Expected, but still impressive
It’s not exactly shocking news, given the well-known and ongoing oil boom, but North?Dakota’s economy continues to be the best among all states.
The U.S. Bureau of Economic Analysis released statistics showing that North Dakota tops every other state in economic growth for the fourth straight year. The stats, including new jobs, rising wages and economic production, show the state’s economy grew by 9.7 percent in 2013, producing a record $49.8 billion. For the past four years, the state has aveaged an annual growth rate of 12 percent, compared to the national economy’s rate of 2 percent.
Again, it’s no surprise to anyone that North Dakota continues to lead the nation in economic growth. Oil continues to flow from the Bakken, and that means employees continue to flock to the state in search of work. North Dakota has created 116,000 net jobs since 2000, according to the BEA, and has the lowest unemployment rate of 2.6 percent. The statistics may not be a surprise, but they are still impressive, to say the least, and that means the state will continue to play a large role in the energy industry for years to come.