March 19, 2024
Nevada State Bank’s Annual Survey Shows Small Businesses Are Optimistic About the Economy and Growth in the Next 12 Months
LAS VEGAS – Nevada State Bank has released the results of its 11th annual Small Business Survey, which shows an increasingly optimistic economic outlook and confidence for the year ahead among small business owners and executives in the state. The 2024 report also cites hiring and retaining qualified employees, attracting customers, cash flow, and the cost of goods as the top challenges small business owners say they are facing.
“Nevada State Bank’s Small Business Survey takes the pulse of business owners and executives throughout the state on the topics that matter most to them, to help them make informed decisions and plan for the future,” said Terry Shirey, President and CEO of Nevada State Bank. “We love to see the optimism for 2024 and the forward momentum in revenue and workforce-related indicators. But there’s also a very consistent theme in their concerns and challenges: keeping an eye on business costs, economic conditions, and business fraud. This data tells NSB where we can help add value to our relationships with business clients.”
Each year, Nevada State Bank commissions local firm Applied Analysis to conduct the survey and cover topics surrounding the economy, business environment, revenue and profitability, employment, housing, community involvement, and the overall outlook for small businesses in Nevada. Highlights of this year’s survey include:
- Optimism about the economy reached a four-year high, with nearly two-thirds of respondents believing the national economy is heading in the right direction.
- Workforce-related indicators have reached new highs, with nearly half of respondents reporting an increase in their workforce over the last year, and more than half planning to increase their employee base over the next 12 months.
- Additionally, small businesses have been more successful in recruiting quality job candidates from within their market. Only 42.7 percent found it difficult this year, which is an all-time low for the survey.
- Cybersecurity has become a top concern, and more than one-third of respondents have increased firewalls and antivirus software.
- Small businesses surveyed view Artificial Intelligence (AI) as a benefit, and more than two-thirds currently utilize or plan to utilize AI in the near future.
- Revenue and economic growth continue to show a promising outlook, with 53.0 percent of businesses expressing an increase in revenues and sales this past year, and 65.7 percent believing that sales and revenues will steadily increase in the next 12 months.
- Respondents ranked the importance of their banking relationship at the highest level of the decade at 95.9 percent.
The statewide survey was conducted in early 2024 on behalf of Nevada State Bank. The bank surveyed over 500 randomly selected small business decision makers including owners, operators, and executives, representing Nevada businesses.
To download a copy of Nevada State Bank’s 2024 Small Business Survey report, please visit nsbank.com/survey.
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 64 years. Zions Bancorporation, N.A. is included in the S&P 400 Mid-Cap 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