth has led to unprecedented demand. Recently released data by the Bureau of Labor and Statistics shows that economic conditions in the Reno-Sparks metro continued to improve along with the housing market. According to Economic Forecast research, by 2020 Reno will have 69,000 new jobs and an increase population over 100,000. They are also projecting 50,000 new housing units will need to be built—approximately 10,000 housing units per year for the next 5 years.