Quantcast

North Dakota Doubles Its Economic Output In 11 Years - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

North Dakota Doubles Its Economic Output In 11 Years

Posted: Updated:
From CNN: Fueled by a massive oil boom, the state's economic output has more than doubled in just 11 years, according to Bureau of Economic Analysis data on state gross domestic products (GDP) released Wednesday.

In 2013, North Dakota's economy produced a record $49.8 billion -- up from a mere $24.7 billion in 2002.

That's adjusted for inflation.

While that's still small compared to most states, North Dakota is quickly climbing in the ranks.

Back in 2002, the state had the country's second smallest economy -- only Vermont had smaller economic output.

As of last year, North Dakota had surpassed Wyoming, Montana, and South Dakota to become the fifth smallest state economy.

Even though the state economy is still modest, the output per person is high.

North Dakota has the second highest level of GDP per capita, generating about $69,000 in economic activity per resident.

Only Alaska ranks higher.

In recent years new technology has made it possible for drillers to reach pockets of oil that had previously been inaccessible -- spurring a full-fledged oil boom in the northwest corner of the state.

This year, daily oil production topped 900,000 barrels -- nine times the mere 100,000 barrels per day in 1998.

And North Dakota now ranks as the second largest oil-producing state in the nation, according to the U.S. Energy Information Administration.

Along with oil, North Dakota has been pumping out thousands of jobs.

Between 1998 and 2013, the state added 132,000 jobs -- a 41% increase. More than half of those were added within the past three years.

And that growth isn't showing any signs of stopping.

A new recruiting campaign launched in May by the North Dakota Economic Development Foundation and oil giant Hess (HES)aims to fill the more than 20,000 jobs that they say are currently available.

Big oil isn't the only one seeking workers, every industry in the state is hiring.

Restaurants, retailers, bars and gas stations are all desperately seeking workers -- and are willing to pay top dollar.

But the picture isn't all rosy.

Thanks to the influx of people, populations in some cities have quadrupled and a severe housing shortage has emerged.

Rent for whatever housing is available is among the most expensive in the country.

As a result, many workers are pulling in fat paychecks but are technically homeless -- living in cars, RVs, tents or even on the streets.

In its latest homeless estimates, the Department of Housing and Urban Development found that North Dakota saw the biggest surge in homelessness of any state.

The problem has become so severe that the local Salvation Army has even bought people tickets back to where they came from when they arrive in the state with nowhere to live. 
  • Local NewsMore>>

  • Former NDSU Football Player Making Strides in Recovery

    Former NDSU Football Player Making Strides in Recovery

    The former NDSU football player who was knocked unconscious outside of a Mankato bar in May is taking some major steps in his road to recovery.
    The former NDSU football player who was knocked unconscious outside of a Mankato bar in May is taking some major steps in his road to recovery.
  • 9-Year-Old ND Angler in line to Break World Record

    9-Year-Old ND Angler in line to Break World Record

    Youth angler Brayden Selzler’s catch on July 25 shattered a North Dakota state record for goldeye that’s been in the books for 16 years. Now he could now be in the running to break a world record.
    Youth angler Brayden Selzler’s catch on July 25 shattered a North Dakota state record for goldeye that’s been in the books for 16 years. Now he could now be in the running to break a world record.

  • Kids Summer Camps

    Kids Summer Camps

    Before the start of the school year some parents may be looking for summer programs for their kids. Through out the valley there are still plenty of ways to get your kids involved in classes and camps.
    Before the start of the school year some parents may be looking for summer programs for their kids. Through out the valley there are still plenty of ways to get your kids involved in classes and camps.
Powered by WorldNow
Powered by 

WorldNowAll content © Copyright 2000 - 2014 WorldNow and Valley News Live. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.