The unemployment figures during the onset of COVID-19 presented a chilling revelation of how the emergency shutdown order of non-essential business establishments in March has affected Nevada’s economy tremendously. The unemployment rate soared high as many businesses closed down temporarily or permanently. Travel, tourism, and gaming have always been the main industry of Nevada. When these closed down, the state’s economy also stopped. Many visitors dropped together, along with other economic indicators. Thousands lost their jobs and billions in tax revenue almost vanished.
In September, the economy has started to regain back its strength when many businesses opened for the first time after many months. Employment is up by 0.7% and unemployment is down by a huge 15.4%. Both tourist visits and hotel accommodation also improved in number, with 6.9% and 3.9% increase respectively.
Like the rest of the United States, Nevada is in major economic pain right now. The last report on Nevada’s GDP last July 2020 indicated a fall of 4%. But though there has been no definite update for August yet, it is assumed that the economy improved. There has been many fallouts in different sectors during the COVID-19 crisis, but still, Nevada remains attractive to business owners and entrepreneurs.