Northern Nevada growth continues strong amid a pandemic
Developers say, “Nevada might be the least impacted.”
RENO, Nev. (KOLO) - As many continue to face the hardships of this pandemic and a major economic recovery, a local broker said we might bounce back faster than anywhere else in.
Bryan Drakulich, real estate broker and the owner said before the pandemic Northern Nevada’s economy was skyrocketing, with logistics and larger manufacturers being one of our main economic drivers. Drakulich said a big reason why the development continues is because of our area’s business growth.
“We have the Tesla’s, the Switch, the Apple, the Google, and the Walmart, all those things are making a difference here,” said Drakulich.
While the pandemic has closed businesses, Drakulich said the housing market is staying strong. He added, seven and a half years ago EDAWN estimated 50,000 new jobs. We are into the second five-year period and leaders predict the same or more, even during this health crisis.
“We have never seen inventory this low in this marketplace, at least in my 41 years and I’m talking about housing inventory, rental inventory, and luxury homes,” Drakulich explained.
Drakulich said in the 2008 recession we were one of the hardest-hit markets in the nation. At the time, gaming was our number one economic driver and it was suffering drastically. He said he doesn’t see this happening again.
“It is because of the business growth and the foundation that exist, we are no longer gaming dependent and I think that is fantastic, and because of that I have hope for everyone economically in Northern Nevada,” Drakulich said.
As more people from surrounding states move into our area, Drakulich said we will continue to see growth, but more inventory must be built to keep our economy moving.
Click here to see Drakulich Commercial Properties’ most recent developments.
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