Economy of North Dakota

Agriculture is the mainstay of the economy of North Dakota; the state is the second-largest producer of sugar-beets.

GDP	$33,400 million in 2010
Per Capita Income	$40,596 in 2010
Unemployment Rate	3.5% in 2011
Major Sectors	Agriculture, mining, manufacturing, services
Major Industries	Petroleum, food processing, tourism, finance

The economy of North Dakota relies heavily on agriculture. The state leads on the production of many oilseeds. The total gross domestic product of the state in 2010 was estimated at $33,400 million while the per capita income was $40,596.
Agriculture is a major source of revenue in North Dakota. Almost ninety percent of the land area of the state is covered with agricultural farms. The state leads the nation in the production of many cereal grains such as barley (36%), durum wheat (58%), hard red spring wheat (48%), oats (17%), and honey, lentils, and edible beans. It is also the leading producer of many oilseeds including the flax seed, sunflower seeds, mustard seeds, and safflower seeds.

The energy sector is a major part of North Dakota's economy. The state is the second-largest coal producing states in the United States. About ninety percent of electricity consumed in the state is generated by the coal reserves in Western North Dakota. The state also has rich oil reserves that add to the finances.

Though North Dakota is the least visited state, the tourism industry plays an important role in the economy of the state. The most-visited places include Theodore Roosevelt National Park, Lake Sakakawea State Park, and the Maah Daah Hey Trail.

The state charges a sales tax of five percent for most items. Local sales tax is collected by the municipalities. There is also a provision of excise taxes that are levied on the market value of aircraft registered in the state. North Dakota also levies property taxes on owners of real property; this tax is collected at the county, municipality, and the school district level.

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