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Market Watch

Montana Makes Us Proud!

Posted on September 24, 2014

Montana. The long-standing nickname is “The Treasure State,” which gives homage to our rich history of assets found naturally throughout the state. The more modern moniker is “Big Sky Country.” This term was gleaned from a bestselling novel about the fur trade written by A.B. Guthrie, Jr. But regardless of the names we are called, there is a sense of pride in being able to refer to yourself as a Montanan.  Though our state is large in size, it often feels more like a tight-knit family that pulls together as needed for support and encouragement.  Perhaps that feeling was prevalent when William Kittredge coined it “The Last Best Place.” 

Recently I picked up the August edition of the Delta Sky Magazine and was drawn in by the amazing examples of how our state overcomes the perceived issues of geographic isolation (147,000 square miles in our state) coupled with a relatively small population (though we have finally topped 1 million residents) and truly shines as a different type of treasure. Our governor, Steve Bullock, gives his insight on why Montana is currently experiencing the highest rate of start-up businesses per capita in the United States. “Having a reliable technology, transportation, and low-tax infrastructure in place really provides a solid foundation that businesses in Montana can count on,” states Governor Bullock. There are many indicators to prove that Montana’s economic future is, in fact, bright.  
 
The Montana economy historically and currently counts on natural resources as a driving force. Forestry, mining, agriculture, tourism, and energy all play essential roles in employing our residents throughout the state. However, each of the six distinct regions featured in Myatt Murphy’s “A Boom with a View” article brings its own special contribution to the overall mix. 
 
Missouri River Country is tucked up in the northeast corner of the state which includes Glasgow, Wolf Point, and Sidney. Traditionally known for cattle and crops, it has become a hot spot due to its location right next door to the oil resources that were identified and are now being extracted from the Bakken Formation, which lies primarily in North Dakota. Businesses that support the oil industry are diverse and plentiful. By digging a little deeper, I came across the Two Rivers Economic Growth site (growvalleycounty.com) which gives insight into how leaders in the area are proactively dealing with housing issues and affordability, infrastructure demands, renovation of downtown areas, and continuing to promote the tourism industry that includes attracting hunters and fishing enthusiasts from near and far. 
 
Glacier Country is situated in the northwest corner of Montana reaching Missoula and is a tourism mecca that includes Glacier National Park. This area is a good example of people who come to an area simply based on the fact it is where they want to wake up in the morning, and then make it work out financially via entrepreneurial spirit. From this ingenuity is where unique business ideas come to life. The region is now home to firearm component manufacturers, other outdoor and metal product manufacturers, and a thriving bioscience industry. When you add in the University of Montana and Missoula’s regional trade and medical services, you have a well-rounded economic picture. Did I mention cherry orchards and huckleberry patches? Mother Nature contributes to the area in her way as well.
 
Central Montana’s cornerstone is Great Falls which is surrounded by miles and miles of nature’s best, including premier bird watching. D.A. Davidson is an example of how a stable, long-standing business can thrive in a location such as this. For 79 years now, this financial services company has grown from a two-person company to one that employs 1,400 people in 80 offices reaching 23 states. And though they could operate from anywhere around the country, they chose to stay close to their roots to provide the same level of professionalism on which they were founded. Lewistown is another contributor to Central Montana’s economy with a strong presence in manufacturing, heavy construction, and international exporting. 
 
Southeast Montana is a large region spanning from Billings to Miles City. Billings has long been known for its role in the energy market and was poised and ready to capitalize on the Bakken potential. It has also benefitted from the retail market of an enormous area, drawing trade-ins from Wyoming as well as Montana. Kelly McCandless, communications manager at Billings Chamber of Commerce and Visit Billings states that Billings is the “largest city in Montana and the largest community between Spokane and Minneapolis, as well as between Calgary and Denver.” A dynamic financial market, higher education institutions, the trucking and rail industry, and world-class healthcare are top contributors to making this area of the state an attractive place to make a living. 
 
Southwest Montana is defined as the area including Helena and Butte. Innovative companies see the opportunity in Butte in that commercial real estate is readily available and affordable, which is a key mix when starting up a new business. Helena’s status as the Capital City has kept its economy stable, but exciting projects such as the expansion of the Boeing manufacturing site slated for completion this year are what keep things interesting. 
 
Near and dear to my heart, Yellowstone Country attracts tourists from around the globe to experience Yellowstone National Park with the bonus of being able to visit Big Sky and Bozeman. Flanked by 7 mountain ranges, 14 Blue Ribbon trout rivers and streams, and world-class recreation, we are far more than “just a pretty face.” In the mid-1980s Gallatin Development Corporation (now “Prospera”) began a decade-long task of attracting high-tech, bio-medical, sports/recreational, laser, and optic industries. The early days included outreach trips to entice businesses and entrepreneurs to relocate to Bozeman.  What has occurred over the past 30 years is nothing short of remarkable. The list is filled with names like ILX Lightwave (sold to Newport Corporation), Simms Fishing Products, Gibson Guitar, LigoCyte Pharmaceuticals, and RightNow Technologies (purchased by Oracle two years ago). Much credit for business growth goes to Montana State University, with 256 active technology licenses, it is the largest research and development institution in Montana. The collaboration between MSU and the business community is indicative of the synergism that exists throughout the region. People live here and all across Montana because they love it here and want to create, grow and expand their businesses.  

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