Economy of North Dakota - Economy

Economy

See also: List of North Dakota companies See also: North Dakota locations by per capita income

Agriculture is the largest industry in North Dakota, although petroleum, food processing, and technology are also major industries. The economy of North Dakota had a gross domestic product of $24 billion in 2005. The per capita income in 2006 was $33,034, ranked 29th in the nation. The three-year median household income from 2002–2004 was $39,594, ranking 37th in the U.S. North Dakota is also the only state with a state owned bank, the Bank of North Dakota in Bismarck, and a state owned flour mill, the North Dakota Mill and Elevator in Grand Forks. Fargo is home to the second largest campus of Microsoft with 1,700 employees, and Amazon.com employs several hundred in Grand Forks.

As of September 2010, the state's unemployment rate is the lowest in the nation at 3.7% and it has not touched 5 percent since 1987. At end of 2010, the state per capita income was ranked 17th in the nation, the biggest increase of any state in a decade from rank 38th. The reduction in the unemployment rate and growth in per capita income is attributable to the oil boom in the state. Due to a combination of oil related development and investing in technology & service industries, North Dakota has had a budget surplus every year after the 2008 market crash.