North Dakota Ranks No. 1 in 2014 GDP Growth
BISMARCK, N.D. – North Dakota’s economic growth outpaced all other states last year, according to information released today by the U.S. Bureau of Economic Analysis (BEA). Factors driving the state’s top ranking include continued growth in economic production, new jobs, rising wages and increasing export sales. North Dakota has led the nation in economic growth for four of the past five years.
North Dakota’s gross domestic product (GDP), a measure of total economic production, increased 6.3 percent in 2014 to top economic growth among all states. Over the past decade, North Dakota’s economy has averaged an annual growth rate of 6.5 percent compared to the national average of 1.4 percent. Since 2010, the state has averaged an 8.7 percent growth rate in GDP.
“This top ranking proves once again that our continued economic growth stems from nearly every business sector and that no single industry tells the whole story of North Dakota’s progress,” said Gov. Jack Dalrymple. “We have worked hard to diversify our economy and expand our targeted industries, and those strategies are producing real results with increased economic production, job growth and rising wages.”
According to the BEA, North Dakota’s economic growth is reflected in many areas of commerce, including wholesale trade, retail trade, construction, transportation, manufacturing, energy, and finance and insurance. The BEA report can be viewed at www.bea.gov.
Other statistics that detail the state’s economic progress include:
- North Dakota’s per capita personal income in 2014 was $54,951, an increase of $25,109 since 2004 when the per capita personal income was $29,842. This brings North Dakota to 119 percent of the national average, according to the BEA.
- North Dakota had $5.3 billion worth of exports in 2014, an increase of $4.3 billion since 2004 when the total value of exports was $1 billion.
- Since 2004, North Dakota has created 122,800 new jobs, an increase of 36.6 percent.
- North Dakota is ranked first in growth in the number, employment and revenues of women-owned firms since 1997.