Last year’s COVID-19 pandemic caused unprecedented economic impacts to Nevada’s small businesses that is still being felt to this day.
The U.S. Census Bureau conducted their Small Business Pulse Survey the week of June 28 to July 4, and measured the changing business conditions because of the pandemic by collecting information on small business operations and finances, requests and receipt of assistance, vaccines, capital expenditures and their expectations for recovery.
According to the survey, the pandemic’s impact on Nevada was 5.3% higher than the national average with with 29.7% of small businesses reporting a “large” negative effect due to COVID-19 and associated restrictions, as of July 4.
Of Nevada small businesses, 36.7% said they expect it to take more than six months for their business to return to normal levels of operation, higher than the national average.
Nevada’s economy was especially affected because it depends heavily on sectors that were particularly hard hit by the pandemic and government regulations.
A July 15 WalletHub study conducted by researchers from top U.S. universities found that Nevada ranked 31st in the nation in recovering employment since the beginning of the pandemic.
An earlier WalletHub study found that Nevada’s economy was affected significantly worse by COVID-19 and associated restrictions than other states. The state ranked fifth overall in the nation and first in “Highly Affected Industries & Workforce.”
The state also ranked first in “GDP Generated by Highly Affected Industries as Share of Total State GDP Ranking,” which included categories accommodation and food services and arts, entertainment, and recreation categories.
In other words, Nevada’s main sources of revenue were the hardest hit in the nation by the pandemic and responding government restrictions.
This particular study also ranked Nevada in eighth place in the “Share of Employment from Highly Affected Industries Ranking,” with the state’s workforce in accommodation and food services; arts, entertainment, and recreation; and transportation sectors worst affected in the nation.
A third WalletHub study ranked Nevada dead last in the “States With the Most Pandemic-Proof Small Businesses” category.
