A report released last week by the U.S. Chamber of Commerce and the National Chamber Foundation identified North Dakota as the nation’s top overall economic growth performer for the decade.
The report, titled “Enterprising States: Creating Jobs, Economic Development and Prosperity in Challenging Times,” combines metrics for each economic development policy area to identify the top overall growth performer.
The study states that, “While North Dakota’s low unemployment and recession resistance is often attributed to healthy agriculture and energy sectors, its construction and manufacturing sectors are relatively healthy and the state has seen 42 percent job growth in professional and technical services and 36 percent in management of companies since 2002. North Dakota is the top job performer since the 2007 peak and is fifth since 2000.”
North Dakota ranked first in growth of gross state product per job; second in gross state product growth; and third in per capita income growth.
The study used the following timeframes for ranking the states:
• Job growth rate between 2000 and 2007.
• Gross State Product (GSP) measures: real GSP growth since 2000, GSP per job 2008, growth in GSP per job 2000-2008.
• Income: per capita personal income growth 2000-2009 and median four person family income adjusted for cost of living, 2009.
“We have taken an aggressive approach to economic development over the past 10 years with a strategic plan that built on our strengths, diversified our economy and worked to create one of the best business climates in the nation,” said Gov. John Hoeven. “We have cut taxes for our hard-working citizens and businesses. By partnering with the private sector and investing in research and development, we set the stage for North Dakotans to use their natural ingenuity and hard work to lift our state up to a whole new level.”
“This report is more evidence that our efforts are getting results,” said Shane Goettle, commissioner of the North Dakota Department of Commerce. “The most important indicators, however, are that North Dakotans are working, their wages are increasing and our population is growing.”
The study also states that recent investments in research and development infrastructure are beginning to pay off for North Dakota which is the fastest growing state in science, technology, engineering, and mathematics job creation.
According to the report, “The message of Enterprising States is that the 50 ‘little Republics’ matter. State policies matter. Governors, state legislators, and local officials matter. Although the Federal government has been driving stabilization policy during the recent recession, it is the states [and territories] that will lead a crucial new growth strategy in the next decade.”
The report focuses on proactive state policies and best practices with proven impact. It also identifies top-performing states in five specific policy areas:
• Entrepreneurship and Innovation
• Exports
• Infrastructure
• Workforce Development and Training
• Taxes and Regulation
In addition to being named the top overall growth performer, North Dakota was ranked number five in the area of taxes and regulation.
The complete report is available online at http://ncf.uschamber.com/enterprising-states/.
About the North Dakota Department of Commerce
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than three million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
About the National Chamber Foundation
The National Chamber Foundation (NCF), a nonprofit affiliate of the U.S. Chamber of Commerce, is dedicated to identifying and fostering public debate on emerging critical issues. NCF provides businesses and government leaders with insight and resources to address tomorrow’s challenges.
by Commerce Department
