North Dakota Ranks Fourth in Nation in State Competitiveness
Wednesday, January 16, 2008
I love it here! As far as i'm concerned, North Dakota is the best place in the world to do business. Judging by this story, others know what I know:
Bismarck, N.D--North Dakota ranks fourth in the nation in state competitiveness according to the 2007 edition of the Beacon Hill Institute’s (BHI) annual State Competitiveness rankings. The state rose from fifth place in 2006 and sixth in 2005. North Dakota has been steadily climbing this ranking since it was first published in 2001 when the state ranked 21st in the nation.
“One of the most important things we’ve done to grow our economy and create jobs is build a strong business climate,” Gov. John Hoeven said. “That has meant focusing on good technology, strong infrastructure, and sound government and fiscal policy, which is what this report recognizes.”
The BHI Index tracks 42 different measures within 10 categories including infrastructure, environmental policy, government and fiscal policy, and technology.
North Dakota achieved three top ten national rankings including first in infrastructure, which includes factors such as commute times to work, monthly housing costs, electricity prices and households with installed phones. The state placed fourth in human resources factors such as a high level of labor force participation, skilled labor that is affordable and readily available, and a widespread commitment to education, training and health care. North Dakota was eighth in environmental policy, which reflects the state’s low levels of air pollution and toxic releases.
The greatest improvement over the previous year was in the area of government and fiscal policy, where North Dakota ranked 11th. The state’s strengths in this area include the number of full-time equivalents for state and local government employees, the state’s budget surplus and state and local taxes per capita income.
“According to this report, government and fiscal policy is important because businesses are more likely to be attracted to areas with moderate tax rates and clear evidence of financial discipline,” Commerce Commissioner Shane Goettle said. “State leaders and legislators have worked hard on fiscal responsibility and this study underscores the value of this in a very real way.”
The top five performing states are (in rank order): Utah, Massachusetts, Colorado, North Dakota, and Idaho. Published by The Beacon Hill Institute at Boston's Suffolk University since 2001, the report has drawn the growing attention of policymakers, economist and public officials across the nation seeking to identify strengths and weaknesses in economic performance. A copy of the report is available here.
