Skip to comments.North Dakota, Spurred by Energy and Ag Boom, Has just 3.2 Percent Unemployment
Posted on 07/01/2011 10:41:42 AM PDT by SeekAndFind
Bismarck, North Dakota In recent weeks, North Dakota has been in the news because of the historic and damaging flooding of the Missouri and Souris Rivers. But as the waters subside, it's worth focusing on the state's economy. For at a time of stagnant wages and a high unemployment rate, this vast, lightly populated Peace Garden State is one of the few places in America where jobs are plentiful.
In May nonfarm payroll employment was up 4.3 percent from the year before, and the unassuming state sported a gaudy 3.2 percent unemployment rate. In several counties, the rate is below one percent. The state jobs office has 15,205 listings, up 64 percent from May 2010. North Dakota, which is one of the smallest states by population (about 670,000) and one of the largest geographically, has .7 unemployed persons for every job opening. In the U.S., the labor force participation rate is an anemic 64.2 percent. In North Dakota, it stands at 74 percent.
In the accompanying video, Aaron Task and I sample buffalo jerky (a local delicacy) and discuss my trip there:
(Excerpt) Read more at finance.yahoo.com ...
Drill baby, drill.
However, there is no housing available for those who wish to move there, right?
North Dakota Escapes Market Decline
North Dakota, a very steady and stable state economically speaking, has held strong yet again in light of the mortgage crisis afoot. Its one of 2 states whose housing sales are up for the year and whose average housing prices have increased slightly as recorded by the Bismarck-Mandan Board of Realtors.
In these times of economic decline and fallout of the housing market, these statistics are very promising for the North Dakota economy overall. Stats show that North Dakota can fare a solid beating when most of the country is frantically scrambling to find a way to avoid almost inevitable housing market collapse.
This means for North Dakota residents that they need not worry about losing their homes or losing large amounts of money if they purchase a home right now.
Is it a good idea to invest in homes as a way to turn a profit in North Dakota? Most likely not, due to the overall housing market crash everywhere else. People can probably find real estate elsewhere for much cheaper so purchasing in the strong North Dakota market probably occurs because of necessity as opposed to strategic property investing but that does not matter due to the high amount of houses needed by people who live and work in North Dakota. There is a heavy military presence in North Dakota which helps the housing market due to the high number of service persons that need housing.
North Dakota has some very beautiful land that people in the future will want either as a nice relaxing landscape to live on, or as a place to develop as the increasing population size becomes too overwhelming for the current number of places to live in the U.S. So overall buying land in North Dakota is not a bad idea at all.
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Some of the comments following the story mention some factors that the article did not address - such as low taxes and a smaller % of government workers than in most other states.
I also wonder how much the farmers in ND receive in ag subsidies. and this article does not note the nature of the people who live there. You have to be made of hardworking, sturdy stuff to survive those winters. The people of ND are a different breed.
Then there are characteristics of the population of ND vs other states that we are not allowed to mention.
I once knew a guy from SD.
He said there is no such place as ND....................
I’ll mention it.
That is actually ZERO unemployment, as most labor statisticians agree that at any given time, between 3-4 % of the workforce is unemployed by CHOICE, for a variety of reasons..
North Dakota also has a state run bank that backstops its commercial and industrial sector. The bank actually does its job, runs in the black, and provides stability to the state economy. Because of this bank, North Dakota did not suffer the greed and stupidity effect of the rogue gamblers on Wall St. who are hell bent on destroying the “real” economy. Other states should imitate North Dakota and break out of the FED straight jacket.
3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montanas Bakken Formation25 Times More Than 1995 Estimate
National Assessment of Oil and Gas Fact Sheet
FAQs about Bakken Formation
“How States Got Their Shapes” failed to mention oil during their show tonight on boom towns.
Of course, they attributed it to wind farms and computer tech. No mention of oil at all.