Studies highlight impact of oil and gas industry on North Dakota’s economy, counties
BISMARCK, ND (STL.News) The oil and natural gas industry in North Dakota accounted for more than $40 billion in gross business volume, nearly 60,000 jobs and over $3.8 billion in state and local tax revenues in 2019, according to one of two studies released today that highlight the industry’s substantial impact on North Dakota’s economy.
“These studies underscore the critical importance of the oil and gas industry to our state’s budget, economy and communities, as well as the need for state and federal policies that encourage responsible development of our abundant mineral resources,” Lt. Gov. Brent Sanford said during a press conference with those who conducted the studies.
North Dakota State University researchers Dean Bangsund and Nancy Hodur studied the economic contribution of oil and gas exploration, extraction, transportation, processing and capital investments in 2019, the most recent data available. Similar studies have been conducted every two years since 2005.
Their findings show North Dakota’s oil and gas industry directly employed nearly 24,000 people in 2019, while economic activity from the indirect and induced effects of the industry supported an additional 17,000 and 18,000 jobs, respectively, for a total of 59,100 jobs attributed to the industry.