15 October 2014
CEO Letter: Congratulations for Bringing Tesla to Nevada

I’d like to take this opportunity to publicly congratulate Governor Brian Sandoval and Steve Hill, executive director of the Governor’s Office of Economic Development (GOED), as well as the countless other individuals involved in bringing the Tesla gigafactory to Nevada. This team worked tirelessly to develop an incentive package that helped Nevada land a contract predicted to have $100 billion worth of economic impact on Nevada’s economy over the next 20 years.

Tesla will invest a minimum of $3.5 billion in manufacturing equipment and real property for the huge factory, which will produce batteries for Tesla’s electric cars.  According to the GOED, in addition to generating 3,000 construction jobs, when completed it will employ 6,500 people earning an average wage of about $25 per hour, and also result in an estimated 16,000 indirect jobs. This will have a major impact on the Northern Nevada economy, which has been slow to emerge from the recession that impacted the entire state.

As a statewide bank, a large part of our franchise is in Northern Nevada, and we are heavily invested in the success of the region where so many of our business and personal banking clients are located. We look forward to seeing them enjoy the results of this boost to the area’s economy, in terms of added job opportunities, more personal income and increased property values.

The Tesla deal also means good news for the entire state of Nevada, sending a positive signal to other large companies that Nevada is open for business and willing to welcome companies seeking a business-friendly environment. By bringing worldwide attention to Nevada, it helps strengthen our economic development position compared to competing states, increasing our chances of bringing in more companies with well-paying jobs.

Here at Nevada State Bank, we are excited to welcome Tesla to Nevada, and extend our thanks to Governor Sandoval, Steve Hill and the entire team for a job well done.

Best Regards,



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