States with Lowest Unemployment
Here's proof that the lowest jobless rates are in the Great Plains, according to the most recent figures with the Bureau of Labor Statistics:
North Dakota . . . . . 4.2%
South Dakota . . . . . 4.9%
Nebraska . . . . . . . . 4.9%
Michigan continues to hurt with a 15% unemployment rate but that's still below the state's historic high of 16.9% unemployment in 1982.
What is happening in North Dakota?
According to the state's commerce website:
"North Dakota's business climate has gained a reputation for supporting emerging businesses, entrepreneurs and expansions. The state's growing manufacturing, technology-based businesses, agricultural and energy industries, enhanced with numerous incentives, are drawing some of the world's most recognized companies into the state."
What is North Dakota doing well?
"We've simplified our tax system and created new tax incentives, streamlined regulatory processes, developed flexible financing programs," said Governor John Hoeven.
Corporate income tax rates range from 2.6% to 6.5% while all personal property is exempt from taxation including office equipment. The state also claims to have among the lowest worker's compensation insurance and unemployment insurance rates in the nation.
But North Dakota isn't immune to economic pain. Bobcat recently closed its Bismark plant and will consolidate operations in the city of Gwinner. A net of 85 manufacturing jobs will be lost.
LA, Chicago, New York
Meanwhile, business and political leaders in the metro areas of Los Angeles, Chicago and New York are trying to find how to stem job losses in their areas. They rank among the top 3 metro areas with the greatest employment loss from July 2008-09.
In Los Angeles, Mayor Antonio Villagaraiso and city council members want to introduce new rounds of tax reform to attract and retain businesses. Up to 8 tax reforms are under consideration.
City council members agree the present tax structure puts Los Angeles "at a competitive disadvantage to attract and retain businesses" as written in a motion that council members Janice Hahn and Eric Garcetti recently presented.
California has a 11.9% unemployment rate. California's lowest unemployment rate was 4.7% in February 2001.
The Phoenix metro area was number four in metro areas with greatest employment loss for the past year.
Published by Don Simkovich
Works with small business owners to keep them healthy and run healthy businesses. Don interviews small business owners, writes about those who shape the culture around Los Angeles, and journals his hikes and... View profile
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Post a Comment.... and then there's the state of inherited wealth :-}