The oil and gas industry in North Dakota remains a powerhouse for the state’s economy, accounting for more than $42.6 billion in gross business volume, officials said
Bismarck, N.D. – According to the state officials, the oil and gas industry is also accounting for nearly 50,000 jobs and $3.8 billion in state and local tax revenues in 2021.
This data is according to two studies highlighted by Gov. Doug Burgum, researchers from North Dakota State University and industry officials.
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 to the state in 2021, 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 14,200 people in 2021, while economic activity from the indirect and induced effects of the industry supported an additional 35,185 jobs, for a total of 49,385 jobs attributed to the industry.
Employment compensation, which includes wages, salaries and employee benefits, was estimated at $3.9 billion.
Total gross business volume, which includes direct sales in the oil and gas industry and business generated from indirect and induced economic activity throughout North Dakota, was estimated at $42.58 billion – an increase of $2.38 billion over 2019 and over 30% of the state’s overall gross business volume.