The unemployment rate situation in Nevada isn’t the stuff of shiny flashy attention gathering news, but the unemployment rate is declining and has been since mid 2011.
Employment rates are lagging indicators, so we’d expect that the winding down of construction projects and the fall out from public sector job losses would take a while to show up in the Bureau of Labor Statistics compilations, but the worst seems to be behind us. There are two reasons for this. (1) The unemployment rate itself, and (2) signs that taxable sales are gaining.
The unemployment rate in Nevada was 14.5% in December 2010, and is now an overall 11.7%, declining steadily for the last seven months.
Nevada’s taxable sales increased by 7.2% last March from the numbers for March 2011. Clark County receipts increased 1.9% and Washoe County receipts were up 3%. It’s White Pine County that is the most interesting of the rural counties. “White Pine County posted a 672 percent gain in taxable sales to $161.3 million compared to $20.9 million in March 2011.” [NNB] What boosted the White Pine numbers?
“A $225 million wind farm project is being built by San Francisco-based Pattern Energy in White Pine County.” [NNB]
And, who is Pattern Energy?
“Pattern Energy Group is one of North America’s leading independent wind and transmission companies. Our mission is to provide our customers with clean, renewable energy, which we seek to achieve by developing, constructing, owning and operating projects that are built for lasting success. We identify high-value opportunities in the renewable energy sector and then create and implement a plan to convert those opportunities into operating assets.” [Pattern]
Interesting how Republicans are fond of citing one company, the unfortunate Solyndra Inc., as an exemplar of failed energy policy, but who’s heard of Pattern Energy, which describes its financing as follows:
“Facilitating our work is our financial strength as a company. We are well-capitalized with significant capital reserves and no corporate debt. We benefit from the partnership of our major stakeholder, a renewable energy investment fund managed by Riverstone Holdings LLC, an energy and power-focused investment firm. Riverstone’s support allows us to secure and arrange ample capital for the development, construction and operation of all our projects.”
In a single phrase: Capitalism works. And, when companies are well managed, and not saddled with corporate debt, they can do things like inject a $225 million project in White Pine County, Nevada, or close a $245 million deal to construct a wind farm in Chile. So, if one is looking for a one shot response to the Republican recitation of “Solyndra” smile and say “Pattern.”
