A sign from North Dakota, a state with no minimum wage, shows how much workers at Wal-Mart make an hour. I guess those laws of supply and demand really do mean something?
North Dakota has led the nation in personal income growth in six of the past seven years.
In March, the Bureau of Economic Analysis released a report showing North Dakota’s personal incomes have nearly doubled over the past decade, to more than $57,000 per year. That’s a 93 percent increase from 2003 when incomes in the state were $29,569 per capita.
More remarkable is that North Dakota’s booming incomes come at a time when income growth is slowing in the rest of the country. Nationally, personal income growth slowed from 4.2 percent in 2012 to 2.6 percent in 2013, but North Dakota nearly tripled the national rate at 7.6 percent. The state also was double the second-ranked state, Utah, which saw 4 percent growth, according to the BEA.
North Dakota’s per-capita personal yearly income is $57,084 in 2013, up from $54,871 in 2012. The state now ranks third in the nation in per capita personal income, behind only Connecticut’s $60,487 and Washington, D.C., at $74,513.