Report: Oil and gas biggest part of N.D. economy

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North Dakota’s largest industry is oil and gas, according to a recent survey by financial news website 24/7 Wall Street.

In a recent examination of the top industries in each of the 50 states, the website found that the oil and gas industry contributes nearly 7 percent of North Dakota’s gross domestic product, or GDP.

That translates to $3.2 billion every year.

“In the last five years, North Dakota’s oil and gas extraction industry has grown by over 150%,”24/7 Wall Street reports. “Over the same period, North Dakota’s total GDP shot up 24.1%, the strongest economic growth of any state and more than double the GDP growth of 10.5% nationwide.”

The website also reports that the average salary in North Dakota’s oil and gas industry is $120,405.

You can read the full report here and the North Dakota report here.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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