Incorporating: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.
Strong growth can be expected over the next five years, with the largest growth being witnessed within sales to the refining and energy sector. This should be supported by the commissioning of the new Dakota Prairie refinery, located in Dickinson, North Dakota. Accordingly, average annual growth of between 2.5% in a low scenario, and 3% in a high scenario, can be expected.
The region’s economy has historically relied on arable farming and cattle ranching to drive growth. However, since 2000, the region has diversified its output, with a major new contribution hailing from the ongoing oil boom being witnessed in North Dakota. The state is now the second largest oil producer in the country.
Overall GDP growth for the decade has averaged at 3.4% p.a. The aforementioned oil boom aided the region’s economic stability during the recession – only a small economic drop was witnessed in 2009 (-0.86%). Growth has been positive for the since 2010, with 2015 seeing output rise by just under 3%.
Report Data: 2016
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