Growing by the Numbers – October 2018

ND SHOWS THE HIGHEST GROWTH OF ANY STATE

Click this link to go to “Growing by the Numbers” – October 2018

North Dakota showed the highest percentage growth of any state at 40 percent. New York and West Virginia tied for a distant second at 26 percent. Certain categories of expenditures in the state saw a truly significant increase in expenditures over this time. Transportation services increased by 91 percent, motor vehicles and parts grew by 54 percent. Only the gasoline and other energy goods category of expenditures saw a per capita decrease in the state, but far less than what occurred nationally. One reason that consumer spending has risen in North Dakota appears to be that goods and services here are relatively cheap as demonstrated by the state’s price parity. In simple terms, price parity attempts to measure what it cost you for the same item in different regions of the country using a ratio compared to the U.S. as whole or other states. Since 2008, North Dakota’s cost for similar items has risen gradually from 89 to 92 percent of that of the U.S. North Dakota prices remain much lower than other areas like New York, California or Maryland.

Source: Bureau of Economic Analysis’ Consumer Spending and Price Parity Tables by State Interactive Data, 20082016