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Governor Joe Lombardo and the Nevada Governor’s Office of Economic Development (GOED) has approved eight companies that will receive $7,249,200 in tax abatements. In return, these companies are projected to create 533 jobs in the next two years at an average weighted hourly wage of $32.86. That figure is expected to grow to 724 jobs in five years. Additionally, these companies will make capital investments of $72,330,374 and generate $65,113,684 in new tax revenues over the 10-year abatement period.
“The near-term benefit of Nevada’s incentive program is that it is creating good jobs that wouldn’t otherwise come here,” said Governor Joe Lombardo. “One of these companies alone will create 270 jobs in Nye County and two others in Clark County will create more than 300 positions combined over the next five years outside of the hospitality and leisure sector. Since January, we have assisted 25 companies that will create 5,208 jobs in their first five years of operation. They have invested more than $4 billion in capital investment and will generate more than $1 billion in new tax revenues.”
Five of the companies receiving abatements are in Clark County. The other three are in Lyon, Nye, and Washoe Counties.
AGRU America, Inc. plans to expand its current Lyon County manufacturing plant by 102,000 square feet. AGRU is a plastics manufacturer and the company’s Fernley facility produced premium geomembrane liners used to control fluid migration in a manmade project. It was approved for $1,383,440 in tax abatements. It is projected to create 17 jobs in the first two years of operation at an average weighted hourly wage of $28.62. It is expected to grow to 20 jobs in five years. This company will make $20,872,500 in capital equipment investment in the first two years of operation and generate $6,608,894 in new tax revenues over the 10-year abatement period. Learn more about AGRU America here.