On behalf of Nevada State Bank, I am pleased to announce the release of the 2017 Small Business Survey Report. We conduct this survey each year because small business is the lifeblood of the Nevada economy and also the lifeblood of our company. It’s important to understand the sentiments, the concerns, and the challenges of the small business community in Nevada, and we also want to provide our state’s decision-makers with the resources and information they need for strategic planning.
We surveyed more than 400 small business owners and managers throughout Nevada in our fourth annual survey to find out their opinions on issues important to all of us. The 2017 report contains comparative data from our surveys over the last four years, showing business leaders’ evolving outlook on the economy in Nevada and in the U.S., as well as revealing their profitability and growth over time.
This year’s survey certainly reflects the sense of optimism we all seem to be feeling. It is backed up by real, tangible metrics showing what’s actually happening in the Nevada economy: taxable retail sales are at an all-time high; Las Vegas Strip visitation is at an all-time high, and the housing market is healthier than it’s been in years. These statistics, combined with the prospect of some regulatory and tax relief on the federal level, have helped fuel the optimism we are experiencing.
One of the most encouraging findings in the report is that nearly 36 percent of survey respondents plan to add employees in the next 12 months, up from 27 percent last year.
The survey also showed a sharp uptick in the percentage of businesses that believe the national economy is headed in the right direction. That number is up nearly 30 percentage points from last year. As we all know, Nevada’s economy is heavily dependent on visitors from all across the U.S., so this positive view of the national economy adds to the optimism felt locally.
I believe you’ll find that this year’s survey report has lots of good news to share. To download a free copy, please visit www.nevadasmallbusiness.com/survey.
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