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January 2022 Rev-E-News Monthly North Dakota Revenue Report

Index of State Economic Momentum

Each quarter the State Policy Reports (S/P/R) releases the Index of State Economic Momentum, which ranks states based upon year over year change in personal income, employment and population. The national average is established at zero, with each state's score shown as a percentage above or below the national average. North Dakota jumped from the second to last place ranking seen in December 2020 to 8th place in December 2021.

North Dakota saw a large jump in personal income in 2021 coming in 2nd with 10.4% growth. The national average for personal income growth is 5.2%.

Every state saw positive employment growth over the year, which is the opposite from what was seen last year where only one state showed a positive change in employment. North Dakota saw a 3.4% growth in employment, which is just under the national average of 3.9%.

Population is the last component and the only area that North Dakota saw a negative index with a -0.5% compared to the national average of 0.1%. Only six states showed a growth rate of more than one percent and according to the Census Bureau the nationwide growth seen in 2021 was the lowest numeric growth the nation has seen since at least 1900.

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Click here for a printable version of the revenues compared to the legislative forecast.

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Click here for a printable version of the revenues compared to the previous biennium.

Comments or questions? Contact Joe Morrissette, Office of Management and Budget Director.