Issue Position: Economic Development

Issue Position

Issue Position: Economic Development

Economic Development is our second pillar because it will create an even higher standard of living for our people. A diversified economy will mean more good jobs for North Dakotans and will help strengthen both our urban and rural communities. It will create more opportunities for business and professional growth that will keep our young people right here in North Dakota. And, ultimately, it will give us the resources we need to invest in North Dakota's most valuable asset: its people.

Creating more and better paying career opportunities in North Dakota will create an even higher standard of living for our people. A diversified economy will help strengthen both our urban and rural communities. It will create more opportunities for business and professional growth that will keep our young people right here in North Dakota. And, ultimately, it will give us the resources we need to invest in North Dakota's most valuable asset: its people.

Growing our State's Economy

• Among Governor John Hoeven's top priorities is the expansion and diversification of North Dakota's economy. By developing the state's different industry sectors, we have helped create a robust economy that has grown by 50 percent between 2000 and 2007, or more than $1 billion per year.

• Since 2000, the value of North Dakota's annual exports rose from approximately $626 million to more than $2 billion—a 225 percent increase, making it the fastest export growth among all 50 states during that time period.

Creating More Career Opportunities for North Dakotans

• This economic growth has driven the creation of 30,100 new jobs since 2000 with more than 5,000 created last year alone. The growth rate of jobs created in North Dakota was 9.18 percent, more than twice the rate of the nation. Diversification of the economy means more high-paying jobs that will give North Dakotans more opportunities and more career paths
from which to choose.

• Personal income in North Dakota grew by 39 percent, compared to 29 percent nationally, and wages increased 34 percent compared to 25.8 percent nationally.

• North Dakota also experiences one of the lowest unemployment rates in the nation.

Creating More Business Opportunities within the State

• The Centers of Excellence remain engines of economic development that combine the ingenuity of our universities with the manufacturing and marketing capabilities of the private sector. The Centers alone have created hundreds of jobs and incubated dozens of businesses. They have indirectly contributed to further job creation in partnerships with several private sector
businesses.

• North Dakota is building one of the best business climates in America. In 2007, North Dakota ranked 4th in Beacon Hill Institute's ranking of state economic competitiveness—a rise of 17 places since 2001. Forbes Magazine ranked North Dakota 9th in its list of Best States for Business—above Minnesota, South Dakota and Montana.

Source