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Reno Business News: Debt in Nevada averaged $51,230 per person at the end of last year

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Consumers in Nevada are spending more these days, and they’re taking on debt much more rapidly than consumers elsewhere in the nation.

Data released recently by the New York Fed found consumer debt in Nevada averaged $51,230 per person at the end of last year. 

That’s an increase of 4.3 percent over the debt Nevada consumers held at the end of 2018. Nationally, consumer debt rose 1.4 percent last year to an average of $51,740 per person.

Taxable retail sales statewide are running about 6 percent ahead of year-earlier figures, close to national averages. Washoe County’s retail sales showed an annual increase of about 8 percent in the most recent report. 

Credit-card debt in Nevada averaged $1,140 a person at the end of last year, compared with $1,430 nationwide.

Although home prices in Nevada have risen sharply — 12 percent in the last year in Reno-Sparks, for instance — mortgages don’t account for an unusually large amount of consumers’ debt in the state.  The New York Fed said mortgage debt totaled $35,290 per capita in Nevada at the end of last year, slightly more than the $34,950 percent nationwide.  

In California, by comparison, mortgage debt totaled $56,570 per person in 2019.

Compared with consumers nationwide, the debt of Nevada consumers is slightly higher in auto loans — $5,420 per person, compared with a U.S. average of $4,870 percent.  And student loan debt in Nevada is slightly lower than the rest of the nation — $4,380 per person compared with $5,520 nationwide. 

The New York Fed didn’t break out county-by-county figures on consumer debt, so comparisons of consumer debt in Reno and Las Vegas aren’t possible.

Business news briefs

NDTCA Names New Deputy Director: Travel Nevada Marketing Chief Mary Ellen Kawchack — The Nevada Department of Tourism and Cultural Affairs (NDTCA) has promoted Travel Nevada chief marketing officer Mary Ellen Kawchack to the position of NDTCA deputy director. In this new position, Kawchack will focus on operations and programmatic initiatives and communications within the department.

Tolles Development Company Hires Cory Hunt as Executive Vice President — Hunt was previously director of research and analysis with one of the state’s most respected fiscal and economic policy consulting firms and he also served as Deputy Director of the Nevada Governor’s Office of Economic Development (GOED). While at GOED, he gained significant experience working with tax incentives, tax credits, Opportunity Zones, and other special land use and development programs.     

Gilbert, Local Attorney, Launches Champion Expert Advisors and Joins eXp Realty— Champion Expert Advisors and Joey Gilbert Real Estate will be part of the eXp Realty family, the largest residential real estate brokerage by geography in North America. Gilbert focuses on Reno and surrounding communities through his experience in legal matters and knowledge of real estate. 

– Compiled by Darcy Lenardson

John Seelmeyer
John Seelmeyer
John Seelmeyer is a business writer and editor in Reno. In his 40-year career, he has edited publications in Nevada, Colorado and California and written several thousand published articles about business and finance.

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