ND again has nation’s strongest economy
BISMARCK — With the oil boom as the driving force, North Dakota’s gross domestic product increased 9.7 percent last year to top economic growth among all states for the fourth straight year, the U.S. Bureau of Economic Analysis said Wednesday.
Mineral resources, including oil and gas extraction and coal mining, contributed 3.6 percent to the growth of North Dakota’s GDP, an overall measure of the state’s economy, but the state also has seen growth in many sectors, including manufacturing, agriculture and retail trade.
In 2013, North Dakota’s economy produced a record $49.8 billion. In the past four years, North Dakota’s economy has averaged an annual growth rate of about 12 percent compared to the national rate of 2 percent.
“It’s very encouraging that our continued economic growth stems from nearly every business sector and that no single industry tells the whole story of the great progress we’re making,” Gov. Jack Dalrymple said in a news release.
The BEA report can be viewed at http://www.bea.gov.