State of Montana Newsroom
Gov. Gianforte Announces Montana Named Top State for Fastest-Growing Economy
HELENA, Mont. – Governor Greg Gianforte today announced Montana ranks in the top five states with the fastest-growing economies since 2021.
“In Montana, our economy is growing and stronger than ever as we continue to welcome new business investment, strengthen our workforce, and increase access to international markets for our major industries,” Gov. Gianforte said. “By supporting business owners, we’re unleashing good-paying jobs for Montanans, so our kids and grandkids don’t have to leave the state in pursuit of a career.”
According to a recent report released by Visual Capitalist, all 50 states were compared using their GDP growth from 2021 to 2025. In the report, Visual Capitalist notes that business investment, population growth, and energy production helped drive growth in many of the top-performing states. Montana ranked fifth, behind Texas, New Mexico, Florida, and South Carolina with real GDP growing 16.1 percent between 2021 and 2025. The national average in the same time period was 10.8 percent.
Between 2010 and 2020, Montana’s population grew 10 percent, becoming the third-fastest-growing state. When it comes to wage growth, Montana ranks third in the nation for fastest wage growth and is only one of two states in the nation where wage growth has outpaced inflation since 2020. The average wage earned by Montana workers reached $60,037 in 2024.
Recently, the governor announced Montana’s fiscal health surged into the top 10 states nationally under his leadership, rising from 22nd in 2021 to 8th in 2025. Since taking office, the governor has paid off the state’s general obligation debt, making Montana debt-free in 2023 and saving Montanans $40 million over a period of two years.
In the same year, the governor secured the largest tax cut in state history, delivering $500 million in permanent income tax relief, income tax rebates of up to $1,250, and $280 million in property tax relief to Montanans. In 2025, Gov. Gianforte continued to deliver historic tax cuts, delivering over $750 million in permanent income tax cuts to Montanans at all income levels. Since taking office, the governor has cut the state’s top individual income tax rate by nearly 20 percent.
In the 2025 session of the Montana State Legislature, the governor continued to limit the growth of government spending to less than 1 percent, ensuring that state spending does not outpace the rate of inflation.
Last year, Gov. Gianforte announced Montana was ranked the best state for business startups according to Entrepreneur Media. In another recent study, WalletHub named Montana as a top state to start a business.
The full Visual Capitalist report can be read here.
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