Montana’s Economy Grew at the 7th Largest Rate in the Nation
The office of Montana Governor Greg Gianforte announced the nation’s seventh strongest rate of economic growth on Monday at 6.7 percent for 2021.
Gianforte called the KGVO Newsmakers line to share the information with our listeners and readers.
“We had really record GDP growth 6.7 percent after inflation, so this is big news,” said Governor Gianforte. “This means our economy grew at the seventh largest rate in the nation. This is the highest rate in Montana in 40 years, and I just want to say thank you to all the hard working Montanans who made this happen. It wasn't government. It was the private sector that's creating better outcomes for folks.”
Gianforte addressed the parts of Montana’s economy that have been growing the fastest.
“I see it when I travel the state,” he said. “Certainly there's been growth in the home building sector. We have more people. Telecommuting wages have increased. This is across the board. Montanans saw their wages increase 8.5 percent last year and that's the fastest rate in 15 years. I campaigned on leading Montana's comeback. Certainly we had to lead through the pandemic, but really, we had to get Montana open for business and we are open for business.”
He compared Montana’s growth rate with the rest of the country.
“Well, this gives us the seventh fastest rate of growth in the country, so ahead of most states, and this is really great news, people,” he said. “It’s the Montana work ethic. This is really Montana's work ethic on display. When you limit the friction created by government and when you lower taxes and let people keep the fruits of your labor of their labor, you get economic results like this.”
Gianforte also praised Montana’s unemployment rate.
“When I took office, the unemployment in Montana was 4.2 percent,” he said. “But now, with our leadership and the hard work of the private sector, we've dropped to 2.3 percent. This is the lowest rate in the state's history. The growth has tightened the labor market, so it makes it harder for some businesses to find the people they need. That's why we're really focused on investing in closing the skills gap, so we can help people move into positions where they can earn more and achieve the American dream.”
Montana's total GDP was $59.3 billion in 2021 current dollars.