Oil remained king in North Dakota as the largest economic sector and the engine that powered the state’s impressive growth last year despite a drop in petroleum prices.
The mining sector, dominated by oil and gas extraction, contributed $9 billion toward the state’s $55 billion economy last year, as measured by the Bureau of Economic Analysis’ gauge of the state’s gross domestic product.
North Dakota’s economy grew 8 percent from 2013 to 2014-6.3 percent when adjusted for inflation-topping the state growth rate for the sixth year in a row. That was a bit cooler than the 9.7 percent growth rate for 2013.
Read more in Prairie Business Magazine.