Federal projects have played an especially large role in Nevada's development. During the depression of the 1930s, Hoover (Boulder) Dam was constructed to provide needed jobs, water, and hydroelectric power for the state. Other public works—Davis Dam (Lake Mohave) and the Southern Nevada Water Project—have served similar purposes. The fact that some 87% of Nevada land is owned by the US government further increases the federal impact on the economy. Gaming supplies a large proportion of state revenues.
The Nevada Commission on Economic Development (NCED) offers a number of incentives to encourage the growth of primary businesses in Nevada, and to promote economic diversification. There is no corporate or personal income tax and other state taxes are low. The Department of Commerce issues tax-exempt industrial development bonds which provide low-interest financing of new construction or improvement of manufacturing facilities and other projects. The Development Corporation, a private financial corporation certified by the US Small Business Administration, offers long-term loans for expanding or new businesses. Rural small businesses can obtain loans from the Rural Nevada Development Corporation and the Nevada Revolving Loan Fund Program. A report in 2003 indicated that Nevada was the only state in the country in which manufacturing jobs grew July 2002 to December 2002; Nevada's workforce grew 1,400. A Made in Nevada program was featured by the NCED in 2003, which also collaborated in publishing the Nevada Investment Guide for Japanese Companies. Almost 30% of foreign-based companies in Nevada are Japanese.