ND Economic Growth Leader 4 Straight Years

By The Bakken magazine staff | July 22, 2014

Development in the Bakken oil field helped North Dakota lead all states in economic growth for the fourth consecutive year, according to statistics released by the U.S. Bureau of Economic Analysis (BEA).
North Dakota's gross domestic product (GDP), a measure of total economic production, increased 9.7 percent last year to top economic growth among all states. Mining—the extraction of mineral resources, which includes oil, gas and coal—contributed 3.6 percent to North Dakota’s GDP growth.

According to the BEA, mining was one of the major contributors to earnings growth in North Dakota, Oklahoma, and Texas in 2013. Earnings growth rates in these three states have outpaced the national average not only in 2013, but in each of the four years since the recession, the agency said.

North Dakota’s continued economic growth is reflected in many areas of commerce, including manufacturing, agriculture, the energy industry, construction, transportation, wholesale trade, retail trade and the finance and insurance sectors, resulting in new jobs and rising wages.

“It’s very encouraging that our continued economic growth stems from nearly every business sector and that no single industry tells the whole story of the great progress we’re making,” Gov. Jack Dalrymple said. “Moving forward, we will continue to support economic growth through low taxes, a sensible and effective regulatory environment and a state government that is responsive to the needs of its people and businesses.”

In 2013, North Dakota’s economy produced a record $49.8 billion. In the past four years, North Dakota’s economy has averaged an annual growth rate of about 12 percent compared to the national economy’s growth rate of 2 percent.

Other statistics that detail the state’s economic progress include:
•    North Dakota has created 116,600 net jobs since 2000.
•    North Dakota’s per-capita personal income of $57,084 represents the strongest income growth in the nation. In 2000, North Dakota’s per-capital personal income ranked 38th in the nation. Today, North Dakota’s personal income ranks second among all states.
•    The state continues to have the nation’s lowest unemployment rate, at just 2.6 percent.