Gov. Jack Dalrymple announced today that North Dakota was credited with the best economic index in the nation, according to the Bloomberg Economic Evaluation of States Index. The study, which tracks the pace of state economic growth, ranked North Dakota No. 1 in the nation, citing job creation and increased incomes as key indicators.
Bloomberg also reported that North Dakota was the only state in the nation to experience a positive economic index. With the exception of North Dakota, economic conditions in all other states are worse than they were at the end of 2008, according to the study.
"This study shows that while other states continue to struggle with job losses and budget deficits, our efforts in North Dakota are producing real results," Dalrymple said. "Unlike most of the nation, North Dakota is creating jobs, increasing wages, growing the economy and providing tax relief. Our focus on aggressive economic development and common-sense fiscal responsibility is paying off in big ways and is setting North Dakota apart from the rest of the nation."
The index tracks growth by compiling data on six components that are given equal weight: job creation, personal income, tax revenue, housing prices, mortgage delinquencies and the performance of Bloomberg stock indexes that track the share prices of locally based companies.
"These findings are powerful recognition that North Dakota has great qualities to offer businesses and workers," Commerce Commissioner Al Anderson said. "State and local leaders have worked hard to build the best business environment in the nation. It's great to see this hard work being recognized by Bloomberg."
Bloomberg, a respected global leader in business and financial information, released its first-ever economic health evaluation during the Bloomberg State and Municipal Finance Conference November 2 in New York City. Michigan, California, Massachusetts and Illinois rounded out the top five states in the Bloomberg index.