North Dakota economy is shrinking (millionaires, cost, dollar, compare)

[James Bond 007]

How many times have we been told here how great North Dakota's economy is?

Today, the BEA released state-by-state estimates of Q1 GDP growth. And guess which state was ranked 50th?

Yep, you guessed it. From Table 1:
https://bea.gov/newsreleases/regiona...pstate0718.pdf

What's more, it's shrunk 4 of the last 5 quarters. If it weren't for the one big quarter it would really be in the dumps:

2017Q1: -5.3%
2017Q2: +17.8%
2017Q3: -8.4%
2017Q4: -1.3%
2018Q1: -0.6%

From Table 3, here is the state's dollar value GDP:
2017Q1: $54,238,000
2018Q1: $56,166,000

A rise of a mere 3.55%.

Compare to California:
2017Q1: $2,680,917,000
2018Q1: $2,827,104,000

A rise of 5.45%.

California wins!

[Timmyy]

Maybe it is time to start comparing the entire state of North Dakota to the beautiful desert city of Barstow.

[HumpDay]

That's what happens when your economy relies on non-renewable energy and market based prices. When the price of oil soars, the economy will do well. If it's cheap like it is now, then it'll sink. West Virginia, Wyoming, and parts of the west are great examples. North Dakota had very sudden quick growth, and now the pendulum moved the other way. Good luck to them!

[ottomobeale]

Uh. looking at the numbers, they are all over the place. While it is possible there is a problem, more trend is needed.

[lovecrowds]

Originally Posted by James Bond 007

How many times have we been told here how great North Dakota's economy is?

Today, the BEA released state-by-state estimates of Q1 GDP growth. And guess which state was ranked 50th?

Yep, you guessed it. From Table 1:
https://bea.gov/newsreleases/regiona...pstate0718.pdf

What's more, it's shrunk 4 of the last 5 quarters. If it weren't for the one big quarter it would really be in the dumps:

2017Q1: -5.3%
2017Q2: +17.8%
2017Q3: -8.4%
2017Q4: -1.3%
2018Q1: -0.6%

From Table 3, here is the state's dollar value GDP:
2017Q1: $54,238,000
2018Q1: $56,166,000

A rise of a mere 3.55%.

Compare to California:
2017Q1: $2,680,917,000
2018Q1: $2,827,104,000

A rise of 5.45%.

California wins!

North Dakota though has a slight population decline, California is growing fast due to births and immigration.

As far as California, sure it is a a great time for millionaires and billionaire equity fundraisers but for the rest of the population the state offers nothing except for extremely high taxes and high poverty rates when adjusted to cost of living.

[DRob4JC]

If you throw in the homeless and feces factors - as well as the cost of living and cost of the suffocating government, people in ND will probably say they win.

[Seacove]

North Dakota is a one trick pony and with their economy will go up and down with the cost of oil.


WalletHub: North Dakota has 10th worst economy in the country | Grand Forks Herald

[James Bond 007]

Originally Posted by ottomobeale

Uh. looking at the numbers, they are all over the place. While it is possible there is a problem, more trend is needed.

You can get more data here:
https://bea.gov/iTable/iTable.cfm?re...-1&7093=levels

North Dakota's economy actually peaked at $54,071,000 in Q4 2014 and has fallen 9.75% since (I think that excludes government).

[James Bond 007]

Payroll jobs in ND:
https://data.bls.gov/timeseries/SMS3...de_graphs=true

Peaked at 468,400 in Dec 2014 and now down to 432,000, a decline of 7.77%.

[Mathguy]

Originally Posted by James Bond 007

Payroll jobs in ND:
https://data.bls.gov/timeseries/SMS3...de_graphs=true

Peaked at 468,400 in Dec 2014 and now down to 432,000, a decline of 7.77%.

Nothing like measuring from the high point to the low point to give a "fair and balanced" analysis of the situation lol.