Reno Poised to Become the Next Silicon Valley

The Biggest Little City in the World has long been associated with cheap prime rib and gambling.  In the past, it has been referred to as sort of the long lost cousin to the flashier sights and sounds of Las Vegas.  City officials are working to make a change in what people think when they talk about Reno.  They have been slowly but surely turning towards the high tech industry to help pull them out of the doldrums experienced with their economic down slope in 2009.  Is Reno poised to become the next Silicon Valley?

The City of Reno has already tried to re-brand itself as more than just a gambling destination.  Toby Keith, Olivia Newton-John, Wanda Sykes and Kathy Griffin are just a few of the big name stars performing at local casinos in the next couple of months.  The dining scene at local Reno restaurants and even on the streets is enough to make any foodie squeal with delight.  But the biggest area where there is expected to be improvement is in the e-commerce/high tech industry.  That is why experts are wondering if Reno is poised to become the next Silicon Valley.

Thanks to the low sales tax and lack of corporate or inventory taxes, Reno naturally beckons high tech companies to leave its California neighbor and set up shop here.  Currently, Reno is home to an Apple data center, a testing ground for unmanned drones and a huge Amazon distribution center.  Zulily has plans to double its Reno area warehouse, creating 600 new jobs.  Tesla is in talks to put their new battery factory in one of several western states, including right near Reno.  If Reno is chosen as the new location, this could bring as many as 6000 new jobs to the Reno market.

Currently, Reno home prices are beginning to steadily increase.  Unemployment is at 7.1%, a far cry from its high of 13.4% back in September 2010.  Its location just a half hour from Lake Tahoe and four hours from the hub of San Francisco has made it a destination of choice for e-commerce companies, workers and families alike.  Is Reno poised to become the next Silicon Valley?  Only time will tell.  But it does appear that the economy is definitely seeing the light at the end of the tunnel and it is very bright indeed!

Charlene Hamilton and Lesley Veach, Your Reno Real Estate Specialists

Originally posted on our Reno real estate blog here: http://renohappenings.com/reno-poised-to-become-the-next-silicone-valley/.