August 17, 2011
JEFFERSON CITY - Gov. Jay Nixon today announced that efforts to create jobs, foster current and new business growth, and increase capital investments in Missouri have significantly improved the state's position in a national study that ranks the states for entrepreneurial climate. Missouri has moved up 12 spots from 40th to 28th since 2008, when the University of Nebraska Bureau of Business Research issued its previous report. Missouri's jump was the greatest improvement of any Midwestern state in the study.
"This report by the Nebraska Bureau of Business Research study clearly illustrates the significant gains we have made in creating an entrepreneurial environment in Missouri since 2008," Gov. Nixon said. "Our efforts to create jobs and hold the lines on taxes continue to pay off; not only in recognition from respected national economic groups but also in moving our economy forward."
The Nebraska Bureau of Business Research study illustrating Missouri's significant improvement in entrepreneurial climate comes the same week that the state was ranked eighth in the Pollina Corporate Top 10 Pro-Business States for 2011. Another recent report by the U.S. Chamber of Commerce for 2011 also had high praise for Missouri's fiscal soundness and Gov. Nixon's economic policies to attract business, rating Missouri at number 7 among states as "a leader in business-friendly tax and regulatory climate."
The Nebraska Bureau of Business Research first published its state entrepreneurial index in 2008 as a method of tracking the performances of all 50 states in core measures of economic strength, such as entrepreneurship, net migration and formation of capital. The study bases its rankings on five core components of a state's economy, including percent growth in employer establishments; percent growth in employer establishments per capita; business formation rate; patents per thousand residents; and gross receipts of sole proprietorships and partnerships per capita.
Under Gov. Nixon's leadership, the state of Missouri has maintained its spotless Triple-A credit rating while continuing to invest in critical priorities like job training and education. Since 2009, the Governor has worked to help businesses thrive, including:
- Cutting the franchise tax on more than 16,000 Missouri businesses;
- Launching a small-business loan program in 2009;
- Passing a comprehensive jobs bill that expanded our most successful economic incentive programs, such as the Missouri Quality Jobs Program;
- Called a special session in July 2010 to pass legislation to support tens of thousands of automotive jobs in every corner of Missouri;
- Invested $27 million in small and medium-sized businesses through the State Small Business Credit Initiative;
- Increased funding for job training by 52 percent in the 2011 budget;
- Invested millions into programs such as Training for Tomorrow and Caring for Missourians, educating students at Missouri community colleges and four-year institutions for high-demand careers.
A report last week by the Missouri Department of Economic Development put Missouri's unemployment rate at its lowest point since March 2009 at 8.7 percent, which is down eight-tenths of a point since the beginning of 2011. In addition, Missouri's exports through two quarters for 2011 are up 13 percent over 2010's totals, which set a state record.
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