While the official end of Nevada’s recession is debated by experts, the state’s emergence from one of its darkest economies has been steady and strong.
The state in October posted its 100th straight month of growth in taxable sales, dating back to June 2010, the Nevada Department of Taxation announced Thursday. With a total of $5.10 billion in taxable sales increases in October, the state grew nearly 10 percent from October 2017 and 60 percent from October 2010.
“It wasn’t too long ago that such a streak of good news could not have been imagined,” said Bill Anderson, the Department of Taxation’s executive director, in a statement.
Food services and drinking made up Nevada’s largest industry for taxable sales, accounting for nearly $4 billion, or 20 percent of the state’s sales. That was followed by motor vehicles and parts sales at $2.46 billion, general merchandise stores at $1.6 billion and merchant wholesalers at $1.53 billion. The top 10 categories, which also include clothing sales, building material and rental services, among others, account for more than two-thirds of statewide taxable sales.
In praising the state’s consistent growth over the last eight years, Anderson recalled the perils of the recession, which saw taxable sales in the state decline in 22 of 24 months. In August 2009, sales dropped 25 percent relative to August of the previous year, the largest decline during the recession.
Outgoing Nevada Gov. Brian Sandoval said Thursday the state is reaping the rewards of “hard work and dedication.”
Individually, Clark County was up 10.2 percent for October and 7.4 percent fiscal year to date. Nevada’s largest county contributes about 72% of statewide taxable sales.
While the state as a whole showed strong results, two individual counties in the state saw decline in taxable sales in October 2018. Nye County’s tallies declined 13 percent from October 2017 and Storey County’s numbers fell 44 percent.