North Dakota Business Opportunities

Fort Union Trading Post National Historic Site
Fort Union Trading Post National Historic Site[1]

A Quick Glance at North Dakota

North Dakota, whose nickname is The Peace Garden State, first obtained its statehood in 1889. With a population of 723,393 people, North Dakota is the forty-eighth most populated state in the United States.

If you are considering starting your new business in North Dakota, you might want to look into one of North Dakota's top three most populous cities - Fargo, Bismarck (which is also the state's capital) or Grand Forks.

Top Industry

The largest industry in the state of North Dakota is support activities for mining.

  • The gross domestic product (GDP), of this industry, is roughly $4.9 billion and accounts for 9.1% of North Dakota's GDP.
  • Support activities for mining also employs 4.3% of North Dakota's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 209,576 small businesses, in the state, of North Dakota.
  • Small businesses in North Dakota, make up 49.8% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of North Dakota, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
5% 1.78% 6.78% 29 3.5%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in North Dakota, their official state page might be a good place to start. If you are looking to own your own established franchise in North Dakota, we have collected a comprehensive list of companies that are actively looking to expand in North Dakota, for you to explore.

References

  1. By Xerxes2004 at English Wikipedia, CC BY-SA 3.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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