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CURRENT ECONOMIC CONDITIONS & PROJECTIONSElko serves as the retail and service hub for northeastern Nevada. Because of its extensive commerce and service influence, the US Census Bureau has labeled the City of Elko a Micropolis. The City of Elko serves a market that is nearly four times its own size. A recent study performed by The Buxton Company indicates a regional market of over 84,000 people. The retail opportunities in northeastern Nevada are extremely good and new and existing businesses and large retailers are enjoying higher than averages gains. Elko is ideally located near some of the largest gold deposits in the United States. It is the fourth largest gold producing area in the world. The world’s largest gold mining companies mine in this region and have been doing so since the early 1960s. Local mines employee thousands of people in and outside of the area. In addition to mining jobs hundreds of mining support jobs have grown throughout the area as well. Mining support is a robust industry sector in our region of Nevada. These companies serve not only local mines, but also serve mines and construction projects across the western U.S. There is no denying that strong gold prices have influenced much of the region’s growth. There is however a new growth. Unlike the booms of yesterday, this new growth stems from expanding retail and service businesses, as well as new non-mining industry such as manufacturing. Northeastern Nevada will soon serve as a transportation hub for trucking and rail service. The Northeastern Nevada Regional Railport and Industrial Park will open in spring of 2008. The 60-acre multi-modal transloading and warehousing facility is one of a kind in Nevada and located just 6-miles east of Elko. It is already attracting new types of industry to the area. In addition to new industry, new retail and service centers, and expanding businesses, the region is experiencing a major increase in new housing. Nine new housing projects and subdivisions are planned or under construction near the City of Elko. The surrounding smaller cities and towns, that are considered part of the Elko Market, are also experiencing population increases. There are many opportunities for businesses considering Elko and Elko County as a place to locate or expand. The Elko region’s economy is strong and it is expected to stay that way into the future. |
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© 2001 - 2008 ECEDA - Elko County Economic Diversification Authority |
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