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July 21, 2005 North Dakota Ranks Well in Gross State Product Growth Growth in North Dakota’s gross state product reached 9.2 percent between 2003 and 2004, the third largest growth rate in the nation. This month’s “Economic Briefs,” a monthly publication from the North Dakota State Data Center at North Dakota State University, focuses on North Dakota gross state product by industry sector. According to the Bureau of Economic Analysis, gross state product (GSP), often considered the state counterpart of the nation’s gross domestic product, is the value added in production by the labor and property located in the state. Between 2003 and 2004, the GSP grew in all states and the District of Columbia. Nationally, the GSP grew 6.6 percent in 2004. GSP data are available by industry through 2003. Agriculture, the federal government, professional and technical services (such as computers systems design), oil and gas extraction, and the information sector were the largest contributors to GSP growth in North Dakota between 2003 and 2004. “We have been seeing strong growth in production agriculture for the last few years, along with significant increases in oil production, which have greatly helped the economic situation in many western counties,” says Richard Rathge, State Data Center director. Service-providing industries in North Dakota combined to capture nearly 21 percent of total GSP in 2003. Within the service sector, health care was the largest contributor. After the service sector, the government sector was the next largest contributor at 15.8 percent. ### Source:
Richard Rathge, (701) 231-8621, Richard.Rathge@ndsu.edu
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North Dakota State University |
