Geoff Dornan/Nevada Appeal Lt. Gov. Brian Krolicki discussed the a state of the economy in Nevada Wednesday night at the Carson Nugget.
Lt. Gov. Brian Krolicki told an audience of business leaders Wednesday that while the recession has been harder on Nevada than other states, there are signs the worst may be over.
The state that led the nation in population growth 20 of the past 21 years, he said, will actually lose population this year. Nevada leads the nation in foreclosures and has the second highest unemployment rate. Visitor volume, which has been about 50 million a year was down 12 percent this past year, he said.
"It feels like somebody punched the emergency stop button and the economy came to a screeching halt," Krolicki said.
But he said things are beginning to turn around.
"In the nation, economic activity is seeming to finally come to life," Krolicki told about 100 people who attended the Northern Nevada Development Authority's State of the Economy reception in the Carson Nugget.
He said how quickly things come back in Nevada will depend on consumer confidence since tourists won't return until they feel comfortable spending.
Krolicki said, however, federal officials are predicting more people are planning to take a vacation this year and Nevada is one of the nation's leading destinations.
He said casino officials also are seeing signs the tourist market is beginning to recover and when the $8 billion City Center project in Las Vegas opens in December, it will help draw tourists back to Southern Nevada.
In the north, Krolicki said there are numerous things going on including efforts by state economic development and NNDA to bring new businesses to the state. He said that effort is helped by the fact Nevada is rated the nation's fourth best business climate while California next door is rated 48th.
Krolicki said the Commission on Economic Development, which as lieutenant governor he chairs, is pursuing 280 companies that could bring as many as 5,000 jobs to the area.
"You have our commitment we will chase these opportunities to the very end," he said.
Krolicki said, another opportunity is for Nevada to become the gateway in the Western states to business from China. He said a Chinese delegation of 28 government and business leaders visited just two weeks ago and was very impressed at the possibilities in the Silver State.
The brightest possibilities, Krolicki said, are in the field of renewable energy.
He said the V&T Railroad, which is now running on weekends, and the Aces, Reno's new baseball team, are excellent boosts to western Nevada's economy.
"I absolutely believe things are going to be a whole lot better," he said.