CARSON CITY–A month after Gov. Steve Sisolak fully reopened Nevada’s economy the U.S. Bureau of Economic Analysis is reporting the state saw the largest increase in Gross Domestic Product (GDP) for the first quarter of 2021 at just under 11%.
“It’s no secret that Nevada’s economy took the hardest hit from the COVID-19 pandemic, but the recent GDP report from the U.S. Bureau of Economic Analysis proves we will recover stronger and build the Nevada our families deserve,” Sisolak said. “In order to ensure we continue down a successful path, we must remain focused on vaccinating our residents, putting people back to work, diversifying our economy, and ensuring that Nevada’s recovery reaches every individual and family.”
Michael Brown, director of the Governor’s Office of Economic Development (GOED) said the data shows Nevada has “merged into the fast lane” on the road to recovery.
“The return of visitors in our hospitality sector, the infusion of support from the American Rescue Plan Act, and the steps taken to diversify the state’s economy have accelerated our recovery,” he said. “Now we must focus on building resilience into our economy, to smooth out the bumps, with increased diversification in manufacturing/logistics, energy, technology, and healthcare with the goal of delivering good jobs today and better jobs tomorrow.”
According to the Bureau of Economic Analysis data, GDP increased in all 50 states and the District of Columbia in the first quarter of 2021. Real GDP for the nation increased at an annual rate of 6.4%. The percent change in GDP during the first quarter ranged from 10.9% in Nevada to 2.9% in the District of Columbia.
Durable goods manufacturing; professional, scientific, and technical services; and information services were the leading contributors to the increase.
Accommodation and food services were the leading contributors to the increase in Nevada. Accommodation and food services increased 16.9% nationally and contributed to the increases in all 50 states and the District of Columbia.
The food services and leisure and hospitality industries also led the state in jobs added in May, according to the latest jobs data from Nevada’s Department of Employment, Training and Rehabilitation.
Nevada’s economy was one of the hardest hit by the coronavirus pandemic, with unemployment surging to record high of nearly 30% when all non-essential businesses were forced to close to slow the spread of the virus.
Source: Nevada Governor’s Office