North Dakota ranked top in US for economic performance

(bismarcktribune.com) North Dakota has been ranked first in the nation on its economic performance and the talent in its pipeline by the U.S. Chamber of Commerce Foundation.

In addition, the state was ranked sixth in overall business climate, according to the foundation's sixth annual "Enterprising States: States Innovate" study released Tuesday.

The study highlights the states best poised for the science, technology, engineering and math (STEM) focused economy.

North Dakota is at the top in STEM job growth but is still low in the actual number of STEM jobs per capita, according to the study.

"There's still plenty of room to catch up," said Mark Schill, vice president of Praxis Strategy Group.

Schill said the chamber study took into account a variety of businesses, ranging from software companies to engineering firms to research and development companies and a few select manufacturers. It also counted workers at the technician level as well as those with four years or more of education.

The data came from various research foundations and government entities and measured long- and short-term job growth, export growth, creation of new companies, lending and higher education rates.

Schill said one bright spot of the study was that North Dakota ranked third, behind Massachusetts and Minnesota, highest for 25- to 44-year-olds with at least a two-year college degree. Of that population in the state, 51 percent have degrees.

Schill said that story was true across the Great Plains.

“With one of the nation’s lowest unemployment rates, North Dakota is a pillar of economic stability,” Carolyn Cawley, managing director of the U.S. Chamber of Commerce Foundation, said in a statement. “Much of North Dakota’s success can be attributed to its stable foundation of solid economic programs and strategies designed to bolster entrepreneurship while also positioning the state to deftly weather recent declines in oil prices, slower growth and lower-than-projected budget surpluses.”

The study also highlighted unique state programs and those that potentially could be applied in other states. Among those was North Dakota’s state-owned bank with its loan guarantees of up to $200,000 for small business. (Full Story)