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The Weekly / JUNE 21 2022

This weeks' highlight includes The Boring Company, Nevada May employment numbers, affordable housing project, and seven tax abated companies.

JUNE 21 2022 / ISSUE NO. 29 / ARCHIVE

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This Week's Top Stories

The Boring Company Receives Approval to Expand to Downtown Las Vegas

Courtesy of City of Las Vegas

The Las Vegas City Council approved a 50-year non-exclusive agreement with The Boring Company to expand the Vegas Loop to the city limits. The agreement allows The Boring Company to use the City’s right-of-way to construct, operate, and maintain a privately funded underground transportation system. All funding of the project will come from The Boring Company and private properties, no taxpayer funds will be requested. Construction is tentatively scheduled to begin in early 2023.

Nevada Adds Jobs in May; Unemployment Rate Falls to 4.9%

Nevada added 2,600 jobs over in May 2022. The state's employment remains below typical levels, but is up 96,300 since May 2021, an annual increase of 7.1%. The state’s unemployment rate in May is 4.9%, decreased by 0.1 percentage points from 5.0% in April and decreased by 2.9 percentage points when compared to May 2021.

Las Vegas City Council Approves 276-Unit Affordable Housing Development

Las Vegas City Council approved a Disposition and Development Agreement (DDA) with a local developer and nonprofit for the sale and development of 276-unit affordable family rental development consisting of 238 apartments and 38 standalone ''tiny homes''.

Seven Abated Companies to Invest $490 Million in Nevada and Generate $178 Million in Tax Revenue

Female electronics engineer runs vehicle tests
Photo by ThisisEngineering RAEng / Unsplash

The Nevada Governor’s Office of Economic Development (GOED) Board approved seven companies that will receive $53,112,166 in tax abatements. In return these companies are required to create 1,013 jobs in the next two years at an average weighted hourly wage of $28. That figure is expected to grow to 1,722 jobs in five years. Additionally, these companies will make a capital investment of $490,309,444 in the first two years of operation and generate $178,220,769 in net new tax revenues over the next 10 years.

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