According to a report on GDP growth by state released by the U.S. Bureau of Economic Analysis (BEA), Nevada’s Gross Domestic Product grew by 9.7 percent during the second quarter of 2021.

For the second straight quarter, Nevada recorded the highest Gross Domestic Product growth rate in the country.

The report notes that the country and Nevada’s growth rate reflect the economic recovery, reopening of businesses and continued government response to the COVID-19 pandemic.
Nevada was named as one of the top states for business facilities, with Reno also ranking high as an attractive work destination for millennials.

Nevada ranked seventh for states with the best business tax climate in the 17th Annual Metro Ranking Report by Business Facilities, which specializes in economic development and site selection information. The Silver State also ranked in the top 10 for several other business categories, including population growth and renewable energy.
A business-friendly tax structure has always been a key advantage for Nevada when it comes to attracting companies to the state, said Mike Kazmierski, president and CEO of the Economic Development Authority of Western Nevada.

The greater Reno-Sparks metro area attracted 17 corporate headquarters to the region last year despite the COVID-19 pandemic, according to Kazmierski.

“Our climate, outdoor recreation activities, minimal drive times and proximity to California are all reasons to come here,” Kazmierski said. “The icing on the cake is the low property taxes and no income taxes.”

Best Business Tax Climate  

  1.    Wyoming
  2.    South Dakota
  3.    Alaska
  4.    Florida
  5.    Montana
  6.    New Hampshire
  7.    Nevada
  8.    Utah
  9.    Indiana
  10.    North Carolina
Nevada ranked second in the list of fastest-growing states.
Mountain states elbowed out their southwestern rivals by dominating this year’s rankings for the category.

Fastest-Growing States

  1.    Idaho
  2.    Nevada
  3.    Arizona
  4.    Utah
  5.    Texas
  6.    South Carolina
  7.    Washington
  8.    Colorado
  9.    Florida
  10.    North Carolina
Renewable energy was another metric where Nevada did well.
The state ranked fifth for its renewable portfolio standards.
Nevada did especially well for solar energy, making the top lists for installed solar power capacity, the percentage of electricity from solar, and solar-power jobs.

Renewable Energy Standards

  1.    Maine
  2.    New York
  3.    Washington
  4.    California
  5.    Nevada
  6.    New Mexico
  7.    Virginia
  8.    Hawaii
  9.    Colorado
  10.    Vermont
Reno ranked ninth in the report’s “Millennial Magnets” category for attracting young professionals.

The Tahoe-Reno Industrial Center just east of Reno-Sparks also ranked first in the industrial parks category, beating Cedar Point Industrial Park in Texas and Elk Grove Business Park in Illinois.

Best Metros for Millennials

  1.    Hartford, Conn.
  2.    Raleigh, N.C.
  3.    Boise, Idaho
  4.    Huntsville, Ala.
  5.    Providence, R.I.
  6.    Tucson, Ariz.
  7.    Shreveport, La.
  8.    Charleston, S.C.
  9.    Reno, Nev.
  10.    Augusta, Ga.