Dalrymple Highlights North Dakota's Economic Growth
BISMARCK, N.D. – Gov. Jack Dalrymple, along with the Greater North Dakota Chamber and Valley Prosperity Partnership, today hosted the Governor’s Summit on Economic Growth to showcase the state’s economic diversity and generate ideas for future growth. The one-day event was held at the Radisson Hotel in downtown Fargo and brought together business leaders and entrepreneurs from across the state.
Dalrymple kicked off the summit by touting North Dakota’s historic economic success and laying out his vision for future growth and opportunity. He highlighted the economic development strategies that over the past decade have fueled the state’s economic growth and diversification, including an emphasis on job creation, building a strong business climate and targeting key industry sectors such as value-added agriculture, technology, advanced manufacturing and aviation.
The Governor cited North Dakota’s leadership position in several national rankings and studies, including best-run state, growth performer, housing growth and best state for young adults. He stated how North Dakota’s economic growth outpaced all other states in 2014, according to information released by the U.S. Bureau of Economic Analysis (BEA), a position the state has held for four of the past five years. He also focused on North Dakota’s low unemployment, population growth and how the state’s median age is getting younger.
“North Dakota’s economic growth stems from nearly every business sector, with no single industry telling the whole story of our state’s progress,” said Dalrymple. “We have worked hard to diversify our economy and grow our targeted business sectors, while capitalizing on emerging technologies and industries. This summit is a great opportunity to showcase our strengths and successes, and identify visionary and innovative ideas that will chart a course for North Dakota’s future growth.”
During his remarks, Dalrymple spelled out his vision for future growth that includes building on the state’s economic development efforts and focusing on three key themes: people, places and opportunities. This vision will take North Dakota’s progress to the next level with an emphasis on quality of life and livability of communities, attracting a workforce to drive the state’s economic growth and making the state an obvious choice for those seeking diverse opportunities.
The Governor’s vision for growth includes such focuses as child care, affordable housing, education, outdoor recreation, Main Street revival, infrastructure enhancements, access to colleges and universities, and capital for business start-ups.
In addition to Dalrymple, the summit featured speakers and panelists covering topics such as attracting and retaining a workforce, accessing capital, and fostering innovation and entrepreneurial activity. Lt. Gov. Drew Wrigley moderated a panel of business executives outlining a vision for building a workforce for tomorrow’s industries. The event also included a keynote by Joel Kotkin, an internationally-recognized authority on global, economic, political and social trends. He is the author of the widely praised new book, The New Class Conflict, which describes the changing dynamics of class in America.
Other statistics Dalrymple cited detailing the state’s economic progress included:
- During the 2015 Legislative Session, Dalrymple signed into law an additional $397 million in tax relief. Overall, since 2009, he has worked with the Legislature to reduce property and income taxes by more than $4.2 billion.
- Over the past five years, North Dakota’s per capita personal income has increased nearly 42 percent, bringing North Dakota to 121 percent of the national average, according to the BEA.
- North Dakota had $5.3 billion worth of exports in 2014, an increase of $4.3 billion since 2004 when the total value of exports was $1 billion.
- Since 2004, North Dakota has created 123,600 net new jobs, an increase of 36.6 percent.
- North Dakota is ranked first in growth in the number, employment and revenues of women-owned firms since 1997.