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State of Nevada Small Business Survey Results

ELKO — Nearly three-fourths of Nevada’s small business believe the state’s economy is heading in the right direction and just under half said the business environment has improved in the past year, according to a survey of over 500 small business owners.

Nevada State Bank’s 11th annual Small Business Survey collected responses from the randomly selected small business owners, operators and executives. Topics covered included inflation, employment, revenue and cybersecurity, a bank official said.

Insight into Small Business Trends

Taking stock of how small businesses are faring can provide insight into the economy in general, Executive Vice President Richard Thomas of the Las Vegas-based bank said. “In 2023, half of the Small Business Survey respondents expected revenues and sales to increase in the next 12 months. And they were right on target. So one of the major factors of this survey is that small businesses are very accurate.”

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Optimism for Nevada’s Economy

The 2024 survey reported many Nevada small business owners have a positive outlook on where the state’s economy is headed, with 71.1% saying they believe Nevada’s economy is headed in the right direction. Only 53.8% made the same response in 2023. And 47.6% of those surveyed in 2024 said the business environment in Nevada has improved over the past year.

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Factors Influencing Optimism

Several factors, such as higher profits and more employee hires, tie in to the optimism, Thomas said.

“Think about your area alone. Gold’s up to $2,300 an ounce, lithium mining is on the forefront,” he said. “There’s a lot of investment there. So that would be something which affects the Elko economy positively. You look at Southern Nevada, gaming has returned since the pandemic and they’re becoming the sports capital of the country, if not the world. Reno is diversifying its economy also, with a lot of outside investment and major companies investing and putting facilities here.”

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Financial Stability and Business Growth

As for small businesses’ financial improvement, 53% of survey respondents said their business revenue has increased in the past 12 months. Compared to the rest of the United States, Nevada is an economic growth region, Thomas said. “You have a positive economy, with people adjusting to the rate environment. The growth in our state results in increased revenues.”

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