March 19, 2025
Nevada State Bank Survey Shows Record Optimism Among Small Business Owners Amid Growing Cost Concerns
LAS VEGAS – Nevada State Bank's 12th annual Small Business Survey reveals unprecedented optimism among Nevada's business community, with 68.8 percent of respondents expecting the state's business environment to improve in 2025 – the highest level in survey history. Despite this optimism, significant concerns persist, including the costs of goods and services, largely attributed to ongoing inflation, as well as the cost of healthcare. The latest edition of the survey, completed in mid-January, captures a pivotal moment from the end of 2024 and heading into 2025, and is largely reflective of how small business owners anticipated the impact of the new administration.
“The data reveals a remarkably optimistic outlook, with small business owners expecting continued improvement in the business environment and their profitability this year,” said Terry Shirey, President and CEO of Nevada State Bank. “This confidence exists alongside growing concerns about rising costs of goods, services, and healthcare. The tension may explain why many see their greatest opportunities in operational efficiency and cost management, insights we hope will provide a valuable roadmap for businesses navigating the year ahead."
NSB’s annual Small Business Survey gathers feedback from more than 500 randomly selected small business decision makers, including owners, operators, and executives from across Nevada, representing a diverse cross-section of the state's small business community.
Key findings from this year's survey reveal:
- Optimism about the economy reached a five-year high, with nearly two-thirds of respondents believing the national economy is heading in the right direction, and nearly three-fourths believing Nevada’s economy is heading in the right direction.
- Concerns about the costs of goods and services have grown, with nearly all respondents somewhat to very concerned about their potential impact on business. Healthcare costs tied as the greatest concern.
- Single most important opportunity heading into 2025: 17.6 percent said cutting costs and improving operational efficiency; 15.4 percent said launching new products or services; 14.4 percent said entering new markets.
- In the next 12 months, 51 percent of small businesses across Nevada plan to expand operations within the local market, with 48.6 percent of them investing in new products or service lines and 40 percent planning to expand operations outside of the local market.
"Nevada's small business community is entering a period of opportunity and growth," said Megan Comfort, Executive Vice President and Small Business Manager at Nevada State Bank. "Through this survey and our ongoing direct conversations with small business owners, we understand that many are anticipating growth in both revenues and profitability this year, along with increased hiring opportunities. At the same time, businesses are strategically focused on improving operational efficiency and exploring new markets. We are encouraged to see this level of optimism and strategic planning."
With the 2025 Nevada Legislative session underway, business leaders were asked to identify the top legislative concerns they have for the session. Streamlining state government operations was their foremost priority. Additional concerns they support include:
- Enacting more stringent criminal justice measures, particularly targeting drug offenses andretail theft crimes like smash-and-grab incidents.
- The critical need for enhanced accountability mechanisms within Nevada's K-12 educational framework.
The NSB Small Business Survey results illustrate mixed perspectives among Nevada's small business community regarding potential tariff increases discussed during the 2024 election campaign. While a majority of respondents (76.2 percent ) expressed some level of concern about impacts on their business operations, the degree varied significantly with 45.8 percent reporting they were "Somewhat Concerned" and 30.4 percent indicating they were "Very Concerned." By contrast, 22.6 percent of business leaders reported no concerns about tariff increases, suggesting a notable segment of businesses may be less exposed to international trade disruptions. These findings highlight how trade policy considerations resonate differently across Nevada's diverse small business landscape, reflecting the varying degrees to which companies rely on imported goods or participate in international commerce.
Nevada State Bank annually partners with local research firm Applied Analysis to survey small businesses across the state. The comprehensive study examines economic conditions, business climate, financial performance, workforce trends, housing market insights, community engagement, and the general outlook among Nevada's small business community.
The survey will be released publicly on April 1, but the public can pre-register to be sent a download link to the 2025 Nevada State Bank Small Business Survey report by visiting nsbank.com/survey. The entire archive of annual reports is also available on the site.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 65 years. Zions Bancorporation, N.A. is included in the S&P 400 MidCap and NASDAQ Financial 100 indices (NASDAQ: ZION).
For more information on Nevada State Bank, visit www.nsbank.com.
A division of Zions Bancorporation, N.A. Member FDIC.