North Dakota's Personal Income Growth Continues to Outpace All Other States
BISMARCK, N.D. – For the fifth time in the last six years, North Dakota has the strongest personal income growth among all states, the U.S. Bureau of Economic Analysis (BEA) has reported.
North Dakota’s average per capita personal income increased to $51,893 last year, more than doubling since 2000 when the state’s personal income averaged $25,592, the BEA reports.
“These latest statistics help confirm that our efforts to create jobs and to sustain a positive business climate are getting results,” Gov. Jack Dalrymple said. “It’s very encouraging that our income growth stems from nearly every business sector and that no single industry tells the whole story of the great progress we continue to make.”
North Dakota’s annual per capita personal income increased 12.4 percent last year while the national average slowed from 5.2 percent growth in 2011 to last year’s growth of 3.5 percent. North Dakota’s per capita personal income is the 6th highest overall and about 122 percent of the national average, according to BEA statistics.
Since 2006, personal income in North Dakota has grown at a compound annual rate of 9.2 percent, substantially outpacing the 2.9 percent growth rate of all other states.
The BEA report shows that North Dakota’s income growth is tied to many business sectors including agriculture, construction, energy development, manufacturing, retail trade and information technology.
The complete BEA report is available at www.bea.gov.