Reno, “The Biggest Little City in the World” has already grown a little bit bigger since construction began on the Tesla Gigafactory in the nearby city of Sparks, Nevada.
Heretofore known as a second-rate alternative to Las Vegas, the city of Reno has an economy historically limited in variety. An article from Bloomberg regarding the Tesla Gigafactory’s economic impact asserts that the Nevada urban center is stuck “struggling to shed an image as a second-tier destination for gamblers and visitors to Lake Tahoe.” But already, the factory has made an impact.
For instance, citing figures from the Reno/Sparks Association of Realtors, Bloomberg reports that the median home price in the area was up 19 percent in May of this year, compared to the same month a year ago. It rose nearly $45,000 to about $285,000 in just 12 months. Says Economic Development Authority of Western Nevada President/CEO Mike Kazmierski: “We’re getting incredible national and international recognition as the place that Tesla picked. Everyone is asking, ‘What the heck is happening in Reno?’”
Tesla Motors employees are relocating to the area, buying homes and enrolling their kids in local school districts, while JetBlue Airways opened up the first official New York-to-Reno flights. The airline states that the route is already seeing a lot of traffic.
An economic impact report from the Nevada Office of Economic Development suggests that 9,000 jobs will be created just from construction of the 10 million square-foot Tesla Gigafactory. When fully operational, it will employ 6,500 workers, and the ripple-effect from having such a manufacturing hub in the area will lead to an additional estimated 16,200 jobs.
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