Posted on 10/11/2010 5:16:10 PM PDT by Kaslin
Recovery: While states like Nevada wallow in recession, tiny North Dakota becomes the first state rated as expanding by a leading service. Could it be the state's burgeoning energy industry?
The recession — induced by Democrats and activists meddling in the housing market through the Community Reinvestment Act and then whistling past the bad-loan graveyard of Fannie Mae and Freddie Mac — officially ended in June 2009, according to the National Bureau of Economic Research.
For much of the country, mired in a jobless recovery with job losses so great and prospects so bleak that it will take decades just to get back to where we were, this statistical factoid meant little as hope and change continued to deteriorate into chaos and incompetence.
The most recent data from the Adversity Index, produced by Moody's Analytics and MSNBC.com, showed that those states — Nevada, Michigan, Vermont, Rhode Island, Georgia, New Mexico, Mississippi and Illinois — were still in a recession as recently as July of this year.
One state, North Dakota, is in a boom of sorts, so much so that it was rated by the Adversity Index as the first state to have moved out of the recession and actual expansion mode.
The key may be North Dakota's development of the energy resources under its soil and in its rocks, something the Obama administration is loath to do nationally. Instead we get drilling moratoriums and polar bear habitat protection that serve to make America the only industrialized nation not developing its domestic energy resources.
North Dakota is simply gushing. It has a billion-dollar budget surplus and oil revenues ready to shoot up 70% over the next two years.
(Excerpt) Read more at investors.com ...
Hehehehe. Drill baby drill.
North Dakota is not "tiny."
I was gonna say...There’s a whole lot of wide open out there for it to be called tiny.
Tiny population maybe...But you know for all the brainpower they have there in New York City, I haven’t seen one oil well drilled there yet.
“...tiny North Dakota...”:
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Tiny, it ain’t.
A couple of years back the western ND producers were having trouble finding pipeline capacity to efficiently be able to sell and deliver the goods. Not sure of today’s situation, but they likely need to lay some pipe too.
North Dakota is not “tiny.”
I’m surprised that they didn’t call it inconsequential. I’m also sure that this is not the kind of news BO wanted coming out.
When you have third smallest population in the US you qualify as tiny.
All I know is this. People moving out there to work in the oil industry are going to find out what “cold” is in winter.
But, that said, good on ya ND!
I don't remember any recession here. Our economy has been good all along. The drilling started here in earnest in 2007. The well that got this whole current Bakken activity was drilled in my delivery area in 2006.
I believe the author meant in terms of having a rep in Congress not area wise. North Dakota has only one rep and that is Earl Pomeroy and he is at large
Lots of folks moving here to grab some of the jobs,as well as oil companies and support businesses. Home construction is also booming as housing is in short supply. It is definitely a sellers market.
North Dakota also did not see a bubble in housing prices. Many if not most of the lenders were and are fairly conservative.
Seems like most of the out-of-work contractors in my area are in N.Dakota,including my son and a lot of his friends. Its not their favorite place to be but it is work.
It coulde not happen to better people. They are the salt of the earth types.
Fortunately they have also seen the light and will elect a Republican US Rep. and a Republican US Senator in November.
Ping
Have they lived through a ND winter yet? If not, they better hunker down, ‘cuz you ain’t felt cold until you’ve felt ND cold.
From someone who spent 38 years in the warm, tropic, climes of Minnesota.
#3 Son is already there, working for Halliburton in the oil shale patch. He has encouraging news about the economy, so I’m glad they got there when they did. If anybody decides to go to seek their fortunes there, they need to know that housing is at a very high premium. Prices are high, and Canadians come across the border to shop, so there’s lots of competition for goods. (I just had an image of the “Galt’s Gulch” sign in my mind...)
Yah, having winters in Minnesota and Alaska are definite experience enhancers, that's for sure. My son worked on the North Slope for 5 years, so this is going to be quite familiar. ND winters are considered "Arctic."
Yes, they lived there part of last winter...in a trailer. It was almost unbearable. lol, good thing they are young. But, when it got too cold to work a few of them went to Hawaii for a month. They plan on doing the same this winter.
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