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Title : Random Look At GDP -- April 7, 2019
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Random Look At GDP -- April 7, 2019

In all the years I've been blogging about the Bakken, I don't think I've spent much time on the GDP of North Dakota.

Some links and data points (some figures rounded):

• February 26, 2019, 3Q18, North Dakota GDP, FRED: $56 billion 
• • recent low: $51 billion, 1Q16
  • recent high: $60 billion 4Q14
  • ND economy barely affected by recession, 2007 - 2009 timeframe
  • Bakken hits its stride, 2012, GDP of $53 billion, 4Q12
  • 2Q09: a GDP of only $31 billion
  • so, in round numbers, 30-second sound bite
  • ND GDP with the Bakken: $50 billion - $60 billion
  • ND GDP before the Bakken: $25 billion - $30 billion
  • ND GPD as percentage of the US GDP: 
  • ND ranks number 46 or thereabouts
  • ND GDP represents 0.29% of US GDP
• South Dakota GDP, February 26, 2019, FRED, 3Q18: $52 billion
• • even without oil, SD GDP almost matches that of North Dakota
  • I never would have guessed
  • steady, almost predictable growth since 2009
• Same period, same source: FRED, 3Q18 (again, rounded)
• • MN: $370 billion
  • MT: $50 billion
  • IA: $190 billion
  • CA: $3 trillion; the growth since 2009 really has been spectacular; the first trillion is always the hardest
  • TX: $1.8 trillion
  • NY: $1.7 trillion
  • FL: $1 trillion

US GDP: link here (same source), $21 trillion

Comments regarding changes in GDP:

• of the few states at which I looked, ND has had some of the greatest swings in GDP rate of growth (up or down)
• perhaps the only other state with such wide swings: Oklahoma
• the other major "oil" state Louisiana has wide swings
• other states with wide swings: NM,  
• a state hit particularly hard by the 2007 - 2009 recession, Wyoming, has not recovered;
• Colorado has had a spectacular rise in GDP since 2009; minimally affected by the 2007 - 2009 recession; it will be interesting to check Colorado's change in GDP now that the oil industry is dead
• CT shows signs of vibrant life since 2016; very, very interesting
• MI: doing very, very well; things looked a little dicey in 2016, but after 2016, took a huge move to the upside

http://bit.ly/2dZyQXu

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