The latest quarterly report from the U.S. Bureau of Economic Analysis has been released and it bodes well for Nebraska and the nation. Nebraska is 4th among states and the District of Columbia for personal income growth and it is tied for 6th in gross domestic product growth, a 5.2% increase.
The report covered April-June. “This report points to the underlying strength of Nebraska’s economy, one driven by agriculture, value-added processes, biofuels, manufacturing, financial services, healthcare and other key components,” Governor Jim Pillen says.
“While any data point must be considered within the context of other economic data and trends, this report certainly points to the strength and stability of Nebraska’s economy.” Pillen says the state must take advantage and build on that position by improving the tax system so that it remains competitive.
“First and foremost, that means fixing our property tax crisis for hard-working Nebraskans. That will attract more people to the Good Life, providing talent and workforce for our businesses and allowing them to grow.”
Senator Mike Jacobson also reacted to the report. “The latest GDP growth for Nebraska is further evidence that the Nebraska way of lowering taxes and growing our traditional values is working.” Fellow state senator Brad von Gillern says Nebraska’s high ranking of GDP per capita is a great indicator of the productivity and strong work ethic of Nebraskans.
“I believe that income tax reductions and property tax relief provided in recent years have contributed to our overall performance, and will continue help in retaining people, attracting new companies and workers to our great state,” says von Gillern, chairman of the Revenue Committee.