Hoeven: Tax & Regulatory Relief Are Helping Spur Economic Development

Senator Also Highlights How Tech Entrepreneurship is the Third Wave of Growth in North Dakota’s Economy

FARGO, N.D. – Senator John Hoeven today joined Fargo area business and community leaders at the fourth annual 1 Million Cups (1MC) Reunion Fargo to outline how tax and regulatory relief are helping to create a pro-growth business environment to bolster North Dakota’s economic growth. Hoeven stressed that these benefits reach across industries, including North Dakota’s technology sector, and further drives tech entrepreneurship as the third wave of growth for the state’s economy.

“We’ve been working hard to roll back burdensome and growth-hampering regulations and to provide tax relief to help spur our economy and empower entrepreneurs and businesses to grow and create jobs,” said Hoeven. “We are already seeing the results of our efforts as our economy has posted strong growth, wages have risen and unemployment levels are at record lows. This economic growth is especially reflected in North Dakota’s tech economy as our tech entrepreneurs continue to drive this third wave of growth for our state’s economy.”

As part of his continued efforts to establish the state as a hub of tech entrepreneurship, Hoeven will host Small Business Administration (SBA) Administrator Linda McMahon at his State of Technology Conference later this month. The annual event, which the senator hosts with the Fargo Moorhead West Fargo Chamber of Commerce, highlights breakthrough technologies and the local innovators creating them. This year’s conference will be held on Friday, November 30 at the Delta Hotel in Fargo.

In addition, to further establish a business climate to help entrepreneurs and businesses succeed, Hoeven is cosponsoring the bipartisan Portable Benefits for Independent Workers Pilot Program Act. The legislation would direct the Secretary of Labor to fund and evaluate innovative models for providing benefits to independent workers, including self-employed entrepreneurs, which can move with a worker from job to job. 

Hoeven has worked since his time as governor to position North Dakota’s technology sector for growth, naming it as one of the state’s five targeted industries. Hoeven continues working through his role on the Senate Appropriations Committee to build a pro-growth business climate for the state’s industries, as well as to work and advocate for the support of Science, Technology, Engineering and Mathematics (STEM) education.

1MC Fargo is a local chapter of a national series of events to promote small business and entrepreneurship. Approximately 150 individuals and entrepreneurs from the Fargo community participate in 1MC Fargo each week.