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North Dakota Ranks #5 in Best States for Business
Post Date: Feb 20 2017

By ND Commerce
North Dakota was ranked the 5th best state for business according to a recent 24/7 Wall St. study. North Dakota ranked 11th in 2016 and 9th in 2015.
 
To determine the best and worst states for business, 24/7 Wall St. compiled 47 measures into eight categories: economic conditions, business costs, state infrastructure, the availability and skill level of the workforce, quality of life, regulations, technology and innovation, and cost of living.

“North Dakota continues to showcase that it offers a business-friendly environment by creating vibrant communities and enhancing the quality of life for our citizens,” Governor Doug Burgum said. “Being recognized by 24/7 Wall St. only goes to support that North Dakota is a great place for businesses and career seekers alike. The entrepreneurs and innovators creating jobs in value-added agriculture, energy, manufacturing and technology sectors continue to drive our state’s economy forward, and we’re doing our part to ensure that North Dakota can compete and thrive in an ever-changing and increasingly competitive global economy.”
 
The top four states were: Utah, Massachusetts, Idaho and Colorado.
 
The study states: “For the many Americans who relocated to North Dakota during the oil boom, the move was likely made easier by the state’s low cost of living. Goods and services cost 92 cents on the dollar in North Dakota compared to the nation as a whole, and the state’s median homeownership expenses amount to just 17.5% of household income — a smaller share than in any state other than West Virginia.”
 
North Dakota’s Gross Domestic Product (GDP) annual growth rate of 7.7 percent from 2010 to 2015 was more than that of any other state and four times the national growth rate. According to the latest GDP information from the Bureau of Economic Analysis, North Dakota had positive growth during the third quarter of 2016. This was the first growth in Real GDP since the fourth quarter of 2014. North Dakota was cited as having the 7th best economic growth in the quarter (South Dakota was first).

The full report is available at: http://247wallst.com/
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