North Dakota Economy
November 16, 2007
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Agriculture is the largest industry in North Dakota, although petroleum and food processing are also major industries. The North Dakota economy 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 37 in the nation. The state 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.
The state’s earliest industries were fur trading and agriculture. Although less than ten percent of the population is employed in the agricultural sector, it remains a major part of North Dakota’s economy, ranking twentyfourth in the United States in the value of products sold. North Dakota is the nation’s largest producer of barley, sunflower seeds, spring, and durum wheat for processing, and farm-raised turkeys.
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