North Dakota's 2008 economic growth best in US

By JAMES MacPHERSON

posted: 178 DAYS 5 HOURS AGO

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BISMARCK, N.D. -A new government report says North Dakota had the fastest economic growth of any state last year, led by agriculture and oil.

The U.S. Bureau of Economic Analysis reported Tuesday that North Dakota' s gross domestic product grew from $22.6 billion in 2007 to $24.2 billion last year — a 7.3 percent increase. It said North Dakota's growth expanded twice as fast as every state but Wyoming.

Real gross domestic product is defined as goods and services produced by labor and property.

The government report said the biggest contributor to growth in North Dakota was the agriculture, forestry, fishing and hunting category, followed by mining and oil and gas extraction.

North Dakota produced a record 67.2 million barrels of oil last year. The state Tax Department reported earlier that North Dakota's taxable sales and purchases climbed to $12.4 billion, an increase of 21 percent.

State Agriculture Commissioner Doug Goehring said many of the state's farmers had a good year in 2008, though dry conditions hurt some of them.

"Producers did wonderful in some areas, but some producers west of the Missouri River got a slap in the face," Goehring said.

The federal report says economic growth slowed in 38 states and declined in a dozen states, with Alaska's 2 percent slide the worst in the U.S.

Wyoming was second in real gross domestic product at 4.4 percent. South Dakota was third with 3.5 percent.

The nation's growth rate was 0.7 percent.

2009-06-03 10:49:23