PIERRE, S.D. – The Enterprising States study rates South Dakota in the Top 10 when it comes to economic performance, a talented workforce, and being in the best position to prosper in the next five to 10 years.
“These accolades are testament to common sense policies that allow for business development with reasonable taxes and regulations,” said Gov. Dennis Daugaard. “South Dakota is making its mark in the global economy by expanding existing businesses and attracting new ones; providing a quality workforce and helping train workers who need additional skills; increasing exports; and improving the quality of life for our residents.”
In ranking South Dakota as No. 1 on taxes and regulations, the Enterprising States study says the Mount Rushmore state ranks in the top five in four categories: tax environment for mature firms, overall tax environment for business, business closure rate, and the small business survival index.
“The state has no corporate income tax, no personal income tax, and no tax on business inventories, greatly lowering tax burdens on companies,” the study says. “In addition to pledging to hold the line on taxes, Gov. Dennis Daugaard made regulatory reform one of his key initiatives focused on improving South Dakota’s business climate.”
The U.S. Chamber of Commerce study made a special note of Gov. Daugaard’s “Better Government” initiative, begun in 2011 to review the state’s regulatory climate and streamline state government interactions with businesses. The study also lauds the governor’s South Dakota Workforce Initiatives (WINS) strategy of improving education, increasing worker training, expanding health-care jobs and opportunities in rural areas, and attracting new residents with valuable job skills.
Enterprising States rates South Dakota No. 5 in the nation for educating and training workers, and No. 7 for growth, productivity and livability.
The study also said South Dakota is No. 9 among potential boom states whose economies are expected to have steady growth and job creation within the next decade.
“Known for its friendly business climate, South Dakota ranks eighth in long-term job performance, fifth in projected job growth and fourth in per capita personal income growth,” the study concludes.
Reprint from SD Governor’s Office of Economic Development.