Best States for Business 2019

North Dakota

the place image

North Dakota

gross state product
$57B
population
760.1K
median household income
$62,730
cost of doing business
4% below nat'l avg
college attainment
30.7%
net migration
800 (year: 2018)
unemployment
2.4%
moody`s bond rating
Aa1
governor
Doug Burgum
As of December 2019
The development of the Bakken oil shale fields in the western part of the state fueled the state’s meteoric rise in the early part of the 2010s. But North Dakota’s economy was dinged by the fall in energy prices and has not yet returned to its 2014 peak. North Dakota dropped 24 spots overall in the Best States rankings since taking the number two ranking in 2013 and 2014. Unemployment is still low, but household incomes are forecast to grow the slowest in the country over the next five years.
On forbes lists
#16
In Business Costs
#14
In Labor Supply
#22
In Regulatory Environment
#45
In Economic Climate
#26
In Growth Prospects
#42
In Quality of Life
By The Numbers
EmploymentHousingEducationQuality of Life
Job Growth
0.5% (year: 2018)
Projected Annual Job Growth
0.4%
Unemployment
2.4%
Median Household Income
$62,730
Household Income Growth
2.4%
Right to Work State
yes
Union Workforce
5.2%
  • Sources: Moody's Analytics; U.S. Census; ATTOM Data Solutions; FBI; BLS; Forbes.
  • a. Index measures whether a family earning the median income can afford the median-priced home. A value of 120 indicates a typical household has 20% more income than needed for the typical home.
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