North Dakota - Economy

Economy

Agriculture is the largest industry in North Dakota, although petroleum and food processing 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.

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.