Governor Greg Gianforte, alongside Montana Department of Labor & Industry (DLI) Commissioner Sarah Swanson, showcased new data today illustrating the robust performance of Montana’s economy.
During a press conference at the state capitol, Gianforte emphasized the impact of the state’s “strong work ethic” and “pro-business, pro-jobs policies” on its economic vitality. “Montana’s economy is thriving,” Gianforte stated. “Our steady job and wage growth are helping Montanans manage ongoing inflation challenges, as detailed in this report.”
The DLI’s 2024 Labor Day report provides a comprehensive review of Montana’s economic progress, focusing on key indicators such as employment growth, income growth, and economic production.
According to the report, Montana’s labor force reached an all-time high of 580,000 in 2023, with over 10,000 new workers joining the workforce last year. This places Montana eighth in the nation for employment growth since 2020.
Employment grew by 1.6% in 2023, adding 8,700 new jobs to the market. This marks a return to more sustainable growth levels after two years of rapid expansion following the pandemic.
Montana also ranks second nationwide for the fastest wage growth since 2020, with the average wage rising to $57,230 in 2023, a 5% increase from the previous year. Notably, Montana is one of only two states where wage growth has outpaced inflation since 2020.
Commissioner Swanson attributed the positive economic trends to Governor Gianforte’s efforts to reduce regulatory barriers and support business growth. “Under Governor Gianforte’s leadership, we’re seeing increased hiring, rising wages, and overall economic expansion,” Swanson said. “Despite ongoing workforce shortages, the Montana labor market is improving as 10,000 new workers entered in 2023.”
The report highlights notable job growth in the healthcare and construction sectors, with each adding 2,340 and 880 jobs, respectively. David Smith, executive director of the Montana Contractors Association, noted the growth in the construction sector, stating, “In February 2020, Montana had just over 30,000 construction jobs. Today, we have over 39,000. However, 96% of contractors across the west report having open positions.”
Since taking office, Governor Gianforte has emphasized workforce development, nearly doubling the Montana Trades Education Credit in 2023 to support employee education and training, and expanding work-based learning opportunities for students.
Gianforte’s administration continues to prioritize creating a favorable business environment and increasing opportunities for Montanans. Last spring, the governor implemented the largest tax cut in state history, offering income tax reductions and property tax relief. Additionally, reforms to the state’s tax code aim to cut red tape, encourage business investment, and attract global companies to Montana.