(NN&V Staff) – The 2023 “Power Poll” survey conducted by Nevada Business Magazine, which was sent to business owners and executives in Nevada, showed that the roller coaster economy caused by the pandemic has hit some states harder than others.
However, executives in Nevada have become adept at seeing trends and adapting quickly to changes, and the state’s business community is full of optimists, making the highs more moderate and the lows more manageable.
The majority of respondents are in southern Nevada, with a small percentage in northern Nevada and rural areas, and over half of the respondents indicated that their companies have been in business for over 20 years.
Nevada’s economy is improving, although it faced challenges due to the COVID-19 pandemic.
The state has diversified its industries and reduced its reliance on tourism, although it remains a major part of its economy. Northern Nevada has seen significant growth from the addition of manufacturing and other industries.
While some expect a slight dip in the economy in the next year or so, others believe it will pick back up in mid- to late-2024.
Executives are generally positive about their own company’s prospects, with over 50% reporting that their bottom line is better than last year and over 60% expecting it to improve further in the next year.
Nevada business executives are discussing the state’s tax structure, with many agreeing that the state’s businesses do not have too much of a tax burden and that Nevada is a business-friendly state.
While gaming and mining are two of the state’s largest industries that contribute massive funds to the state’s coffers, only 38% of respondents to a poll felt that businesses have too much tax burden in the state.
The lack of a state income tax is seen as a key advantage for businesses in the state, and only 9% of respondents would support any kind of state income tax if proposed. Those who do support such a tax would require that it supports causes such as education or healthcare.
Finding qualified workers is a major challenge for businesses in Nevada, with over 50% of respondents in a poll stating that it was their biggest workforce issue. Workforce development and additional skills training are crucial for the state’s diversification, with 95% of executives agreeing that it is a critical issue.
However, over 60% of respondents in the poll disagreed that unions were necessary for Nevada’s workforce. Many executives believe that unions have had their place but are not as important as they were in the past.
Nevada has been ranked poorly in healthcare and education. Healthcare executives gave the system a grade between “C” and “D,” with cost, quality, and access being the primary concerns. Nevada needs more providers and access to healthcare to improve the system.
Education was ranked even worse, with no executive giving it an “A” grade, and 60% grading it as “D” or below. Executives believe that accountability is the key to improving education, and pay is a significant issue as teachers are not paid enough.
A survey of Nevada executives and business owners shows that Governor Joe Lombardo has received a statewide average grade of “B-” for his expected performance. However, none of Nevada’s federally elected officials received an average statewide grade higher than “C+.”
Executives are concerned about water availability, healthcare, education, and homelessness, and 88% of respondents want all elected officials to have term limits. Additionally, 86% of executives feel that ID should be required to vote.
Despite these concerns, executives and business owners are optimistic that changes implemented to address Nevada’s problems will make the economy easier to navigate.
