Small businesses in Nevada shows steady growth since recession
Nearly 85 percent of the small business jobs lost during the downturn in Nevada have been recouped, with 20,000 added in the past year, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
Year-over-year gains have been recorded in each of the past 15 quarters. As of the third quarter of 2014, of the 1.07 million private sector jobs in Nevada, employment in firms with less than 100 employees totaled 573,000, while larger firms had a total of 495,000 employees.
“This is just 12,000 short of the prerecession peak reached in 2007,” Anderson said. “The news for small businesses in Nevada is encouraging as these businesses continue to steadily grow.”
During the recession, 75,000 jobs in small firms were lost, however there has been a steady trend of growth, resulting in 63,000 jobs being regained.
Since the recovery began in 2010, both large and small firms have grown at approximately the same rate—12.3 percent for smaller establishments and 13.8 percent in establishments with at least 100 workers. Large firms experienced greater declines in employment during the recession than did smaller firms, Anderson said.
Specifically, establishments with at least 100 workers saw employment declines of nearly 24 percent, a loss of 136,000 jobs, as the downturn unfolded.