Nevada’s Gross Domestic Product in 2024 reached $198.4b, representing an increase of 3.2% from 2023, according to IBIS World data. Nevada’s GDP grew at an annualized rate of 2.4 percent over the last five years — and its trailing five-year GDP growth rate ranks it 11th out of all 50 U.S. states. 

Graphic source: IBIS World As of 2024 

The largest companies by employment in Nevada are MGM Resorts International, Clark County School District, and Vici Properties, which employed 55,000, 35,000 and 18,500 people in 2024, respectively. 

Graphic source: IBIS World As of 2024

Top 10 Nevada sectors: 

Graphic source: IBIS World As of 2024 

Much more Nevada data can be found on the IBIS World website. 

Wage Bumps 

Workers in 21 states and 48 counties and cities got a pay raise on last week with 55 of those jurisdictions hiking rates to meet or exceed $15 per hour, according to a tally from the National Employment Law Project. 

As of 1/1/25 

AI Inequality 

It’s no secret that the world’s advanced economies will experience major labor market shifts because of AI — what is noted less frequently is that the technology will complement (rather than replace) a vast number of jobs, enhancing productivity. In less advanced economies, AI will complement fewer jobs. 

The upshot? The variance in the concentration of AI-adjacent jobs will increase inequality between countries over time. For example, in the Asian-Pacific region, about 40 percent of jobs in Singapore are rated as complementary to AI, while the share is 3 percent in Laos, as noted in the IMF’s latest Asia-Pacific Regional Economic Outlook. 

This IMF graph illustrates the point: 

As of 1/14/25 

AI could also increase inequality within countries. Most workers at risk of displacement work in service, sales, and clerical support roles. Workers who are more likely to benefit from AI typically work in managerial, professional, and technician roles — all of which already tend to be among the better paid professions. 

The IMF’s Chart of the Week notes that women are more likely to be at risk of disruption from AI because they are more often in service, sales, and clerical roles.

 As of 1/14/25

World Economic Outlook 

The U.S. has been the world’s largest economy for more than100 years, and in 2025 will maintain its lead with $30.3 trillion. The following chart notes the gross domestic product of top ranked economies in the world for 2025, and visualizes their share of the $115 trillion world economy: 

Graphic source: Voronoi as of 2025

Data source: International Monetary Fund 

Note that Germany overtook Japan in 2024 to (once again) become the third-largest economy in the world. 

India displaced the UK as 5th largest in 2020. The country is projected to pass Japan and be the 4th largest in 2026, and bump Germany from its 3rd place spot in 2028. 

Semiconductors 

American companies account for 71.5% of the semiconductor industry’s global market cap, followed by Taiwan. This Voronoi graphic shows the market capitalization of publicly traded companies in the global semiconductor industry: 

As of 12/30/24 

Data source: companiesmarketcap.com 

The U.S. held a 60 percent share of global semiconductor sales until the 1980s but by the first decade of the century 2010s, its share had dropped to about 20 percent: 

As of 2023 

Research and development spending was up in 2023 at many manufacturers over the prior year as they sought to stay competitive:

As of 2023

Fleet Upgrade 

Under the U.S. Navy’s 2025-2054 shipbuilding plan, the Congressional Budget Office estimates costs would average $40 billion per year (in 2024 dollars) to expand its fleet from 295 to 390 battle force ships. 

As of 2024

Ultimately, the Navy wants to operate 381 ships: 

As of 2024 

Global Birth Rate 

More than 15,000 people are born each hour, and half of all global births happen in just nine countries, with one in four taking place in India or China. 

As of 2023 

Data source: UN Population Prospects 

Under the Sea 

We end this week’s edition of Fact Pack with interesting and potentially significant news out of the UK. 

Divers studying marine life can’t go much deeper than 100 feet without risking nitrogen narcosis — and then must spend a substantial amount of time decompressing. UK-based startup Deep aims to change that with a pioneering undersea habitat that will allow humans to live underwater for weeks at a time. Set for testing in 2025, the habitat will enable researchers to gather data in 30 days that would typically take seven years. 

This feature story notes that in addition to the scientific benefit, long-term underwater human habitation is a step closer to reality. We look forward to reporting on the ocean economy in the years to come. 

Image source: IEEE Spectrum 

On the Horizon

Mike PeQueen: Friday’s employment report will be important but may be overshadowed by the remarks of several different Fed officials who have planned speaking engagements. Their words will be parsed as market watchers try to determine what the Fed will do at its month-end meeting. 

Data & Dialogue About the Economy



The Fact Pack is a monthly business e-report co-authored by Mike PeQueen of Hightower Las Vegas and John Restrepo of RCG Economics, which combines important metrics relevant to business decision makers and financial commentary on the current issues facing the economy.

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