For the past three years, North Dakota's economy has continued to outpace all other states, the U.S. Bureau of Economic Analysis (BEA) reports. Factors driving the state's robust economy include continued growth in economic production, new jobs, rising wages and increasing export sales, leading economic indicators show.
North Dakota's gross domestic product (GDP), a measure of total economic production, increased from $34 billion in 2011 to about $38.7 billion last year - a 13.4 percent increase and the most significant economic growth among all states. Texas has the nation's second strongest state economy with a growth rate of 4.8 percent. The nation's average GDP growth rate was 2.5 percent last year, the BEA reports.
"Our strong business climate, North Dakota's skilled and dedicated workforce and the innovation created by the state's small businesses continue to power our economic growth," 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 business and job development."
North Dakota's continued economic growth is reflected in many areas of commerce including manufacturing, the energy industry, construction, transportation, wholesale trade, retail trade and the finance and insurance sectors, the U.S. Bureau of Economic Analysis reports. The U.S. Bureau of Economic Analysis report can be viewed at http://www.bea.gov.
Since 2000, North Dakota's economy has averaged an annual growth rate of 7.52 percent compared to the national average of 3.9 percent, the BEA reports. Other statistics that detail the state's economic progress include:
North Dakota has created 102,100 new, non-farm jobs since 2000.
North Dakota leads the nation in per-capita personal income growth. The state's 2012 per-capita personal income of $51,893 has doubled since 2000 and represents a 12.4 percent increase since 2011. The nation's average per-capita personal income in 2012 increased 3.5 percent from the previous year.
North Dakota's 2012 exports totaled $4.28 billion, an increase of about 26 percent over the state's 2011 exports of $3.39 billion.