Another employer bites the dust....

[Nevadan]

So, I've been working a second job for a couple of years now, in order to stash cash (savings), make ends meet in tough months and to help with school expenses for my eldest child who is in college. The company I work for in this second job announced this morning that they are closing their US operations, which amounts exclusively to its Reno facility that served all of the US. This means a couple of hundred more folks who will be on the unemployment rolls in the coming months. It sure would be nice if our economy really does see recovery anytime soon, but I'll be surprised if we find our way out of these difficult times in less than 3 more years. I'm trying to look on the bright side in being glad that I still have my first job, which is more than many can say. The potential downside to my bright side is that my first job is at the 'U' and while I've dodged the bullet a couple of times already, the next legislative session is predicted to start with a nearly $3B shortfall in state tax revenues.

[Stuck in Seattle]

That's tough luck G. Every time things get to looking up another hit comes along. I still think there will be a lot of improvement sooner than 3 years, but just as there were pockets that collapsed earlier than others, some will come back slower as well. I just hope Reno isn't one of them...or Seattle either.

[#1PackFan]

So, I've been working a second job for a couple of years now, in order to stash cash (savings), make ends meet in tough months and to help with school expenses for my eldest child who is in college. The company I work for in this second job announced this morning that they are closing their US operations, which amounts exclusively to its Reno facility that served all of the US. This means a couple of hundred more folks who will be on the unemployment rolls in the coming months. It sure would be nice if our economy really does see recovery anytime soon, but I'll be surprised if we find our way out of these difficult times in less than 3 more years. I'm trying to look on the bright side in being glad that I still have my first job, which is more than many can say. The potential downside to my bright side is that my first job is at the 'U' and while I've dodged the bullet a couple of times already, the next legislative session is predicted to start with a nearly $3B shortfall in state tax revenues.

It's a crazy world for sure. Our geothermal company is looking to hire 6 to 12 people in technical type positions over the next few months. That's in addition to 20 we just hired last year to operate our facilites in Fallon. For a change our industry is booming and alot of associated service companies (electrical contractors, drilling companies, etc...) are growing as well.

[BustNChops]

Sorry to hear that Nevadan. Unfortunately you're not alone. At least you have some silver lining.

Here are the latest stats that came out:

The unemployment rate in Washoe County in January was 13.5 percent, up from 12.5 percent in December. The state estimates 3,500 fewer people were working than a month earlier. Carson City's jobless rate was 13.8 percent, and Elko's was 8.1 percent.

I also believe the 3-year recovery is more reasonable. I'm also of the belief that things will get worse before they get better. I wouldn't be shocked to see that 13.5 grow to 15.0 withing the next 3-months.

[AJ fan]

Sorry to hear that Nevadan. Unfortunately you're not alone. At least you have some silver lining.

Here are the latest stats that came out:

The unemployment rate in Washoe County in January was 13.5 percent, up from 12.5 percent in December. The state estimates 3,500 fewer people were working than a month earlier. Carson City's jobless rate was 13.8 percent, and Elko's was 8.1 percent.

I also believe the 3-year recovery is more reasonable. I'm also of the belief that things will get worse before they get better. I wouldn't be shocked to see that 13.5 grow to 15.0 withing the next 3-months.

I hope you are wrong with your prediction like you were with the stock market crash. Even if things stay the same or get a little better they will still be bad. 3 years sounds right because with more foreclosures coming and the collapse of commercial real estate it will be a long time before construction comes back. Good jobs slowly trickling over the hill from California will slowly pull us out.

[Artic Wolf]

It's a crazy world for sure. Our geothermal company is looking to hire 6 to 12 people in technical type positions over the next few months. That's in addition to 20 we just hired last year to operate our facilites in Fallon. For a change our industry is booming and alot of associated service companies (electrical contractors, drilling companies, etc...) are growing as well.

Geothermal is big in NV and in Churchill Co. (Fallon) hopefully the mess with the Fed's extracting revenues from local and counties involved in geothermal will get straightened out. Also read about the big steel/joist manufacturing plant closing in Fallon. At one point they operated 24 hrs a day, employed over 300...now down to 90, with closing in April those folks will loose their jobs....another hit for a rural area.

[#1PackFan]

Geothermal is big in NV and in Churchill Co. (Fallon) hopefully the mess with the Fed's extracting revenues from local and counties involved in geothermal will get straightened out. Also read about the big steel/joist manufacturing plant closing in Fallon. At one point they operated 24 hrs a day, employed over 300...now down to 90, with closing in April those folks will loose their jobs....another hit for a rural area.

Not sure about the "mess with the Feds" and what you are referring to. On any projects that sit on Federal BLM land, the royalties that are paid are split between Federal and the State and County level. 50% of them route back to the State and County level which is a change made back in 2005. We also pay hefty Property Tax bills and do a lot of road repair in our area as well to minimize the affect on the landowners.

Our guys at the plant level, 20 of them, have a yearly income range from 50,000 to 110,000 so that's pretty good. And none of them have a college degree so when I hear them complain I want to smack them in the head. :D

[student4ever]

Hey #1, did you get my email?

[Artic Wolf]

Not sure about the "mess with the Feds" and what you are referring to. On any projects that sit on Federal BLM land, the royalties that are paid are split between Federal and the State and County level. 50% of them route back to the State and County level which is a change made back in 2005. We also pay hefty Property Tax bills and do a lot of road repair in our area as well to minimize the affect on the landowners.

Our guys at the plant level, 20 of them, have a yearly income range from 50,000 to 110,000 so that's pretty good. And none of them have a college degree so when I hear them complain I want to smack them in the head. :D

"Nevada senators introduce legislation to restore geothermal money to states, counties. NV. Sens. Ensign & Reid have introduced legislation to ensure states & counties actively involved with geothermal production receive their share of royalities and lease money that were previously redirected to the federal treasury instead of local communities. In Ch. Co. for example, the loss of the geothermal royalty & lease money could range upward to $1M annually. Late last yr., H.R. 2996 was tacked onto bill to have all money derived from sales, bonuses, rentals & royalities under the Energy Policy Act of 2005 REVERT to the federal government as originally provided in the Geothermal Act of 1970.

There's more, but this article is online at Lahontanvalleynews.com . Sorry I don't know how to provide a direct link, but the story is worth reading....another example of items "tacked" onto bills getting through. " Our legislation will ensure that our state & counties receive 75% of the geothermal royalities that we need & deserve" said Ensign.