STATE ECONOMIC PROFILE
Nevada Economic Overview
$198.4b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
2.4%
11
3,218,938
POPULATION
Growth Rate 2019-24
State Growth Rank
0.8%
15
370,607
BUSINESSES
Growth Rate 2019-24
State Growth Rank
5.1%
3
Overview of the Nevada Economy
In 2024, the state of Nevada has a population of 3,218,938, having grown an annualized 0.8% over the five years to 2024, which ranks it 15th out of all 50 US states by growth rate. Nevada's gross state product (GSP) in 2024 reached $198.4b, with growth of 2.4% over the 5 years to 2024. Businesses in Nevada employed a total of 1,935,061 people in 2024, with average annual employment growth over the past five years of 2.1%. The top three sectors by total employment are Real Estate and Rental and Leasing, Accommodation and Food Services, Construction, while the unemployment rate across the state in 2024 was 5.4%.
What is Nevada's Gross Domestic Product (GDP)?
In 2024, Nevada's GDP reached $198.4b, representing an increase of 2.4% from 2023. Nevada's GDP has grown at an annualized rate of 3.2% over the five years to 2024. Moreover, Nevada's trailing five-year GDP growth ranks it 11th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Nevada's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Nevada Industry Trends
What are Nevada's Largest Industries by Revenue?
The largest industries by revenue in Nevada are Credit Card Issuing, Lotteries & Native American Casinos and Casino Hotels, which generated $18.3b, $16.3b and $12.7b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Nevada
Top 10 Companies Headquartered in Nevada by Employment
The largest companies by employment in Nevada are Mgm Resorts International, Clark County School District and Vici Properties, which employed 55,000, 35,000 and 18,500 people in 2024.
STATE ECONOMIC PROFILE
Nevada Sector Statistics
In Nevada, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Nevada's GDP by Sector?
The Real Estate and Rental and Leasing, Accommodation and Food Services and Construction sectors contributed the most to Nevada's GDP in 2024, representing a combined 36.8% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Nevada's Employment by Sector?
The Accommodation and Food Services, Transportation and Warehousing and Retail Trade sectors contributed the most to employment in Nevada in 2024, representing a combined 47.0% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Nevada Employment Trends
1.9m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
2.6%
48
5.4%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
5.4%
11
What Employment Trends are Impacting Nevada?
The state of Nevada employs 1,935,061 people in 2024, which ranks it 29th out of all 50 US states. Employment in Nevada has grown at an annualized rate of 2.6% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in Nevada include Accommodation and Food Services, Transportation and Warehousing and Retail Trade, which employed 456,669, 247,487 and 204,583 people in 2024, respectively. Nevada's unemployment rate is 5.4% in 2024, which ranks it 50th out of 50 states. Nevada's unemployment rate has trended upwards at a rate of 5.4% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Nevada, and compare them to the US economy, using the chart below.
$116.5k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
9.0
15
What is Nevada's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Nevada's DPI in 2024 was $116.5k, compared to the US average of $129.8k, which places it 15th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Nevada's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Nevada Construction & Building Trends
$8,935.3tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
14.6%
43
$5.6tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
8.9%
30
19,737
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
2.4%
29
What can construction trends tell you about a state’s economy?
In Nevada, non-residential construction was $8,935.3tn in 2024, which ranks it 43rd out of all US states. Residential construction was $5.6tn in 2024, which places Nevada 30th in the United States. The number of building permits issued in Nevada in 2024 was 19,737, representing a 2.4% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Nevada, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Nevada Population Statistics
Which Counties in Nevada have the Largest Populations?
The counties with the highest populations in Nevada are Clark County, Washoe County and Lyon County, which had populations of 2,380,828, 506,182 and 63,707 people in 2024.
STATE ECONOMIC PROFILE
Nevada Demographics
Education Level Nevada
Race in Nevada
Nevada State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 637 Nevada Industry Reports.
