STATE ECONOMIC PROFILE
North Dakota Economic Overview
$58.0b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
-0.4%
50
787,672
POPULATION
Growth Rate 2019-24
State Growth Rank
0.6%
19
97,400
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.2%
28
Overview of the North Dakota Economy
In 2024, the state of North Dakota has a population of 787,672, having grown an annualized 0.6% over the five years to 2024, which ranks it 19th out of all 50 US states by growth rate. North Dakota's gross state product (GSP) in 2024 reached $58.0b, with growth of -0.4% over the 5 years to 2024. Businesses in North Dakota employed a total of 426,611 people in 2024, with average annual employment growth over the past five years of 0.0%. The top three sectors by total employment are Mining, Real Estate and Rental and Leasing, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 2.4%.
What is North Dakota's Gross Domestic Product (GDP)?
In 2024, North Dakota's GDP reached $58.0b, representing an decrease of -0.4% from 2023. North Dakota's GDP has grown at an annualized rate of 0.0% over the five years to 2024. Moreover, North Dakota's trailing five-year GDP growth ranks it 50th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in North Dakota's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
North Dakota Industry Trends
What are North Dakota's Largest Industries by Revenue?
The largest industries by revenue in North Dakota are Oil Drilling & Gas Extraction, Corn, Wheat & Soybean Wholesaling and Oil & Gas Field Services, which generated $30.1b, $16.5b and $5.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in North Dakota
Top 10 Companies Headquartered in North Dakota by Employment
The largest companies by employment in North Dakota are Commonspirit Health, Trinity Health and Walmart Inc., which employed 11,619, 6,534 and 4,847 people in 2024.
STATE ECONOMIC PROFILE
North Dakota Sector Statistics
In North Dakota, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is North Dakota's GDP by Sector?
The Mining, Real Estate and Rental and Leasing and Healthcare and Social Assistance sectors contributed the most to North Dakota's GDP in 2024, representing a combined 36.9% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is North Dakota's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in North Dakota in 2024, representing a combined 38.6% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
North Dakota Employment Trends
426.6k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.6%
30
2.4%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
2.2%
47
What Employment Trends are Impacting North Dakota?
The state of North Dakota employs 426,611 people in 2024, which ranks it 47th out of all 50 US states. Employment in North Dakota has grown at an annualized rate of 0.6% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in North Dakota include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 70,141, 59,857 and 34,860 people in 2024, respectively. North Dakota's unemployment rate is 2.4% in 2024, which ranks it 3rd out of 50 states. North Dakota's unemployment rate has trended upwards at a rate of 2.2% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in North Dakota, and compare them to the US economy, using the chart below.
$163.5k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
16.2
1
What is North Dakota's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. North Dakota's DPI in 2024 was $163.5k, compared to the US average of $129.8k, which places it 1st out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in North Dakota's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
North Dakota Construction & Building Trends
$2,053.9tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
7.0%
25
$695.3b
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.6%
17
2,118
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-2.8%
10
What can construction trends tell you about a state’s economy?
In North Dakota, non-residential construction was $2,053.9tn in 2024, which ranks it 25th out of all US states. Residential construction was $695.3b in 2024, which places North Dakota 17th in the United States. The number of building permits issued in North Dakota in 2024 was 2,118, representing a -2.8% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in North Dakota, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
North Dakota Population Statistics
Which Counties in North Dakota have the Largest Populations?
The counties with the highest populations in North Dakota are Cass County, Burleigh County and Grand Forks County, which had populations of 199,511, 100,069 and 71,996 people in 2024.
STATE ECONOMIC PROFILE
North Dakota Demographics
Education Level North Dakota
Race in North Dakota
North Dakota State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 605 North Dakota Industry Reports.
