From Inc.com:
Businesses grow faster in states with higher minimum wages, according to a new study.
As more states proceed with minimum wage increases on their own, a new study shows that small businesses grow faster in states with minimum wages above the federal level, which has remained at $5.15 since 1997.
The study, conducted by the Fiscal Policy Institute, a nonpartisan research and education organization based in New York, found that businesses employing fewer than 50 people added more new jobs in states that have raised wages.
With higher base wages, the study contends, retention is improved, and businesses ultimately save money on hiring and training new workers.
“I was surprised at the consistency of the results,” said James Parrott, an institute spokesman. “The data was studied in many different ways and no matter where you cut the data the results were the same.”
An initiative petition drive is underway in Oklahoma to place an increased minimum wage on the ballot in November.
small biz rural entrepreneurship minimum wage
- Best practices for rural housing - July 19, 2021
- How to be more open to new ideas #IdeaFriendly - July 3, 2021
- Market your small town as a movie filming location, attract movie and game fan tourists - June 28, 2021
- Survey of Rural Challenges 2021 results, analysis of themes from 2015 through today - June 7, 2021
- What makes a small town a micropolitan or nanopolitan? - May 22, 2021
- Improving Rural Housing: turning blighted dilapidated houses into new homes - May 7, 2021
- Are marijuana shops good or bad for small towns? - April 22, 2021
- Downtown is your town’s core: How to make your case - February 22, 2021
- Zoom Towns: attracting and supporting remote workers in rural small towns - December 10, 2020
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020
