Energy-Related Prosperity In North Dakota
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. North Dakota’s average growth in per-capita personal income between 2001 and 2011 was 5.6 percent, while the national average was 2.9 percent.”
MP: North Dakota’s growth in personal income per capita of 78.75% between 2000 and 2011 was the highest for any state, and just behind the 80.6% growth in per-capita income in Washington, D.C. What’s the lesson here? Maybe that even an abundance of natural resources and oil prosperity can’t generate increases in personal income like the federal government?
HT: Kevin Burhart