As the Governor of Nevada, I have witnessed firsthand the concerns and frustrations of our residents when it comes to the economy and their ability to thrive. During the 2022 elections, I was able to unseat an incumbent governor by focusing on the importance of building a stronger economy, creating good-paying jobs, and lowering taxes. These kitchen-table issues continue to resonate with Nevadans, especially as they grapple with the challenges of inflation and rising costs.
When I took office, Nevada was still recovering from the economic impact of the pandemic. We implemented measures to boost our economy, such as lowering business taxes, vetoing tax increases, and cutting red tape to stimulate economic growth. These efforts resulted in $5 billion in new private-sector investment, leading the nation in annual job growth, and creating thousands of new jobs in our state. Additionally, we utilized federal pandemic relief funds to support various programs to aid our residents.
Despite these achievements, many Nevadans are still facing financial hardships, largely due to the failure of the Biden administration to control national inflation. Since President Biden took office, prices have surged by 19 percent, leading to a 4 percent drop in real average weekly earnings. This economic instability is unsustainable for Nevada families, particularly when it comes to the soaring costs of housing.
The median home listing price in Las Vegas has skyrocketed from $342,995 in January 2021 to $460,000 this year. With high-interest rates set by the Federal Reserve, prospective homebuyers are facing monthly mortgage payments that are more than double what they were just a year ago. The lack of additional federal land released for housing development in Nevada has further exacerbated our housing crisis. With over 80 percent of the land in Nevada controlled by the federal government, the availability of land for housing development in urban areas is rapidly diminishing, with projections suggesting a shortage by 2032.
The frustrations of Nevadans are palpable, and it is not surprising to see support for former President Donald Trump growing in the state. His promises of economic prosperity and job creation resonate with many residents who are struggling to make ends meet. As we look towards the future, it is clear that addressing the economic challenges facing our state will be crucial to ensuring the well-being of all Nevadans. By prioritizing policies that promote economic growth, lower taxes, and address the housing crisis, we can work towards a brighter future for our state and its residents.