The Dakota Model: Booming North Dakota Led the Country in 2011 with Real GDP Growth of 7.6%
More than one-third of North Dakota's economic growth in 2011 came from its mining sector, which contributed 2.81% to the overall 7.6% growth rate last year. Other states with booming energy sectors also experienced above-average growth in state GDP last year, including No. 3 West Virginia (4.5%), No. 4 Texas (3.3%) and No. 5 Alaska (2.5%).
As I have reported previously, North Dakota's economic success goes beyond its well-publicized energy prosperity, which is being supplemented by other booming sectors including manufacturing, tourism, advanced manufacturing, information technology and agriculture. The state's pro-business climate should get some of the credit for the impressive output and job gains over the last several years, including leading the country in real GDP growth in 2011. Whatever North Dakota is doing, it's working, and the state should be a nationwide model for economic development and job growth - call it the "Dakota Model."
Related: The May 2012 cover story in the American Gas and Oil Reporter highlights how soaring oil production in North Dakota is spurring infrastructure growth: "Across North Dakota, demand is off the charts for everything from drilling rigs and pumping units to housing and office space, driven by a blistering pace of activity in the Bakken Shale play."