Everyone knows that Nevada’s economy has been decimated by the effects of COVID-19 but we rarely look at the actual numbers. So let’s do it. The following local and national statistics have been compiled from a story from  The Nevada Independent (The Indy)Alignable’s Road to Recovery Report, and data from UNLV’S Lee Business School’s  Center for Business and Economic Research (CBER).

The Indy notes that, “Nearly a quarter of companies across the country closed temporarily or permanently in March and April, according to a National Bureau of Economic Research study, despite efforts to keep businesses afloat, such as the Payment Protection Program (PPP), commercial rental assistance and eviction moratoriums” Additionally, “Two-thirds of the 2,630 Southern Nevada businesses that responded to an Applied Analysis survey presented at the Clark County Commission meeting this week said they are experiencing a decline in sales and revenue as compared to 2019, with 58 percent seeing a decline of more than 25 percent.” 

Alignable’s Road to Recovery Report is composed of surveys from hundreds of business owners. The most recent edition contains the following self-reported statistics:

  •  43% of businesses that received federal funding reported they too would be out of cash in July.” 
  • 94% of closed businesses intend to reopen
  • 23% of Pre-COVID employees are currently off the payroll
  • Businesses anticipate 90% re-employment by January 2021 

UNLV’S Center for Business and Economic Research provides the following local economic data. Nevada’s seasonally adjusted unemployment rate was around 3.5% in January 2020 and around 15% in June 2020 which was up 285% over last year. Clark County’s seasonally adjusted unemployment rate was at 29.3% as of May 2020 which is drastically higher than January’s 3.8%. Gross gaming revenue dropped from $1,037,532,116 in January to $5,871,880 in May and is down 99.4% from what it was a year ago. The Las Vegas hotel/motel occupancy rate was at 2.8% as of May 2020 down from 85.9% in January of this year.