Nevada ranked as a Top-10 ‘Best State for Business’
The Silver State remains an increasingly attractive place for businesses as shown by its No. 6 ranking on the new survey, up six spots from last year’s ranking of No. 12.
While it has been noted that Nevada has a low tax burden and no state income tax, it is the state’s growing reputation for being “business friendly” that has been cited as a reason companies move to Nevada.
“It is not surprising that the nation’s top CEOs recognize Nevada as a top state for business,” said Gov. Steve Sisolak. “Nevada is on the cutting edge of developing technology, autonomous systems and workforce training. We make it easy for businesses to start in Nevada, relocate to Nevada and expand in Nevada.
“I am proud Nevada has received this recognition and my administration will continue to make our state a place where business works.”
The top states in the Chief Executive magazine survey of CEOs are Texas, Florida, Tennessee, North Carolina and Indiana. According to the survey, California came in at No. 50 followed closely by New York, Illinois, New Jersey and Connecticut. The survey is in its 15th year.
“Nevada provides a business-friendly climate at the local, county and state level. We have programs in place to help businesses, especially small businesses, expand and thrive,” said GOED Interim Executive Director Kris Sanchez. “We remain thoughtful about the programs we offer to ensure that they meet the needs of our business owners and keep our economy growing.”
Nevada remains attractive to businesses, especially ones that want to relocate to a state that is business friendly. Billy Thompson, who moved his active-wear company to Nevada in 2018, said he left California because of the high cost of doing business and housing costs.
“Honestly, I wished we would have moved to Nevada years ago,” Thompson said. “We have saved on taxes and housing. Nevada has been ultra-business friendly compared to California.”
GOED provides a variety of programs to assist small businesses in Nevada. GOED’s STEP grant provides federal funding to small businesses through the U.S. Small Business Administration to provide them with the tools and information they need to succeed in export-related expansion. GOED has awarded more than $100,000 in grants this year to companies in southern and northern Nevada and in rural communities.
GOED’s Nevada Procurement Technical Assistance Center (PTAC) offers free webinars and workshops for small businesses owners to get the information they need to compete for government contracts. Several former federal government contracting officers now work for GOED offering insider information to small businesses to get them on the path to securing government contracts.
This article was provided by Nevada GOED. For more information about the Nevada GOED’s STEP grants and PTAC, visit diversifynevada.com. The STEP program is funded in part through a grant with the SBA.
The news comes on the heels of a luxury home report from Nevada State Bank that showed in 2019, Northern Nevada’s high-value real estate market accounted for 418 home sales in 2019, an increase of 4.8 percent over 2018. The average luxury home price was over $1.8 million in 2019.