Nevada must get its economic act together — now

Locals are forgiven for getting an eerie sense of deja vu after seeing the new report titled "Unify, Regionalize, Diversify An Economic Development Agenda For Nevada."

Its spirited title is vaguely reminiscent of an old college cheer. Calls for the diversification of the state's economy have been made for decades. The 178-page report by the Brookings Institution's Metropolitan Policy Program makes credible arguments for the need to diversify to trigger economic development.

By my unofficial count, that's maybe the 100th collection of experts who have put their heads together and decided the future health of Nevada's economy will depend on smart diversification.

It's easy to be cynical about these things. I fight the urge to sneer and write off the report as yet another bright idea that's destined to be dismembered by the jackals of Nevada's political and business elite, who like things just the way they are -- under their control.

The question is: Are you willing to shrug and accept the current reality ---- high unemployment, few prospects for new construction and an economy that relies too heavily on service jobs tied to the gaming and tourism sector? Or do you think we can do better?

If you answered yes to that last question, or just want to watch me make a fool of myself as I play the carnival rube for yet another economic diversification study, read on.

The report can't quite allow itself to give up on the state's foundering economic prospects. "Nevada stands at a crossroads yet it appears ready to remap its future," it begins.

See that? Dire straits mixed with a ray of optimism ---- just enough to keep the despondent from jumping out a window.

Fundamentally, Nevada has everything it needs to grow and change, the report states, and it outlines seven major industries and 30 "narrower target opportunities" capable of moving the state forward. (The seven: Tourism, gaming and entertainment; health and medical; business IT systems; clean energy; mining and manufacturing; logistics and operations; and aerospace and defense. They left out the sex industry, but perhaps that's part of "entertainment.")

When the experts from Brookings describe it, it all makes sense. We can take what we have, expand and diversify, invest in education and attract business from across the land.

It's when the report gets around to discussing what it will take to actually accomplish such lofty goals ---- namely, political and community leadership ---- that I started to wince.

The inconvenient truth surfaces on page 72: "Nevada needs to establish a well-articulated economic development strategy ---- and high-level leadership to drive it forward ---- if it is to restore growth, spur innovation, and so diversify its economy."

Then it gets worse.

"Unfortunately, the state has not always advanced a clear vision, and without such a compelling intentional vision the state has lacked a sense of unity and direction in its economic development efforts," the report admits.

"Without a clear strategy communicated by top officials, for example, the myriad state, local, and private organizations that comprise the state's economic development system have not always possessed a sense of common purpose. Moreover, the state has too often lacked a sense of priorities as it sought to choose between budget or program options and focus on its own activities.

"And yet, all of that can change and must change now."

Perhaps Brookings is right and the existence of Assembly Bill 449, which establishes a new structure for economic development in the state, is a sign of good times to come:

"And so the state must act: Together, the governor, the economic development director and board, and the state's entire leadership should make the most of the opportunity provided by AB 449 and unite around a compelling vision of economic diversification."

I just don't know how much I'd bet on it.

The Brookings Institution deserves credit for making a solid argument for change, and it can be forgiven for sounding like it's attempting to give a punch-drunk fighter a pep talk. In many ways, Nevada is one pole-axed palooka.

The report raises compelling questions. Here is one:

If not now, when?

John L. Smith's column appears Sunday, Tuesday, Wednesday and Friday. Email him at Smith@reviewjournal.com or call 702-383-0295. He also blogs at lvrj.com/blogs/smith.