March 20, 2023
NEVADA STATE BANK’S ANNUAL SURVEY RESULTS SHOW POSITIVE ECONOMIC DEVELOPMENTS & PROJECTIONS THROUGHOUT NEVADA
LAS VEGAS – Nevada State Bank has released the results of its tenth annual Small Business Survey, highlighting the economic experiences and insights of small business owners and executives in Nevada. This report marks a decade of survey results and benchmarking, providing information that plays a valuable role in strategic planning and decision making. The 2023 edition reveals business concerns about education funding, affordable housing, and the challenges of finding and retaining quality employees.
“For the past 10 years, through diverse economic conditions, Nevada State Bank has taken the pulse of Nevada’s business owners and executives in order to provide them a critical resource to make informed decisions,” says Terry Shirey, President and CEO of Nevada State Bank. “This year’s results reflect the uncertainty of the national economy, but they also illustrate the underlying optimism of Nevadans, shown by their expectation of increased business revenues and sales and their prediction of a return to profitability. Over the course of this past decade, business leaders have been nimble in addressing economic changes, finding new ways to overcome obstacles and succeed.”
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:
- Small businesses reported increased positivity relative to Nevada’s economy, with over half (53.8 percent) believing that Nevada’s economy is headed in the right direction, more than a 10 percent increase from 43.1 percent in 2022.
- Housing affordability is expected to remain a concern for small businesses amid high and rising interest rates. Roughly 40.0 percent are very concerned about housing affordability and 28.5 percent are moderately concerned.
- Over the past year, 42.7 percent of small businesses reported flat business revenues, while 41.4 percent reported unchanged profitability, a notable change from the prior year’s reports of rising revenues and profits.
- Hiring and retaining quality workers is among the most important challenges that small businesses face. While cost of business, economy, competition, and legislation are clearly challenges—a significant 23.7 percent consider hiring/retaining qualified employees their single most important challenge.
- Education funding, increasing affordable housing, and increasing funding for infrastructure are top priorities for small businesses in Nevada’s 2023 legislative session.
The statewide survey was conducted in January 2023 on behalf of Nevada State Bank. The bank surveyed more than 400 randomly selected small business decision makers, including owners, operators, and executives, representing Nevada businesses with annual sales ranging from $250,000 to $10 million.
To download a copy of Nevada State Bank’s 2023 Small Business Survey report, please visit www.NevadaSmallBusiness.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 63 years. Zions Bancorporation, N.A. is included in the S&P 500 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.