July 13, 2024

Economix: Economic Winner in 2010: North Dakota

Of all the states, North Dakota’s economy grew fastest in 2010. The biggest decline was in Wyoming, according to a report released Tuesday by the Bureau of Economic Analysis.

Click the interactive map below to see trends across the country:

As for North Dakota and Wyoming, how can two states so similar in shape and population density have such different fates?

The key seems to be mining.

In North Dakota, almost every sector grew at least a little. The biggest contribution to growth, though, was in mining.

In Wyoming, about equal numbers of sectors grew as shrank, but the biggest drag on the state economy was mining.

After North Dakota, the state with the second-strongest economic improvement in 2010 was New York. The rebounding finance and insurance sector was New York’s biggest source of growth, although most of the state’s other industries also grew.

Article source: http://feeds.nytimes.com/click.phdo?i=e7e774b20deaffb07bf75faf52ccaa22

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