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There’s Gold in Them Thar Hills!

April 15, 2024 | Posted in: Wealth Strategies

The stock market in 2023 and so far in 2024 has been driven by high tech companies such as Nvidia, Apple, Google, and Microsoft so you would guess that the states with the highest GDP growth would be technology rich. Wrong! As depicted below, the five fastest growing states are all powered by mining, quarrying, and oil and gas extraction. One of the key drivers is the fact that the price of oil is up roughly 30% since the summer of 2023.

In the number one spot, North Dakota is the third-largest oil producing state with an unemployment rate of only 2% as compared to the overall U.S. rate of 3.8%. Among the top group, the major exception to the dominance of natural resources is Florida where growth is driven by the population influx and resulting retail trade. The states with the lowest growth are Delaware, New York, and Mississippi.