In this article, we list and discuss the 12 Fastest Growing Cities in Nevada.
Much of Nevada’s population growth is driven by the economic progress of the state as it attracts migrants from across the country. In 2023, Nevada’s gross state product (GSP) reached $239 billion, and according to the US Bureau of Labor Statistics, Nevada had a civilian labor force of over 1.6 million people as of February 2024. However, any talk about Nevada’s population growth and economic progress without the mention of the state’s mining, casino, and hospitality industries would simply be incomplete.
Nevada’s Casino Resorts and Hospitality Industry
Being the largest sector by revenue in Nevada, the casino industry posted a revenue of $15.5 billion in 2023, therefore, retaining the state’s position as the country’s top gambling and gaming market. For further context, some of the largest gambling companies in the world such as Las Vegas Sands Corp. (NYSE:LVS) and MGM Resorts International (NYSE:MGM) are headquartered in Nevada.
With a market cap of $34.96 billion, Las Vegas Sands Corp. (NYSE:LVS) ranked first on our list of most valuable gambling companies in the World. The company has prosperous plans for the future, including the building of a multi-billion dollar casino, entertainment, and hospitality project on Long Island, New York. It’s interesting to note that New York, with a revenue of $4.71 billion in the gambling and gaming sector, ranks among the top five largest gambling markets in the country. Meaning, that Las Vegas Sands Corp. (NYSE:LVS)’s plans to open this casino in New York is a potentially potent move.
On the other hand, MGM Resorts International (NYSE:MGM), headquartered in Las Vegas, has a portfolio of 31 unique hotel and gaming destinations worldwide. By revenue, MGM Resorts International (NYSE:MGM) is the biggest gambling company in the world, boasting a trailing twelve-month revenue of $12.55 billion.
All in all, Nevada shows a positive economic outlook, mainly due to its gaming and gambling sector, which remains one of the major employers in the state. Moreover, Nevada has no individual income tax rate, which could also be one of the reasons for drawing people to relocate to Nevada. Below, we list the 12 fastest-growing cities in the Nevada.
12 Fastest Growing Cities in Nevada
Our Methodology
For our list of the top 12 Fastest Growing Cities in Nevada, we have ranked the cities using state population data from the US Census Bureau which provided us a list of annual population estimates for Nevada’s cities. We then calculated the percentage change in population from 2020 (July) to 2022 for these cities and shortlisted the top 12 cities that experienced the highest population growth in these years. The cities in our list are ranked based on the ascending order of their percentage change in population between 2020 and 2022. All other statistics and figures mentioned in our list have been sourced from the US Census Bureau, except for weather information for Lovelock City, which comes from Best Places.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
12 Fastest Growing Cities in Nevada
12. Ely City
Percentage Change in Population (2020-2022): 0.81%
With a homeownership rate of 62.8% and an employment rate of 66.6%, Ely City is home to around 3,962 individuals. Compared to the 2020 population of 3,930, this is a 0.81% increase. The city has a poverty rate of 9.5%, which is 3% below the state average of 12.5%. Moreover, the median household income in the city is $77,076, which is $4,743 above the state average. The housing landscape is also healthy in Ely, with the median gross rent in the city standing at a reasonable $982, making living here accessible to many. Additionally, 16.3% of the individuals in the city have attained higher education.
11. Yerington City
Percentage Change in Population (2020-2022): 0.93%
Compared to 2020, Yerington City has seen a population growth of 0.93%, which means the population now stands at 3,135 individuals, up from 3,106 in 2020. The city has an employment rate of 39.8%, with 23.3% of residents being employed in local, state, and federal government positions. Moreover, 16.7% of the city’s population has attained higher education. The median household income of Yerington residents stands at $41,600, which is $30,733 less than the state average, and the poverty rate stands at 19.8%, which is 7.3% above the state average. Despite the high poverty rate and poor income figures, the median gross rent in the city stands at only about $736, which makes housing and living more affordable for residents.
10. Elko City
Percentage Change in Population (2020-2022): 0.95%
Elko, with a population of 20,756 people in 2022, has grown slightly faster than Yerington City, with a percentage population change of 0.95%. According to Census data, 45.8% of the population in the city comprises females, and 23.6% of the population is under 18.
Additionally, the city is home to 71.7% White individuals, 1% Black or African Americans, 4.3% American Indians or Alaskan Natives, 1.6% Asians, 0.1% Native Hawaiians and other Pacific Islanders, and 29.1% Hispanics or Latinos.
9. Fallon City
Percentage Change in Population (2020-2022): 1.22%
Fallon’s housing sector reflects a mix of ownership and rental opportunities, with a 45.2% rate of owner-occupied housing units. The median value of homes is at $230,000, while the median gross rent crosses the $1,000 figure.
The population of the city, comprising 9,445 individuals, as of 2022 data, is diverse, with 79.1% white individuals, while Asian, Black or African Americans, American Indians or Alaskan Natives, Native Hawaiians and other Pacific Islanders, and Hispanic or Latino residents contribute to the city’s vibrant mix.
8. Lovelock City
Percentage Change in Population (2020-2022): 1.43%
Ranked 8th among the 12 fastest-growing cities in Nevada, Lovelock boasts a population change of 1.43%, with the population going from 1,811 in 2020 to 1,837 in 2022. The city experiences hot, dry summers and mild and dry winters, with an average annual precipitation of about 5.5 inches, mainly as winter snow and sporadic rainfall. Summers bring sweltering temperatures, while winter lows can drop to around -2 °C. Additionally, Lovelock’s diverse population reflects various ancestries, including English, French, Italian, Polish, and Scottish, while German and Irish contribute significantly to the city’s heritage.
7. Las Vegas City
Percentage Change in Population (2020-2022): 1.47%
Las Vegas, known for its casinos, vibrant atmosphere, and bustling economy, has a population density of over 4,627 individuals per square mile across its 141.83 square miles of land. Amidst the bustling environment, Las Vegas serves as a thriving economic hub, with an employment rate of 58.8%, and a labor force participation rate of 61.9%. The city is also home to Las Vegas Sands Corp. (NYSE:LVS), the most valuable gambling company in the World.
6. Caliente City
Percentage Change in Population (2020-2022): 1.82%
Situated in Lincoln County, Caliente, formerly known as Culverwell and Calientes, is home to only about 1,009 people. However, despite the small population count, it is still one of the fastest-growing cities in Nevada, with a population growth rate of 1.82%. According to the Census data, the city has an employment rate of 47.3%, with 51.2% of residents working for private companies, 30.1% in various government roles, and 5.2% self-employed. Also, the median gross rent in Caliente is approximately $630, indicating relatively affordable housing compared to larger cities.
Nevada’s Mining Industry
The population boom in Nevada first started back in 1859 when silver was discovered in the state, which gave Nevada its nickname – the Silver State.
In 2021, Nevada’s mines produced over 6.2 million troy ounces of silver, of which, the Rochester Mine near Lovelock, owned by Coeur Mining Inc (NYSE:CDE), accounted for the largest silver production in the state. In June 2017, Coeur Mining Inc (NYSE:CDE) celebrated pouring its 150 millionth ounce of silver from its Rochester mine. In addition, Coeur Mining Inc (NYSE:CDE) announced commercial production in its newly expanded Rochester mine on 7 March 2024. Since then, its crush circuit has been operating at an average throughput of around 70,000 tons per day.
Moreover, Nevada is also leading the way in the country’s gold production. In 2021, the goldmines across Nevada accounted for 74% of the US total gold production, producing 4,502,365 troy ounces of gold. Overall, in 2021, Nevada produced over $9.7 billion worth of mineral commodities, excluding construction aggregates, and a minimum of $309 million was also spent on mineral exploration in the same year.
Overall, mining is one of the largest industries in Nevada. In 2021, the industry employed an average of 15,024 Nevadans at an average salary of $103,000. Also, the mining industry created 14,985 more jobs in supplying mining goods and services.
With that out of the way, let’s head over to the list of the 5 fastest-growing cities in Nevada. For a more extensive list — see 12 Fastest-Growing Cities in Nevada.
Christopher Boswell/Shutterstock.com
Our Methodology
For our list of the Fastest-Growing Cities in Nevada, we have ranked them based on state population data from the US Census Bureau which provided us a list of annual population estimates for the cities. We then calculated the percentage change in population from 2020 to 2022 for them and shortlisted the cities that experienced the highest population growth in these years. The cities in our list are ranked based on the ascending order of their percentage change in population between 2020 and 2022. All other statistics and figures mentioned in our list have been sourced from the US Census Bureau, except for weather information for Lovelock City, which comes from Best Places.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
5. Reno City
Percentage Change in Population (2020-2022): 3.20%
Reno, with a population of around 273,448, and a median household income of around $72,103, boasts a diverse economic landscape. The city’s industries span a wide range, with notable sectors including construction, manufacturing, retail trade, educational services, healthcare, social assistance, and professional, scientific, and management services. With 24.5% of females engaged in computer, engineering, and science occupations, the city showcases a commitment to gender diversity in key industries as well. The poverty rates in Reno are also less than the state average.
4. Henderson City
Percentage Change in Population (2020-2022): 3.88%
Henderson, with a population of 331,415 people in 2022, is a Nevada city situated in Clark County. The city is named after Charles B. Henderson, the famed United States senator, attorney, and businessman from Nevada. Charles B. Henderson was also the developer of the Basic Magnesium Plant during World War II. The city encompasses an area of approximately 106 square miles, with a diverse landscape ranging from desert terrain to mountainous regions. The city’s age demographics reflect its varied population composition, with 4.9% children, 21.4% teenagers, and 20.0% senior citizens.
3. Fernley City
Percentage Change in Population (2020-2022): 5.36%
Fernley, with a population of 24,261 people in 2022, ranks third among the fastest-growing cities in Nevada. 89.7% of the city’s residents aged 25 and older hold a high school diploma or higher, while 14.9% have attained higher education. The city’s various industries, including manufacturing, retail trade, educational services, health care and social assistance, and transportation, contribute to its economic growth. Moreover, Fernley has an employment rate of 61.1%, a median household income of $84,025, and a median gross rent of $1,351.
2. Mesquite City
Percentage Change in Population (2020-2022): 6.67%
With a population growth rate of 6.67%, Mesquite’s population grew from 20,617 in 2020 to 21,992 in 2022. With a median household income of around $69,146, the city maintains a relatively low poverty rate of 9.8%. Mesquite has an employment rate of 34.9%, with 24.4% of the residents having attained higher education. Also, the city’s median gross rent is only slightly above $1,000.
1. North Las Vegas City
Percentage Change in Population (2020-2022): 7.41%
Topping the list, North Las Vegas is the fastest-growing city in Nevada by population, housing about 280,543 people. The city is best known for the Las Vegas Motor Speedway, hosting NHRA drag racing events and two NASCAR Cup Series races, the only ones in Nevada, including the Pennzoil 400 during Spring Race Weekend. Alongside its reputation in motorsports, North Las Vegas thrives economically, with the highest contributing sectors being educational services, health care, social assistance, arts, entertainment, recreation, accommodation, and food services, collectively accounting for 36.2% of its economy. Additionally, retail trade and construction play significant roles in driving the city’s growth and development.
With that said,
If you want to read our analysis of the casino industry in Nevada, along with a more extensive list of the fastest-growing cities in Nevada, head over to 12 Fastest-Growing Cities in Nevada.
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