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Agriculture, oil and gas propel North Dakota to the highest GDP growth

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(The Center Square) – North Dakota took the top spot in gross domestic product growth and earnings growth, according to recent data from the Bureau of Economic Analysis.

The state’s GDP grew by 12.4% in the first quarter of 2023. The national growth was 2%, according to the BEA. The main drivers of the increase are the state’s agriculture industry, mining and oil and gas extraction.

“North Dakota has experienced explosive growth in new project investment, which has led to tremendous wage and new employee growth,” state Commerce Commissioner Josh Teigen said. “The state has also seen an influx of workers attracted by the higher-paying jobs, providing a case study for how economic development can drive workforce development.”

The state leads in earnings growth annualized rate of 12.4%. The national rate in the first quarter of 2023 was just 4.6%.

Personal income increased 11%, the third highest jump after Maine and Nebraska.

“North Dakota is wide open for business, and this data confirms that business is good,” Gov. Doug Burgum said. “With our low taxes and laser focus on innovation over regulation, we can continue to strengthen and diversify our economy, grow our GDP and generate prosperity for all citizens.”

Rounding out the top five states for GDP growth are Nebraska, South Dakota, Kansas and Montana.

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