Download the July 2022 Economic Briefing

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As the Silver State economy continues its steady recovery from the depths of the pandemic, it emerges amid one of the most prolific business growth periods ever in the state and the nation. Although many parts of the economy were strained to their limits during the pandemic, business formation was a rare bright spot amid a two-year period of record-setting growth.

By the end of 2021, Nevada had gained 13,160 new private business establishments since the end of 2019, a 15.7 percent increase over the period that pushed the total number of businesses to 96,860, the highest total in state history. The businesses added over that two-year period were the most since at least 2001, the earliest year of available data. For comparison, after the Great Recession it took Nevada more than seven years to add the same number of businesses as in the past two years.

The trend in Nevada was part of a larger national trend of significant business growth throughout 2020 and 2021. During that period, the United States added more than 830,000 new business establishments, equating to an 8.3 percent growth rate. Nevada’s growth rate was nearly double the national rate.

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