ECONOMIC
WELLBEING.
The economic well-being of the Truckee Meadows area significantly impacts the quality of life of its residents. This includes factors such as job opportunities, income levels, access to essential services, housing affordability, and overall financial stability. A strong economy with diverse job opportunities, fair wages, and support for small businesses can contribute to a higher quality of life by providing economic security, access to amenities, and ultimately a sense of community well-being. Conversely, economic challenges such as high unemployment rates, income inequality, and limited economic mobility can negatively impact the quality of life. By improving economic well-being through sustainable growth, equitable policies, and community development initiatives, the Truckee Meadows area can enhance the quality of life for all its residents.
The graphics below were frozen at the time of publishing the Consumer Progress Report in November 2024. To learn more about each indicator and view more information with recent updates through 2026, simply click on the charts, map, or graph to be directed to the NevadaTomorrow.org Community Data Portal, where you will see maps, charts, graphs, year-over-year comparisons, and more.
VIEW OR PRINT THE FULL REPORT
The Truckee Meadows Tomorrow 2024-2026 Community Progress Report published on November 12, 2024! It includes all 10 Quality of Life areas with the most important data points selected by our Data Advisory Group and TMT team. You will find the same indicators and summaries in each online QOL area with links to NevadaTomorrow.org.
Print it out and take it with you for easy reading and reference.
DIGGING INTO THE DATA
The economic well-being of the Truckee Meadows area is measured using indicators such as labor force participation rate, unemployment rate, median household income, and employment opportunities. These indicators reflect the region's economic health, job opportunities, income levels, and overall prosperity, which impact residents' quality of life and access to resources. Stakeholders analyze these factors to assess the community's economic stability and prosperity.
DATA BITES
Economic Development Assisted Jobs
Average salary of assisted new jobs in 2023
Tourism Economic Impact
Economic impact of visitor spending activities, including transport, retail, food & beverage, recreation, gaming, and lodging in 2022
Median Household Income
Median Household Income represents the income level where half of the households earn more and half earn less. Per Capita Income is the average income per person. Both median household income and per capita income can reflect an area's relative affluence and prosperity. Areas with higher median household incomes tend to have more educated residents and lower unemployment rates. Higher employment rates in areas with higher median household incomes lead to better access to healthcare and improved health outcomes.
Cost of Living Index
The Cost of Living (COL) Index compares relative consumer living costs, such as housing, transportation, utilities, groceries, and healthcare to participating locations across the United States. The average for all participating places equals 100. The COL Index does not measure inflation price changes over time. Keeping living costs close to the national average indicates the region’s affordability for families and helps economic development organizations bring quality jobs to the region as companies compare our costs with other urban areas around the country.
Per Capita Income
COMMUNITY PROGRESS
This section explores the various changes within the Truckee Meadows community over the past years based on the key metrics reflecting progress and challenges.
Washoe County Total Employment
Washoe County Unemployment
Strong employment growth and revitalization are signs of a healthy economy, leading to higher wages and a more affordable region for residents. The employment-to-population ratio is an alternative measure to unemployment, capturing those who have left the labor market over time. Job creation programs and workforce development initiatives impact job creation, while unemployment reflects people's struggle to find jobs. The creation of higher-wage jobs is crucial for stimulating the economy.
COMMUNITY IN ACTION
Economic Development Authority of Western Nevada (EDAWN)
The Economic Development Authority of Western Nevada (EDAWN) is a private/public partnership established to add quality jobs to the region, diversify the economy, and positively impact the quality of life in Greater Reno-Sparks by recruiting new companies, supporting the success of existing companies, and assisting newly forming companies.
In 2023, the organization’s business retention, expansion, and workforce efforts assisted 143 companies, added 1,733 new jobs, and facilitated $1.15 billion in assisted investment. Business attraction efforts resulted in over 5,000 jobs and $4.5 billion in capital expenditure development.
GROUPS & ORGANIZATIONS
Many notable local organizations are actively working to build Economic Well-Being in our community. Here are a few to check out or get involved with:
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City of Reno Economic & Redevelopment Agency and Revitalization Departments
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City of Sparks Redevelopment Agency
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Nevada Department of Employment, Training, and Rehabilitation (DETR)
REPORTS & STRATEGIES
Several existing reports and strategies detail how to build on the data to improve the quality of life in our community.
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The Nevada Entrepreneurial Ecosystem Assessment and Strategy provides recommendations for empowering entrepreneurship in Nevada to foster economic growth, vitality, and stability.
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The Northern Nevada Economic Planning Indicators Committee (“EPIC”) Report 2.0 forecasts where and how growth will occur based on expected changes in land use patterns and economic activity over time.
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The Nevada Governor's Office of Economic Development hosts a variety of reports and studies about specific economic initiatives, developments, and programs in the state and the Truckee Meadows specifically.
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The University Center for Economic Development conducts substantial research studies focusing on clearly defined community and economic development problems, including market studies, impact analyses, agribusiness studies, labor market studies, economic base studies, and target industry analyses.
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SPONSORED BY OZMEN CENTER FOR ENTREPRENEURSHIP
The Ozmen Center is celebrating its 10th anniversary and was originally made possible by a generous gift from Eren and Fatih Ozmen, owners of Sierra Nevada Corporation. It is the premier provider of business education in the region, preparing students to become competitive, ethical and innovative business professionals.
