Nevada Small Business Statistics

Nevada is widely known as a gambling hub, so no wonder that the “vice” industry is at the core of the state economy. A less popular fact is that Nevada used to be the second national producer of silver after Alaska, hence the Silver State name.

The gambling and hospitality industries in Nevada are among the largest in the US, with the highest concentration in Las Vegas, Reno, and Henderson. Las Vegas boasts the biggest number of casinos in the nation, with an annual revenue of $6.4 billion.

The Silver State ranks No.1 in the CNBC rating of the most crypto-friendly states in the US. Besides, thanks to its pro-business climate and revolutionary tax code, Nevada is a welcoming spot for owning a business.

Below, we’ve made a quick summary of the essential SME statistics for Nevada.

Key Nevada Small Business Stats

• The state gross domestic product reported by Statista for 2021 was $155.51 billion showing an 8% growth as compared to the previous year;
• There are 297.183 SMEs in NV accounting for 99.2% of all NV businesses;
• Despite the COVID-19 crisis, in 2021 the state showed a 5% SME gain against the 2020 number;
• The biggest number of SMEs is registered in the professional, scientific, and technical services sector, these are 42.783 companies;
• The least popular industry for SMEs is the utility sector, with only 129 firms in it;
• Annual 2021 NV export amounts to $10.6 billion, and SMEs account for nearly 18% of the state’s total export;
• Gold, copper ores, electric and computer parts and accessories, semiconductors, aircraft, and aircraft engines are among the top-ten NV exports making nearly 61% of the total export value;
• SMEs employ 523.771 NV workers holding a 43% share of the total workforce in the state;
• According to the 2018 Census Bureau report, 14% of Nevadans are employed in SMEs with fewer than 20 workers, and these firms make up 83% of all NV businesses;  
• In 2019, SMEs created over 30.000 net jobs in Nevada, with nearly 53% of them created by companies with 1 to 19 employees;
• While owners of non-registered entities in NV earn around $25.000 annually, the average income of registered business owners is $50.000;
• The minimum NV wage rate as of 2022 is $10.50 per hour, which is higher than the federal $7.5 minimum;
• An average hourly salary across the state is about $29.

Top 10 Industries for Small Businesses in NV

NV Small Business Demographics

• Women-owned SMEs account for 45.3% of all NV businesses amounting to 107.773 firms, and only 10% of them are employers;
• Gents have 148.083 SMEs in Nevada, and 20% of them are employer companies;
• 14.6624 smaller companies feature ownership shared by female and male owners;
• Female workers comprise 46.4% of the total manpower;
• Census Annual Business Survey 2021 shows that veteran SMEs make up 7.5% of the total count and veterans account for 6.4% of the state workforce;
• Hispanics maintain 17.4% of SMEs and represent nearly 30% of the workforce in the state;
• Other racial groups have a 21.9% share in Nevada SMEs and a 33.5% share of state employees.

NV Small Business Formation

• A limited liability company structure is widely popular among those entrepreneurs in the state who choose a registered business form;

• Nevada LLC is quite easy to form by filing the Articles of Organization with the state and a breeze to maintain, with a registered agent on your side;
• The total cost of LLC filing in the state is $425 comprising of
• $75 for the LLC statute filing;
• $200 for the state business license;
• $150 for the initial list of managers and managing members;
• NV Tax Code has neither a personal income tax nor franchise tax, inheritance tax, and state income tax. In a combo with a lower cost of living in the state, these tax incentives attract new establishments to Nevada;
• Nevada and Texas are two US states that offer the ultimate privacy to corporate owners since they don’t have info-sharing commitments with the Internal Revenue Service;
• State business license or permit for corporations costs $500 in Nevada;
• An NV seller’s permit enables entrepreneurs to skip sales tax payments when buying anything for resale;
• Digital goods or services in NV are exempt from paying sales taxes. Yet, software sold online is taxable;
• Non-limiting business management regulations in the state make it attractive for foreign investors and entrepreneurs from abroad.

References

1. Nevada Small Business Economic Profile 2021
2. How Many Small Businesses Are There in Nevada?
3. Nevada Small Business Challenges Survey
4. Nevada Small Business Survey 2022