The oil and gas industry in North Dakota remains a powerhouse for the state’s economy, accounting for more than $48.8 billion in gross business volume and over 63,000 jobs in 2023, according to a study highlighted today by Gov. Kelly Armstrong, researchers from North Dakota State University and industry officials.

“The oil and natural gas industry continues to be a major force in North Dakota’s economy, benefiting communities across our great state,” Armstrong said. “Taxes and royalties paid by the industry support state and local investments in infrastructure, schools, communities, tax relief and the Legacy Fund, among other areas.”

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 2023, the most recent data available. Similar studies have been conducted every two years since 2005.

“Nearly $49 billion is a huge number and shows how important this industry is to our state’s overall well-being,” said Bangsund, a research scientist in agribusiness and applied economics at NDSU.

Ron Ness, president of the North Dakota Petroleum Council, noted that North Dakota’s oil and natural gas industry pays more than half of all state taxes collected and provides over 63,000 good-paying jobs in the state.

“Thanks to our industry’s continued investment in technology, innovation, and infrastructure, oil and natural gas will continue to be a major force in North Dakota’s economy for generations to come,” Ness said.