where i stand:

Las Vegas area emerged from a brutal recession even stronger

Image

Courtesy Photo

Dallas E. Haun is chief executive officer for Nevada State Bank and executive vice president of Zions Bancorporation. He also serves on the board of directors for Three Square, the board of trustees for the UNLV Foundation and on the Nevada Commission on Tourism.

Wed, Aug 24, 2016 (2 a.m.)

Brian Greenspun is taking some time off and is turning over his Where I Stand column to others. Today’s guest columnist is Dallas Haun, chief executive officer for Nevada State Bank and executive vice president of Zions Bancorporation. He serves on the board of directors for Three Square, the board of trustees for the UNLV Foundation and the Nevada Commission on Tourism.

I have seen the banking industry evolve in ways I never imagined possible. I have lived through multiple economic cycles, consolidations, failures, takeovers and countless changes in the regulatory environment. That said, the one thing that hasn’t changed — and one that I hope never will — is the symbiotic relationship between a community bank and the community it serves. Community banks are partners when a family buys its first home, when a company needs equipment to expand operations and, from time to time, when things don’t go as expected.

This affords a unique vantage point. And from where I sit, I could not be prouder to be part of this community.

In the wake of the worst recession in Nevada’s modern history, I witnessed this state rally behind a governor who believed that Nevada’s best days are yet to come. In doing so, Southern Nevada families and businesses proved resilient and resourceful, overcoming seemingly insurmountable odds. I witnessed business owners nearly go bankrupt trying to retain employees and keep their doors open. I saw families, friends and neighbors come together to help those in need when they themselves were barely making ends meet.

And look where we are today.

Our unemployment rate is at its lowest level in nearly eight years. We have restored nearly all of the jobs we lost during the economic downturn. And, new jobs are being created in a broader spectrum of industries than ever before.

At the same time, our core tourism economy continues to solidify its position as a global leader. The Las Vegas brand is as strong as ever thanks to the Las Vegas Convention and Visitors Authority and its hotel partners; visitor volume is at record levels; conventions and trade shows are breaking records and demanding more space; and major gaming companies are investing in existing and new facilities.

Remarkably, Nevada has gone from an economic development pariah to winning awards for its economic development programs in just five years. Tesla, Faraday Future, Barclaycard, eBay, Apple and Hyperloop are moving in and spending billions of dollars in industries that didn’t even exist a decade ago. Nevada is now an FAA-sanctioned proving ground for autonomous systems. Entrepreneurial juggernaut Switch is expanding its footprint, making Nevada among the most “connected” regions in the world.

While these high-profile economic development wins make headlines, it is important to point out that they account for only a handful of the more than 2,000 net new businesses created last year. In fact, the majority of these new businesses have fewer than 20 employees, making small business an equal, if not greater, driver of our community’s economic resurgence.

Innovation is also coming from local colleges and universities. UNLV, CSN, Roseman, Touro and others are doubling down on technology, health care and renewable sciences. UNLV’s robotics program brought us the Metal Rebel, which is competing nationally; Touro, Roseman and now the UNLV School of Medicine are training more health care professionals for our community; and CSN is collaborating with businesses across a broad spectrum of industries to provide critical skills training for high-demand positions.

Gov. Brian Sandoval has delivered on his promise to rethink, restructure and reform K-12 education. Teachers and administrators are more accountable than ever before. Competition among schools is increasing, and so are the choices available to parents and students. Career and technical academies have been an indisputable success, and today, every child has access to full-day kindergarten. The Clark County School District’s commitment to enhanced programs in science, technology, engineering and math is clear and is already improving the quality and competitiveness of our high school graduates.

At the same time, according to a recent report by the respected Moonridge Group, charitable giving and volunteerism are at the highest level in Southern Nevada’s history. Perhaps an unexpected benefit of difficult economic times, we seem to be carrying forward the community mindset that helped us weather the recent economic crisis.

I don’t know what tomorrow will bring, but I can tell you that from where I sit, this community came out of the recession stronger than it went in. That is something we should all take great pride in.

Back to top

SHARE