Speakers praise Faraday deal among Southern Nevada economic successes

Two key Nevada economic development leaders Thursday morning crowed about Southern Nevada's economic progress in 2015, citing a plethora of statistical indicators and successful courtship of Faraday Future's electric car plant in North Las Vegas.

Steve Hill, director of the Governor's Office of Economic Development, and Jonas Peterson, chief executive of the Las Vegas Global Economic Alliance, were the headline speakers for the 7 a.m. annual state of economic development before 260 business people eating eggs, bacon and fruit.

Neither Hill nor Peterson broke any news during the 90-minute breakfast chat at the Four Seasons, except for the announcement that there will be a business education summit at The Smith Center on March 7.

But they did offer a rosy look back at the previous 12 months, glowing about the falling unemployment, the big development projects and the surge in autonomous vehicles and transportation technologies finding a home in Southern Nevada.

Hill has carried the economic diversification banner for Gov. Brian Sandoval for several years. He mentioned health care would be a pivotal driver for growing that diversification.

Hill cited the new medical school at the University of Nevada, Las Vegas as a major force in advancing the region's health care industry.

"We need to grow more doctors in Southern Nevada," Hill said, noting that doctors stay 70 percent of the time in the towns where they do their residencies.

Peterson, meanwhile, built on his speech from last year when he remarked that the Southern Nevada economy was like a new Corvette stuck in third gear. He said this year the economy is like a new Faraday Future electric car shifting into fourth gear.

Peterson said the economic incentives and tax breaks for Faraday Future were worth it because the electric car manufacturer will deliver 4,500 jobs and $85 billion in economic impact during 20 years.

"The truth is we got a heckuva deal," he said.

Peterson then went to the visual graphics on two big screens at the meeting room — Nevada has the fifth best tax environment; Nevada is No. 6 in job creation; and more than $10 billion worth of developments from 10 projects alone are in the Las Vegas area.

But he hammered home the point that transportation improvements are needed, citing the Regional Transportation Commission of Southern Nevada's $12 billion investment business plan. Peterson said the RTC Transportation Investment Business Plan would deliver $178 billion in investments, though there were no details.

"If you do nothing, by 2035 a majority of all our major roadways will be clogged," he said.

Peterson also threw in his endorsement of the Interstate 11 project to connect Las Vegas and Phoenix, while saying Southern Nevada could be a global leader in developing autonomous vehicles.

Contact reporter Alan Snel at asnel@reviewjournal.com Find him on Twitter: @BicycleManSnel