State officials approved tax incentives this month for four companies moving into Southern Nevada, including a server manufacturer supporting artificial intelligence computing. Combined, they’re promising just over 430 jobs.
The Nevada Governor’s Office of Economic Development approved tax incentive requests for four businesses expanding operations into Southern Nevada at its quarterly board meeting, according to the office’s own application records.
Hyve Solutions, a manufacturer of server, storage, networking and artificial intelligence computing platforms, plans to create 240 computer hardware manufacturing jobs in North Las Vegas over the next two years, with average wages of $38.55 per hour, according to the company’s application to the state.
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Nimble Precision Inc. is weighing a circuit board manufacturing facility in Clark County that would create 65 jobs at an average hourly wage of $46.31, contingent on final board approval. The company’s application materials list Fort Worth, Texas, and Phoenix, Arizona, as competing locations, with state incentives described as a major factor in the company’s final decision. If Nevada is chosen, the company would contribute $46 million in capital investment in exchange for a $4.6 million tax abatement.
TensorWave Inc., an artificial intelligence computing company, is among the businesses receiving support from the Las Vegas Global Economic Alliance to expand or relocate into Southern Nevada, according to LVGEA. The organization did not disclose specific job or wage figures for TensorWave in its public announcement.
Combined, the four approved projects are expected to create more than 430 new full-time jobs over the next two years, according to state records of the incentive applications.
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Nevada’s tax abatement program for relocating and expanding businesses requires companies receiving the state’s largest, 20-year abatements to employ at least 50 full-time Nevada residents within five years and pay the statewide average wage, according to the state’s Office of Economic Development.
Four companies, 430 jobs, and a handful of tax abatements the state is betting will pay for themselves in future revenue. Whether Nevada’s newest AI hardware manufacturer becomes the kind of long-term employer the incentive program is designed to attract, or another line item in the state’s growing tally of approved-but-unrealized job promises, is a question that won’t have an answer for at least two years.
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