Building a Stronger Economy
By Governor-elect Kristi Noem
A couple years ago, I was at the grocery store when a young mom stopped me in the aisle. Her cart was full of generic groceries. Her pocket was full of coupons. She looked at me and said: “Kristi, when are things going to get better?”
We talked about how costs had gone up – healthcare, groceries, electricity, childcare – yet she hadn’t seen a pay raise in years.
That scenario became the foundation of what I fought for while I helped negotiate once-in-a-generation tax cuts that began to answer that question.
Those historic tax cuts were signed into law about a year ago, and things have gotten better.
The average South Dakota family of four will now receive a $2,400 tax cut. How? I fought for lower rates, a doubling of the Child Tax Credit, and reforms that have made America’s economy boom. Millions have received pay raises, bonuses, or increased benefits. Job creation is up. And despite leaving more money in people’s pockets, the resulting economic growth is expected to increase federal revenues $1 trillion over the long term, helping stabilize the budget.
I will apply these same low-tax, pro-growth principles as governor and veto efforts to increase taxes. You’ve worked hard for your money; our state government must respect that.
And our work to kickstart the economy has just begun.
In early December, I announced that Steve Westra will join my administration as Commissioner of the Governor’s Office of Economic Development (GOED). Steve brings a background of business experience and innovation to the table. Currently the Chief Operating Officer of Hegg Companies Inc., a Sioux Falls-based company, Steve has shown a unique ability to develop strategies and creative approaches that bring job-creating projects to South Dakota. He’s also served on the Tourism Advisory Board, the Sioux Falls Board of Health, and in the State House of Representatives. Most importantly, I know Steve will run a service-oriented agency. He’ll lead by example in serving the businesses GOED is working to grow. He’ll respect and serve South Dakota taxpayers.
I have big plans for the future of South Dakota’s economy, and Steve is just the partner I need to make those plans a reality. Together, we’ll transform GOED into an agency that centers around keeping South Dakota’s taxes and red tape at a minimum while making the right investments. We’ll make it easier to start and grow a business.
I also see GOED playing a bigger role in coordinating workforce development. I want to bring the department together with area employers, the South Dakota Department of Education, the Board of Regents, and tech schools to make sure young people are getting the skills needed to prepare them for key jobs.
What’s more, I believe South Dakota is ready for a new growth industry. The financial services industry flourished in our state during the 80’s and 90’s because Governor Janklow made it a priority to provide low regulatory burdens and an advantageous tax environment. Between these, skills training, and the research available at South Dakota’s universities and tech schools, I believe we have all the necessary ingredients to recruit a new industry – we just have to pursue it, and I see a targeted role for GOED in that effort.
And while we recruit new business, we’ll also invest in the businesses putting South Dakotans to work today, helping them grow from five employees to 10, 50, or more.
I hope someday I have the opportunity to run into that mom in the grocery store again. Things have gotten better, families have gotten stronger, and the best days are still to come.