Apr 4, 2013 at 11:40 am
For the fifth time in the last six years, North Dakota has the strongest personal income growth among all states, the U.S. Bureau of Economic Analysis (BEA) has reported.
North Dakota’s average per capita personal income increased to $51,893 last year, more than doubling since 2000 when the state’s personal income averaged $25,592, the BEA reports.
North Dakota’s annual per capita personal income increased 12.4 percent last year while the national average slowed from 5.2 percent growth in 2011 to last year’s growth of 3.5 percent. North Dakota’s per capita personal income is the 6th highest overall and about 122 percent of the national average, according to BEA statistics.
Since 2006, personal income in North Dakota has grown at a compound annual rate of 9.2 percent, substantially outpacing the 2.9 percent growth rate of all other states.