Saturday, Feb. 18, 2023
Is there clear data on whether Nevada has become a less friendly place to start a business?
Different methodologies yield different results for Nevada’s perceived entrepreneurial friendliness.
WalletHub and Motley Fool respectively ranked Nevada as the eighth and tenth best state to start a business.
In contrast, Forbes ranked Nevada 44th, and CNBC ranked Nevada 39th.
Nevada, which has no corporate income tax, consistently ranks among the top states for business-tax climate. Nevada also ranks high in small business growth.
However, issues with the state’s health care and education systems, along with its above-average cost of living, bring the state’s position down in rankings that more heavily weight these metrics.
Even so, the number of new business applications Nevada has received in recent years has been above average for the state, according to data from the Census Bureau. After hovering around 3,000 per month between 2005 and 2020, applications spiked to 6,622 in July 2020. Since then, they’ve fluctuated roughly between 4,000 and 6,000 per month. In January, Nevada received 5,093 applications.
This fact brief is responsive to conversations such as this one.
Sources
- WalletHub 2023's Best & Worst States to Start a Business
- The Motley Fool Top 10 States to Start a New Business in 2023
- Forbes Ranked: The Best States To Start a Business In 2023
- CNBC Top States For Business 2022: Nevada
- Tax Foundation 2023 State Business Tax Climate Index
- US Census Business Formation Statistics by State
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Fact briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact briefs are written and published by Gigafact contributor publications.
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