The Power Poll, annual since 2003, presents a broad view of Nevada economics, healthcare, education, leadership and issues that affect Nevada businesses from the perspective of those business owners themselves.
This year’s poll was conducted from (mid-February to mid-March). The majority of responses came from business owners (65 percent) with the remaining 35 percent from Nevada executives offering their views on where they believe their industry, the state’s economy and the state itself are headed. Some 69 percent of those responding had companies located in southern Nevada, 28 percent in northern Nevada, and 3 percent in rural areas of the state. Companies with offices statewide jumped from 24 percent in 2024 to 31 percent.
Why Nevada?
The results of the poll showed that the majority of the companies responding – 62 percent – have been doing business in Nevada for more than 20 years. That’s down from 65 percent in 2024, but up significantly from 53 percent in 2023.
“Why Nevada is a good location for our organization is such a good question,” said Chris Jackson, CEO, North American Commercial. “We’ve been in business nine years and are going strong. It’s been really fun. Nevada is a good location for us because it’s still a business friendly state with awesome locals.”
Sometimes industry dictates location. David Hornsby is president and COO of Empire Mining Co. in Empire Nevada, the oldest active mine in North America. The mine was deemed essential and stayed open through World War II and was in continuous operation until closed by previous owners in 2011. Which pretty much closed down the town. Hornsby bought the mine, and the town, and brought it back.
For Michel E. Minden Diamond Jewelers, Las Vegas is the wedding capital of the world. What better place for a jeweler? Michael Minden, president, is a third generation jeweler and the business is 37 years old in Nevada.
Dwayne Eshenbaugh, founder/principal, NOVUS Architecture + Interiors was stationed at Nellis Air Force Base at 18 and never left the state. The opportunities in the Silver State are vast and Nevada has been a haven for small business for decades. “The state has a, ‘let’s help you do this, let’s try’ optimism that’s important,” said Eshenbaugh. “There’s a real sense of partnership and collaboration at state level in Nevada,” he continued.
For years Nevada was considered recession-proof. With gaming and mining as two major economic drivers, the economy weathered most storms. It wasn’t until the 2008-09 recession and the impact of COVID that the state started falling harder. By then economic diversification was underway.
“[We are] starting to see some of the bigger organizations coming here with the sports teams, maybe some tech and Hollywood. Different entities [are] moving here primarily because of our pro-growth and tax structures,” said Eshenbaugh.
The Business of Business: Economics and Taxes
The start of 2025 has been a wild ride as the stock market plunges and rises only to plummet again with the uncertainty caused by tariffs placed on, seemingly, everyone the U.S. does business with. Companies that were just getting on their feet again after the supply chain fiascoes of COVID are now facing problems with getting the products they need at prices they can afford.
“For our business, [economic growth] remains to be seen,” said Hornsby. “A lot of our products are fertilizer and flooring and industrial cement type product.” The agricultural products are mostly for the west coast and California where the agricultural business has been up and down the past few years. Now that agriculture and the water situation in California are stabilizing, it’s a wait and see whether a year from now the bottom line for Empire will be better or worse. The economy itself is also wait and see. “With tariffs up and down and on and off, the way they were two weeks ago I thought Nevada was going to take a beating, and it still may. I don’t think the economy is ticking along as hard this year as it has been in the past.”
“We’re better off, and I feel like Nevada’s economy is better off, too,” said Jackson. “We’re still growing in a lot of areas and we’re seeing Californians coming to Nevada and enjoying the benefits of our state. As long as we’re being business friendly and attracting people from states nearby we’re going to be in a growth pattern.”
“A year ago we had a pretty strong economy,” said Eshenbaugh. “I think unemployment was low, inflation was still creeping up, cost of living and housing still creeping up, but maybe it was a little more stable,” said Eshenbaugh. Since the election he’s seen caution from his clients. That’s typical before a major election; companies put on the brakes until they see what’s going to happen. This time, post-election changes are significant. “I think our business is going to be impacted. I don’t think it’s good. I don’t think we’re in a really good place,” said Eshenbaugh. Tariffs on lumber and steel will drive up prices of homegrown goods, as well as imported.
“A year from now? I don’t know,” said Eshenbaugh. “You hear leaders, the current administration, saying they’re making big changes and it’s going to take some time and things will get better. I understand that and I think if you’re going to do something whether, you support it or not, if you’re going to try to make really significant impact on something it can take some time to realize the benefits you saw when you set out to do that.”
“I expect both the Nevada economy and our business to be doing a lot better,” said Jackson. “We still have a healthy economy. We’re in a growth pattern. I expect to see us continue to grow.”
“It’s my belief the economy is better today than it was last year for our state,” said Minden. That’s based on changes the governor and lieutenant governor are making. “My hope is, a year from now, our state and country will be in a lot better position, but I think the journey of how we get there is going to be difficult.”
Two of Nevada’s biggest and traditional economic drivers remain gaming and mining. Responses to the question of whether those industries are paying their fair share of taxes varied between 2024 and 2025.
“Our gaming industry is making a huge contribution to our state,” said Jackson. “[It is] something like $29 billion if my research is correct. That’s pretty sizable. How that money is allocated might be something else. Right now they’re paying their fair share. I’m optimistic about where [the industry] is currently.”
“Same as lodging and gaming, they pay a huge amount of tax, and so does mining. Those are really the industries Nevada taxes because it’s huge for them,” said Hornsby. “We pay a tax nobody else pays but Nevada – net proceeds and mineral tax – which all mines do in Nevada. It’s a net tax which is great because it’s at least based on net income. A few years ago the legislature tried to pass a gross receipts tax [on mining] which we were totally opposed to because it takes into consideration none of your costs and you can not even be making any money and we’d have to pay a giant tax.”
No one wants to pay taxes, but they’re a fact of life. For most Nevada businesses, the tax burden is generally lighter than it is in other states.
“I don’t think we have too much of a tax burden overall,” said Hornsby. “I’ve lived in a lot of states over my lifetime and I’d say Nevada is one of the lower for taxes.”
One business and resident friendly Nevada perk: no state income tax. When asked if they’d support one, only 7 percent of respondents were in favor.
“We’ve been doing fine without it for a very long time,” said Minden.
“I’m not a big supporter of state income tax, but I do support helping Nevada grow,” said Jackson. “I’d be interested in reviewing other ways to sustain our operating budget, but that would be primary instead of a state income tax.”
One Nevada selling point has long been being seen as business friendly. Is it still? General consensus is a resounding yes. Is Nevada still business friendly to mining? “Oh, absolutely,” said Hornsby.
Help Wanted: Workforce and Staffing
Workforce development is considered critical for the state to continue to entice new companies and industries. An educated, flexible and trainable workforce with a healthy talent pool for employers to choose from is a must.
Challenges to Nevada’s labor force pool include numbers of professionals from industries who left the state during COVID or during the recession. For example, a large percentage of Nevada’s construction workers left during the recession and have not returned.
Other industries are facing challenges where younger generations simply aren’t interested in working in that field. For specialized fields, their trained legacy workforce is retiring and baby boomers are retiring in droves.
“I’ve been witnessing a lot of businesses cutting people from staff and running skeleton crews to try and absorb the fluctuations in the market and the cost of goods,” said Minden. His business relies on highly specialized skills; his employees have been with him for decades. Hiring is a challenge because individuals with those skills are mostly retiring and younger generations aren’t training.
Staffing needs haven’t changed considerably in the past year for Eshenbaugh, but hiring mid-level and high-level positions is difficult.
One of the new products from Empire Mining Company is a flooring product. After capital expenditures for the equipment necessary, when they were ready to start R&D, tests and trials, they needed to hire 32 people in 2024.
“That was no easy task,” said Hornsby. Empire Nevada is two hours north of Reno. The mining company owns the town and provides housing because otherwise no one would stay. The years 2020 through 2022 were the hardest for hiring. “We increased our pay rates drastically, by damned near 100 percent, and still didn’t get a lot of candidates for open positions.”
Hornsby is seeing some change now but it’s hard to find experienced miners because the older generation is retiring and the younger generations aren’t interested.
That makes workforce development critical. Nevada needs a labor force with at least basic skills, said Hornsby. “We need people who can step in. We need welding mechanics and electricians. Those are critical. We went three months without an electrician and it wasn’t because we weren’t looking.”
According to this year’s poll-takers unions are not considered necessary, with 57 percent saying they disagree with the need for unions. Empire Mining is a non-union workforce surrounded by union mines. Empire basically keeps pay and benefits commensurate with union companies. “I don’t know that unions are the right thing for everybody,” said Hornsby.
Healthcare
Healthcare professionals in Nevada are optimistic about the quality of healthcare and the future of the industry. What professionals in the field and business owners who rely on Nevada healthcare are concerned about is the lack of available healthcare, and the cost.
There’s a nationwide shortage of physicians. Nevada falls below the national average of 240 physicians per 100,000 population. The state is also short on specialists, with many residents choosing to go outside the state for specialty care.
Jackson reluctantly gave healthcare in Nevada a C for the cost and the inability to schedule appointments easily. With his expectation that the state will add another million residents over the next 10 years, there’s a need for more healthcare professionals.
Education
What overall grade would you give Nevada’s educational system? Jackson gave education a C grade also. “There’s talk of splitting the [Clark County] School District to have it operate more efficiently. I wouldn’t call myself an advocate of that, but supporting a strategic plan that helps improve education would be great. We rank in the lower echelon in the United States and that has held us back for years in attracting good businesses to the state. Say you’re a tech firm from Silicon Valley and you have a family, would you be okay relocating and raising your kids here with our education system? For a lot of companies that answer is no right now. I want to turn that to a yes. If you look at what just one new industry could do for us locally, the diversification and benefits are endless.”
Minden is concerned with both accountability and teacher salaries for K-12 education. “Teachers are underpaid for what they do. But the other side of that is, because of unions and established protocols in place for many years, there’s no accountability. A teacher can be a terrible teacher and still teach.” He believes southern Nevada’s transient worker population is one reason K-12 ranks so low compared to the rest of the U.S. Families move away and the student is shown as not graduating rather than withdrawn from the system.
Another question on the mind of Nevadans is how to handle school choice. “I’m okay with school choice, but on the other hand, what’s going to happen to the schools no one chooses? Are they just going to close and we’ll overcrowd the other schools?” asked Hornsby, who mentioned Nevada’s consistently low rankings with K-12 education. “I think higher education, the colleges and universities here, are good.”
Poll respondents gave Nevada Education a D grade, with a meager 1 percent offering up an A for the plagued system.
Elected Officials
“Polarization still exists in our state between the democrats and republicans,” said Minden. “There are agendas that people have that are basically not to work together and to just deny and refute everything that is going on which is to the detriment of our society.”
“I was president of AIA (American Institute of Architects) Las Vegas and the following year Nevada and had the opportunity to go back to Capitol Hill and we met with congress people, with our [representatives] and I give them all credit. They have diverse perspectives. They’re all trying to do good for their constituents. Their service I think is admirable,” said Eshenbaugh.
Social, Political and Nevada concerns
Crime
“I feel like our crime rate is going up and has been over the last 20 years. I don’t feel like things are falling apart by any means, but would I be reluctant to say I’m concerned? No, but only because I want to see excellent well-being for my family and community,” said Jackson.
Gun Control
“I’m a hunter. I grew up hunting and fishing. I can understand reasonable gun control as far as some restrictions, harder background checks. But actually taking people’s guns, I don’t think that’s going to happen here,” said Hornsby. “I hope it never does in the United States.”
“I’m a veteran. I’ve shot an M16. I’ve had them, I’ve shot them, I’ve carried them loaded. I don’t think the average Joe needs to have an M16,” said Eshenbaugh, who supports background checks.
Homelessness
“I am very concerned. Homelessness has been becoming worse over the years [in southern Nevada],” said Jackson. “Our shopping centers have the homeless who regularly go on site so we have to trespass them. It’s something our company has to focus on.” Jackson believes city leadership is aware and educated about what’s driving homelessness and are making changes to address it.
There are organizations like Shine the Light that go into tunnels and homeless areas and are staying to offer help finding other places to live. Minden believes the majority of homeless people have mental health issues rather than being down on their luck, though there are organizations that reach out with ways to connect to organizations that can help those individuals get employed and back on their feet.
Immigration
“People should be able to find a successful path to become a citizen,” said Eshenbaugh. “Obviously if you’re a criminal or don’t meet certain criteria you shouldn’t be allowed in.”
Nevada Specific Issues
“Water is super important. It’s crazy. I remember talking about water and population growth 15 years ago and thinking we were at the edge of the bubble then and couldn’t take anymore on and we still have people moving here in the thousands,” said Eshenbaugh. “There are things that have been done over the years that had a great impact on the problem. We just have to continue with that.”
“It’s getting worse and it’s going to continue to get worse as people are pulling water out of the system. I don’t think we have much time, in southern Nevada for sure, to start pushing the ball down the road because things that are going to have to happen to supply water to 3 million people aren’t going to happen overnight,” said Hornsby.
The question of whether ID should be required to vote was a unanimous yes with those interviewed. For those responding to the poll, only 18 percent felt that ID should not be required. Whether all elected officials should have term limits was also yes from interviewees – maybe they’re not all the same, but determined by elected position.
“I absolutely agree with term limits because there are legacy individuals that haven’t been invested, but may have abused the system and they’re untouchable,” said Minden. “If things aren’t working right and you continue to elect the same people into the same office you can never solve the problem and get a fresh perspective.”
The general consensus on how judges are put into office is uncertainty. Most responded they’d like to see judges elected into office, but feel that most people including themselves don’t have enough information to make an informed choice.
“Judges are a tough category,” said Eshenbaugh. “Most of us don’t know judges. Even when we do our homework. Definitely they need to be bipartisan. They shouldn’t be influenced by politics.”
Moving Forward
It’s been a rocky ride for the beginning of 2025 and likely to stay that way for a while. Whether the changes put in place by governments from federal to local benefit Nevada’s economy and Nevada’s residents or not remains to be seen.
Nevada business owners are moving forward with their eyes open, determining the best course for their businesses and employees.
In 2025, the state continues to grow population and businesses. Nevada is still perceived as business friendly, with low taxes, room to grow and a government invested in helping businesses thrive. While the state is no longer recession-proof, it is resilient, and working statewide to diversify and strengthen the economy.
