Some links and data points (some figures rounded):
- February 26, 2019, 3Q18, North Dakota GDP, FRED: $56 billion
- recent low: $51 billion, 1Q16
- recent high: $60 billion 4Q14
- ND economy barely affected by recession, 2007 - 2009 timeframe
- Bakken hits its stride, 2012, GDP of $53 billion, 4Q12
- 2Q09: a GDP of only $31 billion
- so, in round numbers, 30-second sound bite
- ND GDP with the Bakken: $50 billion - $60 billion
- ND GDP before the Bakken: $25 billion - $30 billion
- ND GPD as percentage of the US GDP:
- ND ranks number 46 or thereabouts
- ND GDP represents 0.29% of US GDP
- South Dakota GDP, February 26, 2019, FRED, 3Q18: $52 billion
- even without oil, SD GDP almost matches that of North Dakota
- I never would have guessed
- steady, almost predictable growth since 2009
- Same period, same source: FRED, 3Q18 (again, rounded)
- MN: $370 billion
- MT: $50 billion
- IA: $190 billion
- CA: $3 trillion; the growth since 2009 really has been spectacular; the first trillion is always the hardest
- TX: $1.8 trillion
- NY: $1.7 trillion
- FL: $1 trillion
Comments regarding changes in GDP:
- of the few states at which I looked, ND has had some of the greatest swings in GDP rate of growth (up or down)
- perhaps the only other state with such wide swings: Oklahoma
- the other major "oil" state Louisiana has wide swings
- another state with wide swings: NM
- a state hit particularly hard by the 2007 - 2009 recession, Wyoming, has not recovered;
- Colorado has had a spectacular rise in GDP since 2009; minimally affected by the 2007 - 2009 recession; it will be interesting to check Colorado's change in GDP now that the oil industry is dead
- CT shows signs of vibrant life since 2016; very, very interesting
- MI: doing very, very well; things looked a little dicey in 2016, but after 2016, took a huge move to the upside
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