LAS VEGAS (KLAS) — Nevada’s economy is taking bigger steps toward recovery, and statistics from earlier this year show the progress.
Growing by 10.9%, Nevada’s Gross Domestic Product (GDP) grew the fastest of any state’s GDP in the first quarter of this year, according to the U.S. Bureau of Economic Analysis.
GDP refers to the total value of goods produced and services provided.
“The new GDP data shows that we have merged into the fast lane of the road to recovery,” said Michael Brown, Director of the Governor’s Office of Economic Development. “The return of visitors in our hospitality sector, the infusion of support from the American Rescue Plan Act, and the steps taken to diversify the state’s economy have accelerated our recovery.”
Accommodation and food services led the way to Nevada’s gains.
Brown added, “Now we must focus on building resilience into our economy, to smooth out the bumps, with increased diversification in manufacturing/logistics, energy, technology, and healthcare with the goal of delivering good jobs today and better jobs tomorrow.”
Nevada Gov. Steve Sisolak added, “In order to ensure we continue down a successful path, we must remain focused on vaccinating our residents, putting people back to work, diversifying our economy, and ensuring that Nevada’s recovery reaches every individual and family.”