LAS VEGAS - Nevada Governor Brian Sandoval will share his priorities for Nevada when he delivers his State of the State address Wednesday. Much of the governor's speech is expected to discuss the state of the economy.
The governor's economic team says Nevada is turning the corner toward a strong economy. State officials point to the recent success of businesses in downtown Las Vegas.
Video game company Take-2 Interactive is moving downtown, bringing 150 jobs from California. Formerly vacant buildings downtown could also be featured heavily in the State of the State address.
Technology and health care are two industries that are booming in Nevada. Technology companies are moving downtown at a fast pace, and business analysts say hospitals have plenty of room for growth in 2013.
Last year, consumers spent more money, and housing prices went up. While this is all good news, Nevada's unemployment rate still sits at 10.5%, making it one of the worst in the country.
That's because there aren't as many construction jobs as there were prior to the market crash.
Applied Analysis Principal Jeremy Aguero says expect the unemployment rate to stay unchanged in 2013. The companies that are here and those moving into the state are doing different types of construction work, but are spending a lot of money doing it - including almost a billion dollars worth of construction on the Strip.
"Stuff that's recently completed or currently in the development pipeline is about 980 million dollars worth of construction related activity," he said. "That's going to refurbishing rooms, building things like the Project Linq, repositioning some assets and making them more productive."
Applied Analysis says that type of construction is much better for Nevada than constructing new buildings. They say we have grown too large, too quickly.
Nevada State Director of Economic Development Steve Hill says it takes time to rebuild an economy.
"We are working to create clusters around targeted opportunities, and that takes a little bit of time," he said. "We have to determine what those opportunities are, make a business case and talk to companies about where those opportunities exist and what Nevada has to offer."
The State of the State address takes place Wednesday, January 16 at 6 p.m. 8 News NOW will carry the speech live.
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