Editorial: Economic diversity essential for growth

Sunday, Dec. 5, 1999 | 10:03 a.m.

Unemployment has reached record lows and the stock market has been setting new highs, so it may seem out of place to be anything but optimistic. But Nevada's economy still is driven by a single industry, tourism, a volatile industry that can be hit hard during a recession. In contrast, a diversified economy typically can sustain an economic downturn more easily.

The Western Governors' Association, meeting in Las Vegas last week, focused on developing economic strategies that incorporate partnerships among the states and high-tech firms. Gov. Kenny Guinn is promoting economic diversification and one of Las Vegas Mayor Oscar Goodman's priorities has been getting high-tech firms to consider moving here. It is vital that this state aggressively pursue economic diversification, including luring technology firms, so it is encouraging to see Nevada and other Western states pursue this avenue.

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