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Strong economic growth but high unemployment: A look at Nevada's economy

·1 min

When the coronavirus pandemic hit in March 2020, Nevada’s leisure and hospitality sector suffered greatly. The bustling Las Vegas Strip became silent, and businesses like John Simpson’s arcade bar faced uncertainty. However, Nevada has since experienced a strong recovery. The state’s economy is now the sixth-fastest-growing in the US, driven by increased spending on experiences and advancements in technology and logistics. Simpson’s bar just had its best year on record. Nevada’s unemployment rate remains high due to a lack of job opportunities and affordable childcare. The state’s housing market has rebounded, with home values surpassing the national average. Efforts are being made to address the affordable housing crisis in the state. Despite challenges, Nevada’s economy continues to show resilience.