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Nevada State Bank has released the results of its 10th annual Small Business Survey, highlighting the economic experiences and insights of small business owners and executives in Nevada. The report reveals business concerns about eduction funding, affordable housing, and the challenges of finding and retaining quality employees.
Conducted by Applied Analysis in January 2023 on behalf of Nevada State Bank, the report surveyed more than 400 randomly selected small business decision makers, representing Nevada businesses with annual sales ranging from $250,000 to $10 million.
- Small businesses reported increased positivity relative to Nevada’s economy, with over half (53.8%) believing that Nevada’s economy is headed in the right direction, more than a 10% increase from 43.1% in 2022.
- Housing affordability is expected to remain a concern for small businesses amid high and rising interest rates. Roughly 40.0% are very concerned about housing affordability and 28.5% are moderately concerned.
- Over the past year, 42.7% of small businesses reported flat business revenues, while 41.4% 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% consider hiring/retaining qualified employees their single most important challenge.
- More than 23.6% of respondents plan to expand their workspace, add a new building or renovate their current location in the next year. This is up 2% from 2022 and a historical high.
- Education funding, increasing affordable housing, and increasing funding for infrastructure are top priorities for small businesses in Nevada’s 2023 legislative session.
To download a copy of Nevada State Bank’s 2023 Small Business Survey report, please visit HERE.