FHA Loans in North Dakota
About This State and its People, Places, and Industries
North Dakota is a state located in the Midwestern region of the United States of America, along the Canadian border, about halfway between the Pacific Ocean and the Great Lakes. North Dakota is the 19th largest state by area in the U.S. It is also the third least populous, with only about 646,850 residents as of 2009. North Dakota was carved out of the Dakota Territory and admitted to the Union on November 2, 1889, simultaneously with South Dakota.The state capital is Bismarck and the largest city is Fargo. The primary public universities are located in Grand Forks and Fargo. The U.S. Air Force operates Air Force Bases at Minot AFB and Grand Forks AFB.
From fewer than 3,000 people in 1870, North Dakota's population grew to near 680,000 by 1930. Growth then slowed, and the population has fluctuated slightly over the next seven decades, hitting a low of 617,761 in the 1970 census, with a total of 642,200 in the 2000 census. The United States Census Bureau, as of July 1, 2008, estimated North Dakota's population at 641,481, which represents a decrease of 714, or 0.1%, since the last census in 2000. This includes a natural increase since the last census of 20,460 people (that is 67,788 births minus 47,328 deaths) and a decrease due to net migration of 17,787 people out of the state. Immigration from outside the United States resulted in a net increase of 3,323 people, and migration within the country produced a net loss of 21,110 people. The age and gender distributions approximate the national average. Besides Native Americans, North Dakota's minority groups still form a significantly smaller proportion of the population than in the nation as a whole. The center of population of North Dakota is located in Wells County, near Sykeston.
Agriculture is the largest industry in North Dakota, although petroleum and food processing are also major industries. The economy of North Dakota had a gross domestic product of $24 billion in 2005. The per capita income in 2006 was $33,034, ranked 29th in the nation. The three-year median household income from 2002–2004 was $39,594, ranking 37th in the U.S. North Dakota is also the only state with a state owned bank, the Bank of North Dakota in Bismarck, and a state owned flour mill, the North Dakota Mill and Elevator in Grand Forks.
As of January 2010, the state’s unemployment rate is the lowest in the nation at 4.2%.
North Dakota's earliest industries were fur trading and agriculture. Although less than 10% of the population is employed in the agricultural sector, it remains a major part of the state's economy, ranking 24th in the nation in the value of products sold. The state is the largest producer in the U.S. of barley, sunflower seeds, spring and durum wheat for processing, and farm-raised turkeys.
Coal mines generate 93% of the North Dakota electricity. Oil was discovered near Tioga in 1951, generating 53 million barrels (8,400,000 m3) of oil a year by 1984. Western North Dakota is currently in an oil boom: the Tioga, Stanley and Minot-Burlington communities are experiencing rapid growth. The oil reserves of the Bakken Formation may hold up to 400 billion barrels (6.4×1010 m3) of oil, 25 times larger than the reserves in the Arctic National Wildlife Refuge. However, a report issued in April 2008 by the U.S. Geological Survey estimates that the oil recoverable by current technology in the Bakken formation is two orders of magnitude less, in the range of 3.0–4.3 billion barrels, with a mean of 3.65 billion.
The Great Plains area, which North Dakota is a part of, is called the "Saudi Arabia" of wind energy, North Dakota has the capability of producing 1.2 billion kilowatt hours of energy. That is enough to power 25% of the entire country's energy needs. Wind energy in North Dakota is also very cost effective because the state has large rural expanses and wind speeds seldom go below 10 mph (16 km/h).
North Dakota has a slightly progressive income tax structure; the five brackets of state income tax rates are 2.1%, 3.92% 4.34%, 5.04%, and 5.54% as of 2004. North Dakota is ranked as the 21st highest in the nation for their capitals' total state taxes. The sales tax in North Dakota is 5% for most items. The state allows municipalities to institute local sales taxes and special local taxes, such as the 1.75% supplemental sales tax in Grand Forks. Excise taxes are levied on the purchase price or market value of aircraft registered in North Dakota. The state imposes a use tax on items purchased elsewhere but used within North Dakota. Owners of real property in North Dakota pay property tax to their county, municipality, school district, and special taxing districts.
The Tax Foundation ranks North Dakota as the state with the 30th most "business friendly" tax climate in the nation. Tax Freedom Day arrives on April 1, 10 days earlier than the national Tax Freedom Day. In 2006, North Dakota was the state with the lowest number of returns filed by taxpayers with an Adjusted Gross Income of over $1M – only 333.
Some news reports have listed North Dakota as the least visited state in the United States, owing, in part. to it not having a major tourist attraction, like Mount Rushmore in South Dakota, with which to entice visitors. However, it does have areas popular with visitors, including Theodore Roosevelt National Park in the western part of the state. The park often exceeds 475,000 visitors each year. Other events in the state include Norsk Høstfest in Minot, billed as North America's largest Scandanavian festival the Medora Musical, and the North Dakota State Fair. The American Automobile Association has complimented the state's scenery and has labeled it "America's Most Affordable Vacation Site".
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