(NDAgConnection.com) – NDSU’s Challey Institute for Global Innovation and Growth, in partnership with the Greater North Dakota Chamber (GNDC), has released survey results that show a strong business climate in the state. The survey was conducted over the summer of 2022 and the results were announced at the 2022 Greater North Dakota House Policy Summit.
More than 200 companies responded to the North Dakota Business Conditions and Climate Survey conducted by the Challey Institute for Global Innovation and Growth. The survey assessed the state’s regulatory and business environment to better understand policies that can improve economic performance.
“North Dakota is constantly ranked and measured against current conditions of economic production. These results positioned our state as #1, #23, #7 and so on, but these results do not go further to examine barriers to growth or catalysts for success,” said Arik Spencer, CEO and President of GNDC. “We partnered with this survey to uncover an accurate assessment of the current business conditions of those who choose to do business in North Dakota.”
The survey found that most businesses in North Dakota believe the state has a good business climate, but continue to be held back by an inability to attract workers, high health care costs and a lack of access to affordable, high quality child care.
Spencer continued: “We appreciate the Challey Institute for their assessment and work. The GNDC anticipates that these findings will help policy makers craft legislation that will further benefit the growth of our state. »
Key findings from the survey include:
– Businesses overwhelmingly agree (95%) that North Dakota has a good business climate. A majority of companies said North Dakota decision makers have created a favorable business environment (87%) and that North Dakota has the right infrastructure for business success (83%). Nearly three-quarters of companies operating in multiple states said North Dakota has a better regulatory environment and business climate than other states where they operate.
– Companies highlighted a number of factors positively affecting their performance in North Dakota. The top three factors are a right to work state (53%), low taxes (43%) and high quality education (38%).
– The first factor holding businesses back is the difficulty in attracting and retaining qualified workers (62%). Other factors negatively affecting business performance include high healthcare costs (37%) and lack of access to affordable, quality childcare (30%). Overall, concerns about labour, health care costs and child care emerged throughout the survey.
– Businesses in North Dakota are optimistic about the year ahead. Nearly two-thirds of respondents believe that their company’s performance will improve over the coming year. Half of those surveyed plan to invest in facilities and equipment in North Dakota within the next year, with the majority planning to expand their operations.
“These results can serve as a first step in identifying the obstacles that prevent the state from reaching its economic potential,” said John Bitzan, author of the report and director of the Menard family of the Challey Institute. “They show that the state has a great business climate, but also that we have significant challenges ahead to allow businesses to continue to be successful in the future.”
The Sheila and Robert Challey Institute for Global Innovation and Growth aims to advance understanding in the areas of innovation, trade, institutions and human potential in order to identify policies and solutions for the improvement of society.