Oil industry drove economic booms in North Dakota, Texas

(Image: Fotolia)

(Image: Fotolia)

If you’re not living in North Dakota, you might as well be living in Texas.

A strong increase in economic activity in oil and gas exploration and production boosted the fortunes of both states in 2012, according to a report Thursday by the U.S. Bureau of Economic Analysis.

Gulf Coast: $15B chemicals boom fuels hiring war

The gross domestic product — the total value of all economic activity within a state that is adjusted for inflation — increased 4.8 percent in Texas in 2012, according to the Bureau of Economic Analysis.

The U.S. average for 2012 was 2.5 percent. All the states except Connecticut reported an increase in economic activity.

While the energy industry contributed the most to economic growth in Texas, durable goods manufacturing — which includes the making of oil and gas field machinery — was also an important factor for the state.

Oil boom: US crude output exceeds imports for first time in 16 years

However, no state could match the economic growth rate that North Dakota experienced last year.

Sparsely populated North Dakota grew by 13.4 percent last year, led by energy exploration and production but also helped by strong growth in construction, wholesale trade and transportation and warehousing, the economic analysis bureau reported.

Inflation-adjusted gross domestic product is the sum of spending by consumers, businesses and government as well as investment and foreign trade, according to the bureau.