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The Economic Base of North Dakota

Author

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  • Coon, Randal C.
  • Bangsund, Dean A.
  • Hodur, Nancy M.

Abstract

The growth and composition of the North Dakota economy have been measured by using economic base analysis. Economic base (sales for final demand) has been estimated for sectors corresponding to the North Dakota Input-Output Model and for industrial categories. These two measures produce the same total basic economic activity, but use different delineations. North Dakota’s economic base has grown from $8.3 billion in 1990 to $32.2 billion in 2010 when measured in current year (nominal) dollars. When measured in real or constant dollars, the economy grew from $12.8 billion in 1990 to $32.2 billion in 2010. Constant dollars remove the effects of inflation and were calculated using the Gross Domestic Product Implicit Price Deflators. Nominal growth of the state’s economy from 1990 to 2010 was 120.3 percent, which amounted to 76.1 percent real growth. Natural resource-based activities (agriculture and energy) continue to comprise over half of the state’s economic base, accounting for 50.9 percent in 2010.

Suggested Citation

  • Coon, Randal C. & Bangsund, Dean A. & Hodur, Nancy M., 2012. "The Economic Base of North Dakota," Staff Papers 121763, North Dakota State University, Department of Agribusiness and Applied Economics.
  • Handle: RePEc:ags:nddsps:121763
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    File URL: http://purl.umn.edu/121763
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    References listed on IDEAS

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    1. Bangsund, Dean A. & Leistritz, F. Larry, 2007. "Economic Contribution of the Petroleum Industry to North Dakota," Agribusiness & Applied Economics Report 7642, North Dakota State University, Department of Agribusiness and Applied Economics.
    2. Leistritz, F. Larry, 1994. "Economic and Fiscal Impact Assessment," Statistical Series Reports 121073, North Dakota State University, Department of Agribusiness and Applied Economics.
    3. Coon, Randal C. & Leistritz, F. Larry, 2001. "Adding an Exported Services Component to the North Dakota Input-Output Model's Business and Personal Services Sector," Agribusiness & Applied Economics Report 23562, North Dakota State University, Department of Agribusiness and Applied Economics.
    4. Leistritz, F. Larry & Ransom-Nelson, William & Rathge, Richard W. & Coon, Randal C. & Chase, Robert A. & Hertsgaard, Thor A. & Murdock, Steven H. & Toman, Norman E. & Sharma, Rakesh & Yang, Pai-Sung, 1982. "North Dakota Economic-Demographic Assessment Model (NEDAM): Technical Description," Agricultural Economics Reports 23341, North Dakota State University, Department of Agribusiness and Applied Economics.
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    Cited by:

    1. Coon, Randal C. & Hodur, Nancy M. & Bangsund, Dean A., 2012. "Renewable Energy Industries' Contribution to the North Dakota Economy," Agribusiness & Applied Economics Report 140122, North Dakota State University, Department of Agribusiness and Applied Economics.

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    Keywords

    North Dakota; economic base; basic-sector industries; sales to final demand; impact assessment; economic contribution; Financial Economics; Public Economics;

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