The Greater Reno Metro Market is one of the fastest growing regions in the U.S. and is rated among the top MSA’s in a recent Milken Institute report.
Companies like Tesla, Switch, Microsoft, Apple, Amazon, Zulily, Patagonia, Urban Outfitters, Thrive Market, Petco, and Panasonic call Northern Nevada home to some of their most crucial business functions. More Bay Area companies are moving here to lower their operating costs and establish themselves in a place where their business can grow and where their employees can enjoy a lower cost of living.
Our new economy is in part powered by a growing number of technology-related and advanced manufacturing companies to the region. The Greater Reno Metro Market employment base is made up of the following types of companies.
Distribution, Logistics & E-Commerce
Back Office, Office Support
Aerospace & Defense
Greater Reno Metro Market is centrally located in the Western United States and is within 1-day truck service to over 60 million customers and 2-day truck service to 11 states.
No corporate income tax
No inventory tax
No franchise tax
No personal income tax
No inheritance tax
No estate tax
No unitary tax
No intangibles tax
Companies are more profitable when they keep operating costs low. In Nevada, the commercial utility rates are less than half California’s. That means companies relocating from California can save over half on their monthly utility costs.
The Nevada Governor’s Office of Economic Development (GOED) offers tax incentives to companies that relocate or expand their businesses, subject to meeting the criteria for job creation, average wage, and capital investment, medical benefits.
These incentives include,
Sales & Use Tax Abatement
Modified Business Tax Abatement
Personal Property Tax Abatement
Real Property Tax Abatement for Recycling
Aviation Parts Tax Abatement
Data Center Tax Abatement
As for the residential rental market, demand for rental units is being driven by the scarcity of homes for sale. Currently, many would-be homeowners are being forced to rent as owners of existing homes are hesitant to relocate, which is holding apartment vacancy at record lows. According to a recent report from Apartment Guide, Reno ranks in the top 10 cities nationwide for year-over-year average rent increases. Compared to 2020, average rents in Reno have increased 35 percent for one-bedroom units, now topping $1,800 per month. For two-bedroom units, average rents have increased 36.5 percent year-over-year, averaging $2,245 in October 2021—above the $1,955 monthly housing payment that a family earning the median income could afford at the 28 percent of gross income standard.
- To support projected job growth the Region will require additional housing for workers. With the land available for residential development, the cost of workforce housing will increase, resulting in rising prices for that housing—prices that are already out of reach for many residents of the Study Area. The NAHB/Wells Fargo Housing Opportunity Index (“HOI”) for a given area is “defined as the share of homes sold in that area that would have been affordable to a family earning the local median income, based on standard mortgage underwriting criteria.”
The Reno Metro Market needs over 25,000 Workforce housing units today, with the need to add 2500-3000 per year going forward.
Silver Springs is 10 miles from the south end of the Tahoe Reno Industrial Complex (TRIC) which is projected to have in excess of 50,000 workers during the next 10 years.
10 Miles from the NEW proposed TRIC 2 which will employ over 20,000 workers.
Next to the Proposed 67,000 acre “Innovation Zone” Futuristic City of the Future.
The Heart of the Future is Providing Housing for the Workforce, so that the Workforce can build the future of Northern Nevada.
Significant Opportunity to Add Value by providing Work-Force Housing: Lyon’s business model is based upon training of the workforce to produce factory made multi-family housing, and then providing those same workers with long term housing options together with providing the 100 plus companies in the Reno Metro Market with affordable housing to attract new and growing workers.
Silver Springs is connected to the national rail network. The Lyon Factory Site has Direct Rail Access.