North Dakota has One of the Best State Economies in the U.S.
Based on the methodology used by 24/7 Wall St., North Dakota has one of the best economies of any state in the country.
North Dakota is ranked at having the 3rd best economy of all states in the U.S. It seems that our state may have its natural resources to thank for its ranking on this list. North Dakota led the nation with a five-year average GDP rate of 4 percent per year, which is attributed to the help of its energy sector above all.
The unemployment rate in North Dakota is also the second lowest in the country at 2.5 percent. This seemed to be a big factor in the ranking, as steady jobs are a big factor in determining how healthy a state's economy is.
The list of all determining factors in the ranking are as follows:
3. North Dakota
> 2016 GDP: $47.63 billion (6th smallest)
> 5 yr. GDP annual growth rate: 4.0% (the largest growth)
> Unemployment: 2.5% (2nd lowest)
> 5 yr. annual employment growth: 1.9% (16th fastest growth)
The state that took the title of the best economy in the U.S. is Colorado, which was followed by Utah, making those the only two states to finish ahead of North Dakota.
The states listed as having the worst economies in the U.S. are Louisiana, New Mexico, Mississippi, Alaska, and West Virginia, which took the last spot on the list earning them the title of having the worst economy in the U.S.
At least according to some publications, North Dakota is a pretty good place to be when it comes to the economy.