Richardson Joins U.S. Chamber's Bipartisan Governors Summit on Job Creation

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May 03, 2010, 02:40 ET

Leaders Come Together for Launch of 'Enterprising States' Study, Profiling Policies that Drive Economic Growth at State Level

WASHINGTON, May 3 /PRNewswire-USNewswire/ -- Governor Bill Richardson joined the U.S. Chamber of Commerce and the National Chamber Foundation (NCF) today for a bipartisan summit of governors to discuss job creation and release the Enterprising States study, which highlights how state and local policies -- including those in New Mexico -- play a vital role in spurring job creation and economic development.

"By embracing many of the strategies at the core of our free enterprise system -- entrepreneurship, open trade, competitive tax rates -- New Mexico is helping jumpstart our nationwide economic recovery," said Thomas J. Donohue, president and CEO of the U.S. Chamber. "Many of the new ideas, new companies, and new jobs will come from local initiatives that allow the free market to do what it does best."

The other governors joining the discussion at the Chamber's headquarters were Tim Pawlenty from Minnesota, Joe Manchin from West Virginia, Donald Carcieri from Rhode Island, Jack Markell from Delaware, and Rick Perry from Texas.

The event also marked the release of the Enterprising States study, a look at how governors, state legislators, and local officials are driving job creation. The study shows that U.S. employment is shifting not to mega corporations, but to individuals; between 1980 and 2000, the number of self-employed individuals expanded tenfold to comprise 16% of the workforce.

Governor Richardson discussed specific examples, also highlighted in the new study, of how New Mexico is playing a pivotal role in fostering the conditions for job growth through cutting edge research facilities, investment in entrepreneurship and innovation, the Job Training Incentive Program (JTIP), and tax incentives to spur business development.

"This study provides an in-depth look at the vast and complex network of economies we call the 50 states and territories," said Margaret Spellings, executive vice president of NCF and former secretary of the Department of Education. "By highlighting lessons learned we hope to create a roadmap to economic resilience and an ongoing dialogue that makes every state's jobs picture stronger."

The Enterprising States study highlights six factors that drive job creation: Innovation, productivity through investments in workforce development and training, science and technology, infrastructure, exporting, and competitive tax rates. The study found that states are much more active than the federal government on the job creation and economic development front. While state priorities vary considerably, there is renewed focus among states to create more favorable conditions for businesses to grow. For example, the study found that high tax rates do not lead to either healthy economies or budgets. On the contrary, many states with the highest tax rates and most onerous regulatory regimes have experienced the worst budget crises.

Similarly, the study looks at how states have implemented initiatives for streamlining red tape to help businesses sort through the many layers of government regulation and have incentivized private-sector investors primarily with tax credits. It also highlights that targeted investments in infrastructure projects at the state-level can create growth-friendly environments in communities. Science- and technology-based economic development and clean tech initiatives are proliferating amongst virtually all of the states. There is widespread support for doubling exports and there are also states that have made significant headway using strategies for foreign direct investment (FDI). Finally, cultivating people through workforce development will drive economic growth at the state-level, the study shows.

Through the summit and this study, the Chamber is intensifying its American Free Enterprise. Dream Big. campaign by spreading the message about bipartisan state and local policies that have proven to help create jobs. The Chamber's nationwide campaign, an effort to spur the creation of 20 million jobs over the next decade, was the driving message of the governor's morning-long discussion. The leaders traded ideas on balancing policy choices about taxes and spending, and how states must make these decisions while continuing to retain and attract private investment.

The Enterprising States study is available at: http://ncf.uschamber.com/enterprising-states/

American Free Enterprise. Dream Big. is the U.S. Chamber of Commerce's comprehensive, multiyear campaign to support free enterprise through national advertising; grassroots advocacy; citizen, community, and youth engagement; and research and ideas leadership.

The National Chamber Foundation (NCF), a non-profit affiliate of the U.S. Chamber of Commerce, is dedicated to identifying and fostering public debate on emerging critical issues. We provide business and government leaders with insight and resources to address tomorrow's challenges.

www.uschamber.com

www.FreeEnterprise.com

SOURCE U.S. Chamber of Commerce