4 Growing Industries in Reno and Northern Nevada
The region has become a prime destination for companies in a variety of sectors.
Business is booming in Reno and Northern Nevada. Companies across a range of industry sectors are expanding in or relocating to the area and entrepreneurs are choosing to launch and grow their startups here.
You don’t have to spend a lot of time in the region to understand its appeal. Reno and Northern Nevada offer a quality of life that’s hard to compete with, from its first-class entertainment and exquisite dining to its excellent higher education institutions, gorgeous scenery and wealth of outdoor recreation options. Plus, Reno is well on its way to building a clean energy economy. These assets attract people and companies, which, in turn, attract more of both.
Interested in learning more about the region and its thriving business scene? Here are four industries that are growing in Reno and Northern Nevada.
In This Article
1. Technology
The region’s tech scene continues to flourish, from tech giants like Apple, Google, Tesla and Microsoft to smaller companies like Elemental LED, the largest provider of linear low-voltage lighting solutions in North America, Alchemy, which specializes in workday solutions, and Azibo, a one-stop shop financial services platform for rental properties. Not only are new startups coming on the scene, but tech companies from around the U.S. are relocating here. In 2022 alone, the Economic Development Authority of Western Nevada (EDAWN) helped 10 tech-related companies relocate to or expand in the area.
Though previously known as a gaming community, the Reno area has transformed over the years into a location where tech companies can grow and thrive. It offers business-friendly policies, support from organizations such as EDAWN and a skilled talent pool. Helping to fill that pool is the University of Nevada, Reno, which offers programs in fields including computer science and engineering, electrical engineering and information systems. Additionally, the area is affordable, especially when compared to other tech hubs like the Silicon Valley.
2. Advanced Manufacturing
The advanced manufacturing sector continues to expand in Reno and Northern Nevada, as the region boasts available, affordable industrial space, lower workers comp costs, right-to-work laws and a central location in Western U.S. markets. These assets not only discourage local companies from leaving the area, but they entice those from outside the region or state to relocate.
Thanks to the use of technology in advanced manufacturing, companies like Tesla are streamlining their operations and processes like never before. Tesla chose this area for its first Gigafactory, which opened in 2016. The company’s goal was to produce 35 gigawatt hours (GWh) of battery cells at the facility each year, which, at the time, was unprecedented for one factory. Since then, the facility has produced 7.3 billion battery cells, or 37 GWh+ annually.
3. Renewable Energy
The increase in electric-powered vehicles and mobile phones has prompted the advancement of lithium-ion (Li-ion) batteries for energy storage, and this region continues to see growth in this sector. Examples of Li-ion battery technology manufacturers include:
- Panasonic, which manufactures and supplies cylindrical Li-ion cells for Tesla
- Dragonfly Energy, which is known for developing some of the most popular Li-ion battery products in the RV and Marine industries
- Redwood Materials, which recycles and refines Li-ion batteries and remanufactures anode and cathode components
JB Straubel, co-founder and former chief technology officer for Tesla, founded Redwood Materials in this region in 2017, and since then, the company has seen great success.
“We have seen a huge growth in the last decade of clean energy technologies and companies in the region, and we are proud to be part of Nevada’s growing workforce in this sector,” says Don Tatro, director of state and local policy at Redwood Materials. “We look forward to welcoming other clean energy companies to strengthen this industry even further in Northern Nevada.”
Also making waves in this sector is Dragonfly Energy. The company can be traced back to the University of Nevada, Reno, where founders Denis Phares and Sean Nichols met while attending grad school. Since its founding in 2013, Dragonfly has blossomed into a company that reaches far beyond the state’s borders – it’s a leader in the green energy storage industry.
In 2022, Dragonfly won EDAWN’s Existing Industry Manufacturing Excellence Award for its contributions to Northern Nevada.
4. Financial Services
The financial services sector has seen tremendous advancement over the years, thanks to innovations in mobile banking, artificial intelligence and blockchain. Among the fintech companies thriving here are:
- Clear Capital, a national real estate valuation technology company
- Figure Technologies, which transforms financial services through blockchain
- Uplift, which helps make travel more accessible, affordable and rewarding
- Red Dot Management, which provides solutions for motor vehicle accident accounts
Red Dot, founded by Michael Bumann in 2014 in Colorado, relocated its headquarters to and expanded in Reno in 2019. Prior to moving, EDAWN led Bumann on a tour of the area.
“What was most striking was how warm and real people are in Reno, and noticing the small-town vibe where people are genuinely interested in how to connect and be helpful,” he says.
Bumann also notes that there are plenty of opportunities here for companies in financial services and other sectors.
“I really think any business has an opportunity in Reno. Financial services has outstanding internet, you have a highly skilled workforce and like for us, when we need ancillary services, we can almost always find them in another company in Reno,” he says.
This article was sponsored by EDAWN.