Nevada_Executive_Budget_2013-2015
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Thousands<br />

180<br />

150<br />

120<br />

Vietnam; oil crisis<br />

90<br />

60<br />

30<br />

0<br />

<strong>Nevada</strong> Construction Employment<br />

Restrictive monetary policy; spike<br />

in oil prices; 1st Gulf war; savings &<br />

loan crisis<br />

Iranian Revolution; high oil prices<br />

Energy crisis; inflation;<br />

housing bubble<br />

US�share�of�total<br />

(right�axis)<br />

2006 national average. The 2007-2009 economic implosion devastated<br />

<strong>Nevada</strong>’s once booming construction sector; by 2012 the state had lost<br />

two out of every three construction jobs available in 2006. Indeed,<br />

half the jobs lost in <strong>Nevada</strong> were in construction.<br />

As is the case for most of <strong>Nevada</strong>’s economic sectors, its General Fund<br />

revenue sources are highly dependent on discretionary spending<br />

by the state’s residents and visitors. Sales and use taxes and gaming<br />

percentage fees, the state’s two largest General Fund revenue sources,<br />

fell dramatically during and immediately following the 2007-2009<br />

recession, dropping 24.5 percent and 23.1 percent, respectively, from<br />

FY07 to FY10. While they have not yet regained pre-recession levels,<br />

EXECUTIVE BUDGET <strong>2013</strong>-<strong>2015</strong><br />

Dot-Com bubble; 9/11<br />

May-93<br />

Housing Bubble; Financial Crisis<br />

NV�level of�constrution�employment<br />

(left�axis)<br />

Below peak by<br />

98,800 jobs (66.4%)<br />

NV�share�of�total<br />

(right�axis)<br />

1969<br />

1970<br />

1971<br />

1972<br />

1973<br />

1974<br />

1975<br />

1976<br />

1977<br />

1978<br />

1979<br />

1980<br />

1981<br />

1982<br />

1983<br />

1984<br />

1985<br />

1986<br />

1987<br />

1988<br />

1989<br />

1990<br />

1991<br />

1992<br />

1993<br />

1994<br />

1995<br />

1996<br />

1997<br />

1998<br />

1999<br />

2000<br />

2001<br />

2002<br />

2003<br />

2004<br />

2005<br />

2006<br />

2007<br />

2008<br />

2009<br />

2010<br />

2011<br />

2012<br />

<strong>2013</strong><br />

Calendar Year<br />

Contracting<br />

US Employment<br />

60%<br />

55%<br />

50%<br />

45%<br />

40%<br />

35%<br />

30%<br />

25%<br />

20%<br />

15%<br />

10%<br />

5%<br />

0%<br />

Share of Total Employment<br />

INTRODUCTION - 4<br />

NEVADA<br />

MICHIGAN<br />

CALIFORNIA<br />

FLORIDA<br />

RHODE�ISLAND<br />

SOUTH�CAROLINA<br />

OREGON<br />

KENTUCKY<br />

GEORGIA<br />

MISSISSIPPI<br />

DISTRICT�OF�COLUMBIA<br />

OHIO<br />

INDIANA<br />

U.S.�AVERAGE U.S.<br />

NORTH�CAROLINA<br />

ILLINOIS<br />

MISSOURI<br />

TENNESSEE<br />

ARIZONA<br />

IDAHO<br />

WEST�VIRGINIA<br />

WASHINGTON<br />

NEW�JERSEY<br />

CONNECTICUT<br />

ALABAMA<br />

PENNSYLVANIA<br />

COLORADO<br />

NEW�MEXICO<br />

DELAWARE<br />

NEW�YORK<br />

MASSACHUSETTS<br />

TEXAS<br />

LOUISIANA<br />

ALASKA<br />

ARKANSAS<br />

WISCONSIN<br />

UTAH<br />

MARYLAND<br />

MAINE<br />

MONTANA<br />

MINNESOTA<br />

OKLAHOMA<br />

KANSAS<br />

VIRGINIA<br />

IOWA<br />

WYOMING<br />

HAWAII<br />

VERMONT<br />

NEW�HAMPSHIRE<br />

NEBRASKA<br />

SOUTH�DAKOTA<br />

NORTH�DAKOTA<br />

November�Unemployment�Rates�<br />

4.4<br />

Ties�FL�for�largest�improvement<br />

10.8<br />

14.3<br />

7.0<br />

8.9<br />

12.4<br />

4.8<br />

9.8<br />

12.4<br />

3.5<br />

8.1<br />

12.0<br />

4.9<br />

10.4 11.6<br />

6.2<br />

8.3<br />

10.6<br />

5.2<br />

8.4<br />

10.6<br />

5.7<br />

8.2<br />

10.2<br />

4.5<br />

8.5<br />

10.1<br />

6.6<br />

8.5 9.9<br />

5.5<br />

8.4 9.8<br />

5.4<br />

6.8<br />

9.8<br />

4.7<br />

8.0<br />

9.8<br />

4.5<br />

7.7<br />

9.8<br />

4.7<br />

9.1 9.7<br />

4.4<br />

8.7 9.6<br />

4.9<br />

6.7<br />

9.4<br />

4.8<br />

7.6<br />

9.4<br />

4.0<br />

7.8<br />

9.4<br />

2.8<br />

6.8<br />

9.4<br />

4.4<br />

7.3<br />

9.3<br />

4.8<br />

7.8 9.2<br />

4.4<br />

9.6 9.2<br />

4.4<br />

8.8 9.0<br />

3.4<br />

7.5 9.0<br />

4.3<br />

7.8 8.6<br />

Nov�06<br />

4.1<br />

7.7 8.6<br />

3.7<br />

6.2<br />

8.5<br />

Nov�10<br />

3.4<br />

6.7<br />

84 8.4<br />

4.3<br />

8.3 8.3<br />

Nov�12<br />

4.7<br />

6.6<br />

8.2<br />

4.6<br />

6.2<br />

8.2<br />

3.9<br />

5.8<br />

8.2<br />

6.2<br />

6.8 8.0<br />

5.2<br />

7.0 7.9<br />

4.7<br />

6.7 7.6<br />

2.7<br />

5.1<br />

7.5<br />

3.8<br />

6.6 7.4<br />

4.7<br />

7.2 7.3<br />

3.2<br />

5.8 7.2<br />

4.3<br />

5.7 7.1<br />

4.1<br />

5.2<br />

6.9<br />

4.3<br />

5.4 6.8<br />

3.0<br />

5.6 6.8<br />

3.6<br />

4.9<br />

6.6<br />

3.0<br />

5.1 6.6<br />

2.3<br />

5.3 6.4<br />

3.9<br />

5.2 5.7<br />

3.6<br />

5.6 5.4<br />

3.0<br />

3.7 4.6<br />

3.1<br />

4.4 4.5<br />

3.3<br />

3.1 3.8<br />

0 2 4 6 8 10 12 14<br />

Percent�(Seasonally�Adjusted)

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