Recent data taken from the U.S. Bureau of Economic Analysis (BEA) shows North Dakota’s exceptional performance in terms of earnings and gross domestic product (GDP) growth. According to the BEA estimates, North Dakota achieved the highest growth in real GDP among all 50 states in the first quarter of 2023, experiencing a surge of 12.4% over the past year, which is more than six times higher than the national increase of 2%. North Dakota also led the nation in earnings growth, with an annualized rate of 12.4% in the first quarter of 2023, nearly triple the national growth rate of 4.6%. The state’s substantial increases in personal income and real GDP were attributed to oil and gas extraction, mining and new project investments, leading to a rise in wages and employment opportunities.
Read more on North Dakota’s economic growth here.
