Economy in oil-rich North Dakota booming

Economy in oil-rich North Dakota outpacing national average.
By Daniel J. Graeber   |   March 26, 2014 at 9:28 AM   |   Comments

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March 26 (UPI) -- Jack Dalrymple, governor of the oil-rich state of North Dakota, said personal income growth has outpaced the national average by 5 percent.

The Bureau of Economic Analysis said North Dakota's average personal income increased 7.6 percent last year compared with the national average growth rate of 2.6 percent. It's the sixth time in the last seven years North Dakota reported an increase in personal income.

Dalrymple said the data are a testament to a sound state economic model.

"We are enjoying economic growth in all regions of the state and our income growth stems from nearly every business sector," he said in a statement.

North Dakota is the second-largest oil producing state in the country behind Texas. North Dakota produced 933,128 barrels of oil per day in January, the last full month for which data are available. The bulk of the production came from the Bakken and Three Forks reserve areas.

BEA reported personal income growth in North Dakota was tied to sectors ranging from manufacturing to energy development. While highlighting growth in the state's mining sector, BEA didn't list data for the oil and natural gas sector specifically.

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