LVGEA Revisits Approach to Economic Diversification Efforts with Help from SRI

In collaboration with SRI International, a nonprofit research institute, Las Vegas Global Economic Alliance (LVGEA) has released a Target Industry Validation Study to facilitate intentional economic growth and diversification in Southern Nevada.

Prior to the COVID-19 pandemic, the Southern Nevada economy was gradually becoming more diverse and seeing consistent job growth. Much of that momentum, however, ground to a halt as a result of the pandemic.

“This past year, the COVID-19 pandemic has significantly impacted our global, national, and especially regional economy,” said Jonas Peterson, President and CEO of LVGEA. “By re-examining our region’s target industries, we can now refocus our job creation and community building efforts to position Southern Nevada for success in a post-COVID economy.”

The study employed a diverse mix of research methods including the assessment of the previous target industries, Nevada’s new state economic development plan and information gathered from regional economic stakeholders. Researchers also gathered data on various industries based on the following criteria: stability, earnings, job-rich, and growth in employment share.

Although Nevada’s economic climate has changed since the last target industry study was released in 2017, data showed many components of the previous target industries remain relevant and have therefore been incorporated within the newly identified adjacent industries. Additionally, SRI has identified key sub-industries within each target industry to represent different operational areas. Through SRI’s analysis, the following seven industries and component industries were recommended to ensure growth and economic success for Southern Nevada:

  • Healthcare Services 
    • General & Specialist Healthcare Services
    • Hospitals
    • Care Facilities
    • Healthcare Research & Technologies
  • General & Advanced Manufacturing 
    • General Manufacturing
    • Advanced Manufacturing
  • Business & Financial Services 
    • Management & Professional Services
    • Business Administration
    • Financial Services
  • Creative Industries 
    • Creative Professional Services
    • Media Production
    • Media Broadcasting & Distribution
    • Entertainers & Supporting Services
  • Clean Technologies 
    • Clean Energy Generation
    • Distribution & Wholesale
    • Engineering & Support
    • HVAC & Plumbing Contractors
  • Transportation & Logistics Technologies
    • Distribution & Warehousing
    • Transportation & Support
    • Passenger Services
    • Production of Unmanned Autonomous Systems
  • Information & Communication Technologies 
    • ICT Professional Services
    • Cybersecurity

About Las Vegas Global Economic Alliance
The Las Vegas Global Economic Alliance (LVGEA) is a public-private partnership dedicated to growing the economy in Southern Nevada through connectivity, community development, and strong business recruitment, retention and outreach. As Southern Nevada’s regional development authority, the LVGEA’s vision is to help residents thrive in a global economy by fostering a more prosperous, diverse and connected regional economy. To learn more, visit lvgea.org.