Governor Jack Dalrymple on Thursday said leading economic indicators show that North Dakota’s economy continues to grow and diversify as the state adds new jobs, increases wages and expands its domestic and international business interests.
North Dakota leads all other states in economic growth, with a 7 percent increase in gross domestic product (GDP) in 2010. In comparison, the nation’s GDP grew by 2.6 percent last year. Since 2000, North Dakota’s GDP has grown by 90 percent, according to statistics released by the U.S. Bureau of Economic Analysis. GDP is calculated as the sum of what consumers, businesses and government spend on goods and services, plus investment and net foreign trade.
“These latest statistics help confirm that our efforts to create jobs and to sustain a positive business climate are getting results,” Dalrymple said. “It’s very encouraging that our growth stems from nearly every business sector and that no single industry tells the whole story of the great progress we’ve made.”
North Dakota’s economic growth is reflected in many areas of commerce including wholesale trade, retail trade, construction, transportation, manufacturing, the energy industry 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: http://www.bea.gov.
Other statistics that show the state’s economic progress include:
- Since 2000, North Dakota has created 47,900 new jobs, an increase of 14.6 percent. Nationally, the number of new jobs has declined by 1.49 percent over the same period.
- North Dakota’s average wage has increased by $13,444 between 2000 and 2010 – an increase of 54.47 percent. The most recent available data provided by the Bureau of Labor Statistics shows that the national average wage increased 30 percent between 2000 and 2009.
- The value of North Dakota exports totaled $2.5 billion in 2010, an increase of 303 percent from the state’s export value of $626 million in 2000.
- North Dakota’s per capita personal income has increased 58 percent since 2000, while the nation’s per capita personal income has increased by 34 percent.
Source: Governor Dalrymple