Agriculture is the
largest industry in
North Dakota,
although
petroleum and
food processing
are also major
industries. The
economy of North
Dakota had a
gross domestic
product of $24
billion in 2005. The
per capita income
in 2006 was $33,034,
ranked 29th
in the nation. The
three-year
median household
income from
2002-2004 was
$39,594, ranking 37
in the U.S. North
Dakota is also the
only state with a
state owned
bank, the
Bank of North Dakota
in
Bismarck, and a
state owned
flour mill, the
North Dakota Mill
and Elevator in
Grand Forks.
Industry and
commerce
North Dakota's
earliest industries
were fur trading and
agriculture.
Although less than
10% of the
population is
employed in the
agricultural sector,
it remains a major
part of the state's
economy, ranking 24th
in the nation in the
value of products
sold. The state is
the largest producer
in the U.S. of
barley,
sunflower seeds,
spring, and
durum wheat for
processing, and
farm-raised
turkeys.
State-owned
facilities
The
North Dakota Mill
and Elevator and
Bank of North Dakota
are the only
state-owned
facilities of their
type in the nation.
Energy
Coal mines generate
93% of the North
Dakota electricity.
Oil was discovered
near
Tioga, North Dakota
in 1951, generating
53 million barrels
(8,400,000 m�) of
oil a year by 1984.
Western North Dakota
is currently in an
oil boom, and the
oil reserves may
hold up to
400 billion barrels
(64,000,000,000 m�)
of oil, 25 times
larger than the
reserves in the
Arctic National
Wildlife Refuge.
Long called the
"Saudi Arabia" of
wind energy, North
Dakota has the
capability of
producing 1.2
billion kilowatt
hours of energy.
That is enough to
power 25% of the
entire country's
energy needs. Wind
energy in North
Dakota is also very
cost effective
because the state
has large rural
expanses and wind
speeds seldom go
below 10 mph
(16 km/h).
State taxes
North Dakota has a
slightly
progressive income
tax structure;
the five brackets of
state
income tax rates
are 2.1%, 3.92%
4.34%, 5.04%, and
5.54% as of
2004.North Dakota is
ranked as the 21st
highest in the
nation for their
capitals' total
state taxes. The
sales tax in
North Dakota is 5%
for most items. The
state allows
municipalities to
institute local
sales taxes and
special local taxes,
such as the 1.75%
supplemental sales
tax in Grand Forks.
Excise taxes are
levied on the
purchase price or
market value of
aircraft registered
in North Dakota. The
state imposes a
use tax on items
purchased elsewhere
but used within
North Dakota.
