Stutsman County Can Be Your Business Solution for Inflation
8 Aug 2022
Inflation is impacting everything from energy to groceries. Inflation rose to 9.1% in June 2022 - staggering inflation rates not experienced since the 1980s. According to the U.S. Bureau of Labor, at the same time as inflation is rising, real average hourly earnings for all employees decreased by 1%. That’s the impact of inflation because it reflects a 1.3 percent increase in the Consumer Price Index for All Urban Consumers (CPI-U). More alarming is the decrease in real average earnings year over year. From June 2021 to June 2022, they decreased by 3.6%.
People and businesses can save money by moving to Stutsman County.
Businesses are seeing their goods’ costs soaring and consumers are paying for it at the checkout stand and in their monthly bills, leaving many wondering how they can save money. A move to Stutsman County could be the answer, with the following advantages:
#1 Lower your personal taxes by moving to Stutsman County.
Living in a lower personal income tax area means a family makes more each paycheck, even if their salary doesn’t go up. The best part of this strategy is that it continues to yield dividends year after year. Even when inflation calms down, people in Stutsman County will still benefit from the top individual income tax rate of 2.9% in North Dakota, the lowest of all states in the country that have individual income taxes. Per the Tax Foundation, North Dakota residents had the seventh-lowest state and local tax burden in the country - 8.8%!
#2 Reduce corporate income tax by bringing your businesses to North Dakota
Businesses receive tax benefits in North Dakota, beginning with a low 3.31% corporate income tax. Six states have no corporate income tax. Of the rest that does, only three states have a lower rate than North Dakota! In addition, the state is in the country’s top ten for best property tax and unemployment insurance tax rates.
#3 Lower your cost of living in Stutsman County.
It’s more affordable for families to live in Stutsman County than in much of the country, which is essential for business owners and employees. In the first quarter of 2022, Jamestown’s overall cost of living was 20% lower than the U.S. average. By comparison, Fargo, ND, has a cost of living index approximately 10% higher, while it is 25% more expensive to live in Minneapolis, MN.
#4 Stutsman County offers incentives for new business and business expansion.
When businesses move to Stutsman County (or expand here), they can qualify for various state and local financial incentives to help either finance the project or help to reduce the cost through grants and tax credits. For example, North Dakota incentives include the PACE and Flex PACE Interest Buydown Loans, North Dakota Development Fund and North Dakota New Jobs Training Program.
#5 Land has unique advantages in Stutsman County compared to other states.
Companies choose to locate in Stutsman County for many reasons: conveniently located close to I-94, available commercial real estate affordability at three industrial parks (Airport Business Park, Bloom Business Park and Spiritwood Energy Park) and a strong workforce.
Don’t miss the opportunity to save money and combat inflation by moving to Stutsman County.
Inflation has been making the most substantial impact on our economy since 1981, but it doesn’t have to impact you or your business as strongly. There are ways to save money, and while moving does take time and energy, the long-term financial benefits are worth the investment. Contact the Jamestown/Stutsman Development Corporation to learn more about the benefits of locating in Stutsman County and for help with relocation.