Letter from Dallas Haun
Statistics that show only a single statewide picture of the Nevada economy can hide regional diversity and cause us to lose important stories like the good news coming out of Elko. Elko County’s unemployment rate for June 2012 was an impressively low 6.3%*, well below that of the country or state as a whole. This figure reflects a surge in mining activity that is driving growth throughout the local economy.
In February, the Elko Daily Free Press reported that an informal survey conducted by the Nevada Mining Association showed that members anticipated the creation of between 1,200 and 1,500 new jobs during 2012. A great portion of those jobs will be concentrated in Northeastern Nevada, including Elko County, and many of the people who are hired to fill them will likely reside in the Elko and Spring Creek areas. The positive impact has already been felt in the housing, retail, and service sectors. Renovations have been completed at the Elko Junction Shopping Center and are underway at Elko Shopping Center. And as incredible as it may seem in comparison with the housing picture in other parts of the state, a current housing shortage exists in the Elko region, and mining companies such as Newmont Mining Corp. and Barrick Gold Corp. are exploring options. Growth is projected to continue: According to Newmont’s estimates reported in the Free Press, their Long Canyon project will begin construction in 2015 and will produce gold at capacity by 2017.
Present in the Elko market since 1995, Nevada State Bank expanded its ability to serve area residents by acquiring Great Basin Bank in 2009. Now with three branches in Elko, we are ready to help our clients achieve their financial goals during a period of economic change and growth, and we look forward to exciting days ahead in Elko.
President and CEO
Nevada State Bank
*Source: U.S. Department of Labor: Bureau of Labor Statistics
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