LAS VEGAS (KLAS) — Gov. Steve Sisolak’s $75 million proposal to create jobs and build infrastructure projects was introduced today in the Nevada Senate in Carson City.
Changes to the Nevada State Infrastructure Bank (SIB) will allow work to move forward as early as July 1. The bank was established in 2017 with no funding.
The changes could create as many as 16,000 construction jobs by the end of 2023, according to projections.
“Infrastructure projects create real jobs for real people,” said Governor Sisolak. “This proposed legislation, along with the $75 million in my recommended budget, will help Nevada create a robust pipeline of critical infrastructure projects that will put people to work. I look forward to working with the legislature on this investment in our State’s economic recovery and future prosperity.”
The SIB allows state and local infrastructure projects to be vetted and prioritized to maximize economic outputs for Nevada, according to a news release from Sisolak’s office. Kickstarting the SIB in 2021 will allow the state to maximize federal dollars dedicated to infrastructure projects within the American Rescue Plan and President Joe Biden’s proposed American Jobs Plan.
Senate Bill 430 strengthens the existing SIB statute by expanding the types of projects that can be funded, adds a representative from the Governor’s Office of Energy to the Board of Directors, and ensures that the SIB is priority for the state’s executive branch agencies.
“The economic impacts of the bank cannot be understated and will be a critical component to our state’s recovery from the pandemic,” Treasurer Zach Conine said. “We are ready to launch this bank as quickly as possible to ensure Nevada has the flexibility and opportunity to take in much needed federal dollars to support infrastructure projects.”
It is projected that the proposed legislative changes coupled with funding the SIB could allow Nevada to launch up to $200 million in new infrastructure investments by the end of 2021, with $1 billion in new infrastructure investments over the next five years. By 2031, it is projected that this proposal could create up to 30,000 good-paying jobs for Nevadans.
Rob Benner, Secretary-Treasurer of the Building and Construction Trades Council of Northern Nevada, said, “This proposal would create tens of thousands of jobs for Nevada’s workers over the next ten years. It’s a long-term investment in our future.”
“The Vegas Chamber applauds Governor Sisolak for his commitment and foresight to fund Nevada’s infrastructure Bank,” said Mary Beth Sewald, President & CEO of the Vegas Chamber. “By investing in the Infrastructure Bank and making it a strategic priority of the state, Nevada can plan for the future and build the infrastructure necessary to diversify the economy and create jobs.”