As the Nevada economy bounces along the bottom, economists and futurists continue to state that Nevada needs to change from being a consumer to becoming and exporter. I ask, “What can Nevada export?”
Nevada has done an excellent job of exporting ‘a great experience’ for years. Travelers from across the globe have visited our great city and we have delivered and exported a once in a lifetime experience. It is important that we do not forget (or neglect) this. This is our most valuable export.
But what else can we export? Considering most manufacturing takes an abundance of energy, we are limited until we become the renewable energy capital of the World. Then we can utilize the energy we produce and hopefully we can export our excess energy to other energy hungry states. But reality is that is at least 10 years away.
So what else can we export? Well, many of our professional firms such as engineers and architects have learned that they can export their services. As other regions and countries look at the expansion of gaming, they look at Las Vegas as the model to take from. So they engage our local design firms to produce drawings and engineer these new casinos.
I would argue that we are an exporter of gaming talent as well. I know some people may immediately jump to the conclusion of ‘this is brain drain.’ But is is not. And if we do it right, it does not have to be.
Let’s dive a little deeper – UNLV is known for as being one of the best ‘hotel and hospitality’ colleges in the World. Most of the talent stays right here in Las Vegas. Some are ‘exported’ to work in hotels across the country, or even the World. But I would venture to say that Las Vegas retains the best. So in essence, we are an exporter of gaming talent. Yet, we benefit from the ability to source directly from the best college for this profession.
So can we do this with other professions if done right? I think so. We would clearly need to fix our state budgets. Or at least how we fund higher education. But imagine if we increased our production of health care professionals from higher education. And not only production, but quality. And our local health care employers benefited from the deeper applicant pool. We could retain the best and become an exporter of health care talent.
We are a long ways away from being able to accomplish this. But it is a concept that has merit. I encourage you to look to Henderson, which has done an amazing job of attracting private higher education institutions that do not rely on Nevada state funding. These colleges (some 10+ of them), are training professionals from other states and many of them become employed right here in Southern Nevada. And each of these colleges employ dozens, if not hundreds of highly skilled professionals themselves who live in our communities. They own homes, shop and eat in our local restaurants. In essence – they contribute to our economy and diversification efforts.
I suggest we look at Education as a business. One that will initially provide us with the workforce that we need, but a business where we can eventually export our excess talent. What a great position we will be in then.
There is no better time than now to diversify our economy to create more 