North Dakota Business Resource
The energy boom has created 15,000 jobs in the state over the last decade, added to 9,400 in North Dakota business resource and financial services. Even the state’s construction employment is up 29 percent since 2002, and its manufacturing sector has avoided the declines other states have endured. The state’s unemployment rate stands at only 3.9 percent.
North Dakota cut individual income tax rates by 18 percent and corporate taxes by nearly 20 percent, adding up to roughly $900 million in tax relief over just four years. The state also created the “Small Business Technology Investment Program,” a $1 million fund providing grants of up to $50,000 matched 2:1 with an angel fund investment.
North Dakota’s exports grew nearly 250 percent between 2000 and 2009 (compared to just 35 percent nationwide). The state intends to increase funding for the Trade Office by roughly $490,000 to better market North Dakota products and services to the world. The funds will be used to acquire services in shipping logistics and to help North Dakota businesses navigate the complexities of a global economy. The governor’s office has also recommended a North Dakota business resource in the form of state assistance to qualified entrepreneurs seeking capital formation.