Study: Southern Nevada business leaders show record high confidence
Southern Nevada business leaders expressed the highest confidence on record for local and U.S. economic conditions according to a recent study by the UNLV Lee Business School’s Center For Business And Economic Research.
The overall score for Southern Nevada Business Confidence Index was the highest on record since the index began in 2008. The index covers five components including business leaders’ expectations of general economic conditions in Nevada as well as expectations for their own industry’s sales, profits, hiring, and capital expenditure.
The index’s rating of 159 was up 36.5 points year-on-year.
The CBER survey found that 56% of local business leaders anticipate a full recovery will happen in 2022, while 12% are even more optimistic, expecting a full recovery in 2021.
Nearly three quarters of those surveyed express a highly positive outlook on construction activity.
“Clark County recently posted highly positive signs of economic recovery as the tourism sector sees high demands boosted by the vaccine rollout as well as massive federal support,” CBER wrote.
The index found that several local business leaders expect to come out better from the Covid-19 pandemic than where they started.
The most important challenge mentioned from respondents was finding qualified employees.
More than two-thirds of respondents forecasted an increase in sales compared to their pre-recessions positions. 46% of respondents expected an increase in hiring compared to before the pandemic, while only 8% expected a decrease.
“The most recently CBER business survey suggests that local business leaders are highly optimistic about the local economy in the third quarter of 2021, which reflects high vaccination rates and fiscal relief money,” the report said. “Therefore we conclude that Clark County’s economic conditions are expected to improve much more rapidly and vigorously in the third quarter based on local business leaders’ expectations.”
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