North Dakota Soars on Oil
North Dakota blew everybody away last year, growing at a blistering 13.4 percent white the nation as a whole grew only 1.7 percent and the reason was oil. T
he graph shows North Dakota's annual growth rate (the blue bars) and daily oil production (the red line, scale on the right). They have moved in tandem. Last year's 13.4 percent growth rate was the highest recorded in 25 years by the Commerce Department's Bureau of Economic Analysis. The state's growth rate was almost triple that of Texas (4.8 percent), which was in the #2 spot.
Other energy-producing states did well although not uniformly. Utah had a 3.4 percent growth rate and even West Virginia, where coal is taking a beating, grew a solid 3.3 percent. But Pennsylvania, the center of the fracking revolution, grew only1.7 percent and Wyoming did poorly at 0.2 percent. Other states in the top ranks were Oregon (3.9 percent), Washington (3.6 percent), California (3.5 percent), Minnesota (3.5 percent), Tennessee (3.3 percent) and Indiana (3.3 percent). Connecticut's economy actually contracted by 0.1 percent, the worst performance in the nation.