Major Industries and Commercial Activity
For most of Henderson's short history, the city has been a manufacturing center. Though its beginnings were fast and furious as a magnesium producer for World War II efforts, Henderson's economy today has diversified. The city is still a manufacturing center and a producer of metals and industrial chemicals, but its diversification includes a competitive marketplace for communications technology.
In the past two decades, city leaders, businesses, and the community have been working together to diversify the city's economy with aggressive programs to attract modern industries. The top industries showing growth in Henderson are education services, medical and biomedical technology, the supplier industry, and computer and electronic transfer. In addition, businesses that service senior citizens are sprouting up in the area as more seniors relocate there.
A modern "boom town," Henderson's growth shows no signs of slowing, as city estimates count nearly 6,000 people moving to the region each month. Major corporations with large offices or headquarters in Henderson include Levi Strauss & Company, Ocean Spray Cranberries, Ford Credit, and Good Humor-Breyers. Henderson's growing community and highly favorable business climate continues to attract businesses to the area.
Due only in part to Henderson's proximity to Las Vegas, it goes without saying that a large portion of economic gain stems from the tourism and services industry.
Items and goods produced: baked goods, clothing, food products
Incentive Programs—New and Existing Companies
Several city and state programs are available to assist new, current, or expanding businesses in the City of Henderson.
The City of Henderson can offer partial exemption from public utilities license or franchise fees for gas or electricity; businesses must meet stringent requirements to take advantage of this program. The city's department of economic development staff, along with community resource partners, work together to provide relocating or expanding businesses with needed resources. The city's Redevelopment Agency, as part of the Downtown Investment Strategy plan, offers development incentives via grants, low-interest loans, and other financing to businesses for building improvements, equipment, start-up capital, and other expenses; two of the most successful programs are the Facade Improvement Program and the Revolving Loan Fund.
A variety of state programs exist for new, expanding, or established businesses in Henderson. The Sales Use and Tax Abatement Program offers tax breaks on eligible machinery and equipment for businesses with operations that are consistent with the state's economic diversification and development plans. The Sales and Use Tax Deferral Program defers taxes on qualifying equipment purchases of more than $100,000. Personal Property Tax Abatements are available for qualified new businesses.
Job training programs
The Nevada Department of Employment, Training, and Rehabilitation offers a variety of job training services to both employers and job seekers, including applicant recruitment and screening, tax credit benefits, training programs and career enhancement programs, and labor market information. The Train Employees Now (TEN) program, administered by the State of Nevada Commission on Economic Development, helps new and expanding firms by providing intensive skills-based training programs tailored to the company's needs. The TEN program utilizes training providers such as local businesses and community colleges. The Family Support Center at Nellis Air Force Base offers job information and employer connections to spouses and family members of base personnel. A variety of programs exist through the area's educational institutions.
According to the city's office of economic development, 18 companies either expanded their existing facilities or established new ones—each developing or adding square footage of 5,000 feet or more—in Henderson in 2003. Of those 18 companies, seven were manufacturing operations; the others are made up of services, software, educational, and office or headquarter space.
The Henderson Redevelopment Agency was created in 1995 and utilizes tax increment financing funds for projects in three designated areas of Henderson: downtown, Tuscany, and Cornerstone. In 2005 a variety of projects had set construction start dates or were already underway as part of the city's redevelopment plans, among those are projects totaling more than 230,000 square feet of residential, retail, and office space. A new amphitheater was under construction in the Water Street District, the city's arts and culture center. Other Water Street improvements include sidewalk expansions and beautification of pedestrian areas.
The Ritz-Carlton Lake Las Vegas opened in 2003 in the new resort development area of Lake Las Vegas in Henderson. A spectacular, European villa-style hotel and spa, the hotel offers beautiful views from its 8 floors and 349 rooms. The hotel's $500 million price tag includes a 25,000 square foot full-service spa; two championship golf courses; a pool; 33,000 square feet of banquet, meeting, and ballroom space; and a 40,000 square foot casino.
In January 2005 ground broke on The Pinnacle, a $2 million, mixed-use structure on Water Street in downtown. The Pinnacle is expected to be finished in summer of the same year, and will offer a coffeehouse and bakery on the ground floor, with offices on the second and third floors. Parkline Lofts, under development in early 2005, is a loft-style, 65-unit condominium development in a targeted downtown redevelopment area. Water Street South, expected to be finished by the end of 2005, will consist of 30,400 square feet of retail and office space.
Economic Development Information: City of Henderson Economic Development, 240 Water Street, Henderson, NV 89009; telephone (702)267-1650.
Southern Clark County is the hub of an extensive transportation network serviced by three highway corridors: Interstate 15, U.S. Highway 95, and U.S. Highway 93. More than 50 motor freight carriers serve the area. In addition, a variety of warehousing and support services are available in Clark County, including foreign trade zone accommodations, packaging support, and U.S. customs service. McCarran International Airport handles in excess of 600,000 pounds of arriving and departing cargo. McCarran International Air Cargo Center offers cargo storage and handling and operates in a designated Foreign Trade Zone (FTZ). Union Pacific Railroad runs northeast/southwest through Clark County, linking the area to markets in most states.
Labor Force and Employment Outlook
Henderson's rapid population expansion in the last several decades especially means that local businesses experience no shortages of labor supply. Area businesses draw from a southern Nevada workforce of more than 800,000 people. Additionally, the array of vocational and technical trade schools, higher education institutions, and opportunities for customized training programs enhance both business and employment prospects.
The following is a summary of data regarding the Henderson (including Las Vegas-Paradise) metropolitan area labor force, 2004 annual averages.
Size of nonagricultural labor force: 811,700
Number of workers employed in . . .
natural resources and mining: 400
trade, transportation and utilities: 140,000
financial activities: 46,000
professional and business services: 95,400
educational and health services: 53,900
leisure and hospitality: 247,600
other services: 23,500
Average hourly earnings of production workers employed in manufacturing: $14.60 (Nevada average)
Unemployment rate: 4.2% (Las Vegas-Paradise; January 2005)
Cost of Living
Henderson's cost of living, as well as its housing prices, are somewhat above the national average.
The following is a summary of data regarding several key cost of living factors for the Henderson area.
2004 (3rd Quarter) ACCRA Cost of Living Index: 113.3 (U.S. average = 100.0)
2004 (3rd Quarter) ACCRA Average House Price: $353,798
State income tax rate: None
State sales tax rate: 7.5%
Local income tax rate: None
Local sales tax rate: 7.5%
Property tax rate: 2.9027-2.9468 (depending on tax district) per $100 assessed value (2005)
Economic Information: Sierra Pacific Power Company Economic Development; Grant Sims, Economic Development Manager; phone (775)834-3716; fax (775)834-3384; email firstname.lastname@example.org. City of Henderson Economic Development, 240 Water Street, Henderson, NV 89009; telephone (702)267-1650
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