North Dakota has seen its fair share of economic growth with the oil and gas revolution surging in the Bakken shale region. Gov. Jack Dalrymple said North Dakota has become one of the quickest developing states in the nation and is hub of the country's oil resurgence, United Press International reported.
The International Energy Agency forecasted the U.S. would be the biggest oil producer in the world by 2015 and that it could easily grow more than oil behemoths Russia and Saudi Arabia.
Specifically in the Bakken region, hydraulic fracturing has completely changed the outlook on oil production in North Dakota and has made it one of the most prosperous states because of economic growth from the oil fields.
The gross domestic product grew by 9.7 percent in the state for the fourth consecutive year, which was more than every state in the U.S., UPI reported. Oil well owners and operators know the importance of efficient equipment to keep production high in the Bakken shale. More sites are turning to Broadwind energy for precision gearing and repair services to make sure frac pumps last through the energy boom.
North Dakota's economy growing each year
The North Dakota Industrial Commission's Department of Mineral Resources said the state averaged around 977,051 barrels per day (bpd) in March 2014, which was the highest mark ever reached.
Additionally, many state officials believe the oil output could increase to 1 million bpd sometime this summer. According to UPI, 3.6 percent of the state's GDP was made up of mineral resources.
"It's very encouraging that our continued economic growth stems from nearly every business sector and that no single industry tells the whole story of the great progress we're making," said Dalrymple in an official statement.
North Dakota's average annual growth rate reached 12 percent four years in the row, which is more than 10 percent higher than the national average, the source cited. The state's economy was able to generate $49.8 billion in 2013, which was the highest amount for North Dakota ever.
The state also set a record with annual salaries per capita with an average of $57,084 per year, which leads the nation, UPI reported. North Dakota has made significant strides since in 2000, the state ranked 38th in the highest annual income per capita.
"Moving forward, we will continue to support economic growth through low taxes, a sensible and effective regulatory environment and a state government that is responsive to the needs of its people and businesses," Dalrymple added, in the official statement.