1/9/2014 10:14:43 AM
Governor Mark Dayton Signs 2013 Jobs Bill
Since Governor Dayton took office in 2011, Minnesota has added over 122,000 new jobs - recovering all the jobs that were lost during the Great Recession. The Governor has taken action to strengthen our economy and create a stable environment for businesses to expand and create jobs. With a fair and balanced budget, new investments in education at every level to strengthen our skilled workforce, and targeted investments in economic development that will leverage billions of dollars in private investment, Governor Dayton has provided additional tools to accelerate our recovery and create economic opportunity for the middle class.
Adding 122,000 Jobs - Minnesota has added over 122,000 new jobs since 2011. This year, our state regained all the jobs that were lost during the Great Recession, secured one of the lowest unemployment rates in the nation, and added 34,400 jobs in the first three quarters of 2013.
A $1 Billion Surplus - Job growth, increasing business income, and a fair and balanced budget have generated a projected $1 billion state budget surplus. Paying back the debt to our schools and stabilizing the state's finances will provide needed security for the state's economy.
Improving Minnesota's Business Climate - According to the U.S. Department of Labor, Minnesota had the fifth-fastest growing economy in the nation in 2012 (Minnesota's best growth year since 2004). In 2013, Forbes named Minnesota the eighth-best place in the country to do business, and the Twin Cities ranked seventh in the American City Business Journals' index of top-performing metropolitan economies in the country - jumping 48 spots from a year earlier.
Helping Businesses Expand - Governor Dayton and the Legislature expanded the Minnesota Investment Fund (MIF) tenfold to help Minnesota compete with other states and nations for new manufacturing and high-tech jobs. This new investment is projected to create thousands of new jobs. As of October 2013, MIF has helped bring 24 businesses to Minnesota, creating 2,200 jobs.
Building Housing to Support Job Growth - The Governor and Legislature invested $10 million to build affordable housing that will support business expansion and job growth in Greater Minnesota. That investment has already delivered results in Roseau, Warroad, and Jackson, where planned business expansions were hinging on the development of quality, affordable housing.
Improving Roads and Bridges - The new Corridors of Commerce initiative invested $300 million in ten key transportation projects statewide that will strengthen our state's economy and make critical safety improvements along highways in Greater Minnesota. Governor Dayton and the Legislature also invested $10 million in the Transportation Economic Development program to fund road and bridge projects that will promote business expansions and economic development.
Providing Access to Capital for Small Businesses - In 2013, the Dayton Administration repurposed an underutilized source of federal funding to help small businesses and startup firms expand and create jobs. The $6.7 million Angel Loan Fund will help create an estimated 3,000 jobs and leverage $150 million in additional private investment in Minnesota's economy.
Cutting Unemployment Taxes - Minnesota's improving economy allowed for a multi-million dollar tax cut for Minnesota businesses. In 2013, the Governor and Legislature reduced unemployment insurance taxes by $346.5 million beginning on January 1, 2014.