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Date ArticleType
4/2/2014 FM Qualities of Life
Accolades for North Dakota's Economy

North Dakota just can’t seem to keep itself out of the economic headlines these days - but the news bodes well for the Peace Garden State.

In recent years, advanced technology (particularly fracking to extract shale and oil) has provided a boost to the oil and gas industry in North Dakota.

An influx of residents flocking to the state to reap the benefits of the energy boom has created a ripple effect in the service industry, which has also expanded in order to accommodate the expanding population. Farming and agriculture also remain key contributors to the state’s economy.

#1: North Dakota ranks first for personal income growth.

Personal income in North Dakota is on the rise. According to the U.S. Bureau of Economic Analysis (BEA), North Dakota’s 7.6 percent increase in personal income in 2013 represents the highest percentage gain among the states.

The average U.S. state personal income growth was 2.6 percent for the year. North Dakota is one of three states to have earnings growth exceed the national average not only in 2013, but in each of the four years since the recession, the BEA reports. Oklahoma and Texas are the other two states to share these bragging rights.
 
The BEA cites mining - including oil and gas extraction - as a prime contributor to the rise in earnings in each of these states. In North Dakota’s case, the farming industry experienced the highest growth rate in 2013 compared to the prior year, increasing by 22.04% over the year.

Other industries with high annual earnings growth rates include construction (+16.78%); professional, scientific and technical services (+15.76%); and management of companies and enterprises (+14.12%). Earnings growth in North Dakota’s mining industry rose 10.65%.

Per capita income in North Dakota (based on preliminary data for 2013) is above the national average. The U.S. is $44,543 while North Dakota is $57,084.

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