Friday, June 17, 2011

States by GDP: How North Dakota outpaced the U.S. economy - Jun. 16, 2011

States by GDP: How North Dakota outpaced the U.S. economy - Jun. 16, 2011

North Dakota wins the bragging rights for growing the most last year, up 7.1% from in 2009. Just a stone's throw away, Wyoming actually slumped, leading the nation's slowest states.

But oil drilling was the key driver behind both North Dakota's success and Wyoming's slump. Why?

Historically, North Dakota's mining sector -- which includes oil -- was quite small compared to its overall economy. That has started to change recently due to new technology that makes it possible to tap billions of barrels of oil in a remote area of the state known as Bakken.

See how your state fared in 2010

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