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U.S. Chamber Names North Dakota a Top State for Job Creation and Economic Growth in the Coming Decade
WASHINGTON – At jobs summit today in Washington, D.C., the U.S. Chamber of Commerce unveiled a study projecting that North Dakota will lead the nation in job creation and economic growth over the next decade, Senator John Hoeven said. The findings were contained in the Chamber’s Enterprising States 2012 report, an annual analysis of state economic and job performance.
“Not everyone, or every state, accepts the notion of inevitable, slow growth and gradual decline. From the onset of the recession, some states have largely avoided the downturn,” the report’s executive summary noted. “By the end of 2011, six states – North Dakota, Wyoming, Alaska, Utah, Texas, and Montana – showed more than 8% job growth over the past decade. Another 22 had shown some, although less robust, employment increases compared to 2001.”
North Dakota led the nation in long- and short-term job growth; Gross State Product growth; per capita income growth; and the number of jobs in the science, technology, engineering and math area, the so-called STEM jobs.
The report also notes that “state policymakers were able to enact a series of tax cuts totaling nearly half a billion dollars in 2011. These included cuts to business income taxes and property tax relief, dropping the tax burden on business in the state.”
Other factors the Chamber highlighted in naming North Dakota were productivity growth, academic R&D growth and support for companies working to expand international trade. North Dakota established the North Dakota Trade Office in 2003 to facilitate trade and the state grew exports by more than 400 percent between 2005 and 2010.
“We worked hard in North Dakota over the past decade to build a strong business climate that attracts private investment and encourages innovation, and now we are well positioned to lead the nation in the next decade,” Hoeven said. “The U.S. Chamber recognizes that many of the things we did in North Dakota – like create a good legal, tax and regulatory environment – should serve as a template for the nation. This is something all North Dakotans can take pride in.”
The report can be found at the U.S. Chamber of Commerce web site: http://ncf.uschamber.com/library/enterprising-states.