Growing your business in Las Vegas
Las Vegas is one of the most visited cities in the United States and has managed to grow as a distinct economic hub despite its location on the Mojave Desert. The city was originally established as a stopping point for important trade routes between the Midwest and the Pacific Coast, and eventually grew to become one of the 30 most populated cities in the nation.
Las Vegas Business Environment
The local industry is clearly dominated by tourism, hospitality, leisure, and entertainment. There is also a large number of government and healthcare agencies, along with professional and business services firms, that support tourism-related activities.
Las Vegas is an internationally renowned hub for business conferences, meetings, and conventions, and the business events industry supports more than 66,000 jobs in the city. Since 2012, efforts and investment have been put into building a strong technology sector in Las Vegas, offering financial support and real estate discounts to tech companies. However, the tech talent pool is still small relative to other cities where similar initiatives have been implemented. A similar trend is evident across the state of Nevada, where the tech sector barely accounts for 2.5 percent of all economic activity.
Key employers include MGM Resorts, Sands Corporation, Wynn Resorts, Caesar’s Entertainment, Station Casinos, as well as some electronics manufacturers and retailers, such as NAS Electronics, Walmart, Target, Supervalue, Zappos, and Sears.
According to the Bureau of Labor Statistics, the largest occupational groups in Las Vegas are office and admin support, sales, food preparation, facilities management, and healthcare, so employers looking for staff in these areas should not have problems hiring. Ongoing job gains and a growing population are positive signs for businesses, and the large number of visitors that the city receives gives local companies high exposure.
However, the flow of venture capital and infrastructure to support entrepreneurship is rather slow, although accelerators and support programs have mushroomed in past few years, giving rise to organizations like Rebel Venture Fund, Redflint Experience Center, and The Mill. As a result, the local start-up activity index has been rising steadily for a few years. Las Vegas businesses also benefit from a low-tax regulatory environment, since Nevada ranks 5th in the Business Tax Climate Index.
Find out more about office and workspace opportunities in Las Vegas.
