Economy
See also: List of North Dakota companiesAgriculture 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.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)