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Sunday, May 6, 2012

ND’s per-capita income grows 78 percent, a dozen years bring prosperity to the Peace Garden state

FARGO — Thanks to strong growth in the agriculture and mining industries, particularly oil and gas production. North Dakota’s per-capita personal income has risen more than 78 percent since 2000, according to statistics released Friday by the federal government and the state Department of Commerce.  That’s more than double the 37.4 percent increase in per-capita income seen nationally, the U.S. Bureau of Economic Analysis reported.

Per-capita personal income in North Dakota in 2011 was $45,747, an increase of $20,155 since 2000, when per-capital personal income was $25,592, the BEA reported. “We are very pleased and proud that North Dakota, in the last 10 years, has gone from 38th in the nation to ninth in the nation in personal incomes,” Gov. Jack Dalrymple said in a news release. “That’s the proof our policies for economic growth are working.”  All of North Dakota’s industries have seen growth in the last decade, said Justin Dever, manager of the Office of Innovation and Entrepreneurship at the state Department of Commerce.  But it’s the oil and gas sectors of the mining industry and agriculture that have really pulled the wagon for the rest of the state, he said.

Personal income increased more than $1.4 billion in the oil, gas and coal mining sector, he said, going from $242 million in 2000 to $1.7 billion in 2011, Dever said. Much of that increase was concentrated in the state’s Oil Patch, he said.  Farm earnings doubled over the last decade, Dever said.  The BEA report shows that residents in all regions of North Dakota enjoyed significant gains in personal income.

Source: The Dickinson Press - Read Complete Article Here

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