Reposted on behalf of EDAWN.
RENO, Nev. (Sept. 1, 2015) - The Economic Development Authority of Western Nevada (EDAWN) and members of the Economic Planning Indicators Committee (EPIC) announced that the EPIC Report (Northern Nevada Regional Growth Study 2015-2016) was released today. The report provides four possible growth scenarios for a five-county study area comprised of Washoe, Storey, Carson, Douglas and Lyon Counties. The forecast indicates that the region will potentially see job growth between 47,400 to 56,600 and population growth ranging from 42,400 to 64,700 during a five-year period (2015-2019).
The report was commissioned by EDAWN, on behalf of the EPIC, and was conducted by John Restrepo and his team of economists from RCG Economics LLC (RCG), one of the most authoritative sources of research, regional economics and market trend analysis in Nevada. The EPIC is comprised of 33 representatives from state and local governments, education institutions, community partners and planning agencies from across the state. The technical team, comprised of EPIC members and RCG, participated in preparing the region's socioeconomic forecast, which met nearly every week since October 2014 to provide data, feedback and guidance to the EPIC on the study's process.
The purpose of the study is to forecast how many jobs and residents will potentially be located in the Study Area's by 2020, based on current and anticipated growth trends. The Study Area was segmented in 18 "EPIC Zones." The where and how growth will occur is largely based on expected changes in land use patterns and economic activity over the five year time period. The EPIC has used the state-of-the-art, well-accepted and widely-used forecasting model developed by Regional Economics Models, Inc. ("REMI"). This model projects the demographic, economic and associated public revenue changes the Study Area is expected to see between 2015 and 2019.
"How we handle our projected job and population growth will be key to our region's future success. That's why our Reno City Council has pinpointed planning for growth as a top priority," stated Reno Mayor Hillary Schieve. "We thank EDAWN and the EPIC group for their hard work in giving us a calculated plan to work and strategize from, over the next five years."
"I want to thank all the stakeholders who participated and contributed to the EPIC Report," said Sparks Mayor Geno Martini. "This critical document provides a clear roadmap for the City to plan and prepare for the future. As the closest metropolitan area to the Tahoe-Reno Industrial Center, it is anticipated that Sparks stands to gain significantly from the excitement just a few minutes east of our City. The EPIC Report will help us to understand and meet the challenges that are to come."
"The EPIC report shows business leaders and people from around the country are seeing what northern Nevadans know to be true, this is a great place to live," said Washoe County Commission Chair Marsha Berkbigler. "The report underscores the importance of all of us working together regionally to be responsive and proactive to these pending economic impacts."
"The EPIC report represents months of focused and high level work targeted at understanding and planning for future growth in our region as we progress thru continued economic recovery," comments Pat Whitten, County Manager, Storey County. "I applaud EDAWN for their leadership in bringing such a diverse group of regional leaders together and helping us chart our short and medium term opportunities and challenges collectively."
Census tract data from the U.S. Census Bureau was used to create a series of growth maps for the region that reflect different growth scenarios. The Study Area has undergone striking socioeconomic changes since 1990. As the 21st century unfolds, these changes are projected to continue. How the regional economy evolves, where this economic activity will occur, where its residents will live and work and how the transportation system will influence and be influenced by growth, will be an important matter for decades to come.
This report, while based on the best available data, is still a projection that will be monitored and adjusted on a regular basis as the real data becomes available. It is for this reason that the EPIC will monitor the projections against actual data on a monthly basis and will meet quarterly to see if adjustments to the report are necessary. A full review and update of the report is planned for 2017.
The Economic Development Authority of Western Nevada is a private/ public partnership established in 1983 committed to recruiting, expanding and supporting newly forming quality companies that bring jobs to the region and have a positive impact on the quality of life in Greater Reno-Sparks-Tahoe.
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