Based on the trending growth in oil within the state, its burgeoning economy, and thriving agricultural industry, North Dakota has proven to be promising place for careers in economics.
Economists in North Dakota’s Fossil Fuel and High Tech Industries
North Dakota nationally recognized companies are key to the economy of the region and, in some cases, may define future technologies in the US. Fargo-based Global Electric Motorcars, for example, is a twenty year-old electric car manufacturer with more experience building alternative fuel vehicles than many national builders. Managerial economists and economic analysts play a key role in assisting a gradual, nationwide move away from fossil fuel-based cars pioneered by firms such as Global Electric Motorcars.
The Bank of North Dakota (BND) reported that it is the only state-owned bank in the nation. Once founded to manage the substantial agriculture business in the state, it has now played a key role in the state’s increased oil production. Economic analysts in North Dakota serve both the interests of BND and the smaller-scale oil and gas exploration companies the bank has helped finance in recent years.
Economist Salaries in North Dakota
Economics professors in North Dakota earned an average of $84,870 as of the most recent report issued by the Bureau of Labor Statistics in May 2011. The median salary figure was $86,050.
The average salaries paid to economics professors in the state can be further broken down by how they were distributed, with entry-level professionals representing the 10th percentile, and tenured professors making up the 90th percentile:
- 10th percentile – $49,940
- 25th percentile – $58,140
- 75th percentile – $105,720
- 90th percentile – $122,680