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North Dakota, Spurred by Energy and Ag Boom, Has just 3.2 Percent Unemployment
Yahoo Finance ^ | 07/01/2011 | Daniel Gross

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 ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: North Dakota
KEYWORDS: bakken; employment; energy; jobs; northdakota; oil; unemployment

1 posted on 07/01/2011 10:41:48 AM PDT by SeekAndFind
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To: SeekAndFind

Drill baby, drill.


2 posted on 07/01/2011 10:44:46 AM PDT by Parley Baer
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To: SeekAndFind

However, there is no housing available for those who wish to move there, right?


3 posted on 07/01/2011 10:47:04 AM PDT by proxy_user
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To: proxy_user

SOURCE: http://www.shoprate.com/articles/North-Dakota-Escapes-Market-Decline.aspx

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. It’s 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.

CLICK ABOVE LINK FOR THE REST


4 posted on 07/01/2011 10:51:15 AM PDT by SeekAndFind (u)
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To: SeekAndFind

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.


5 posted on 07/01/2011 11:00:59 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Pining_4_TX

I once knew a guy from SD.
He said there is no such place as ND....................


6 posted on 07/01/2011 11:05:29 AM PDT by Red Badger (Nothing is a 'right' if someone has to give it to you................)
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To: SeekAndFind
North Dakota, Spurred by Energy and Ag Boom, Inhabited by Hard Working Americans, Has just 3.2 Percent Unemployment
7 posted on 07/01/2011 11:29:09 AM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: Pining_4_TX

I’ll mention it.

http://www.statemaster.com/graph/peo_tot_bla_pop_percap-total-black-population-per-capita


8 posted on 07/01/2011 12:10:44 PM PDT by panaxanax (0bama >>WORST PRESIDENT EVER.)
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To: SeekAndFind

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..


9 posted on 07/01/2011 12:33:28 PM PDT by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: SeekAndFind

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.


10 posted on 07/01/2011 3:00:52 PM PDT by Gen-X-Dad
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To: Parley Baer

3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
http://www.usgs.gov/newsroom/article.asp?ID=1911

National Assessment of Oil and Gas Fact Sheet

http://pubs.usgs.gov/fs/2008/3021/pdf/FS08-3021_508.pdf

FAQ’s about Bakken Formation

http://www.usgs.gov/faq/Subject.asp?category_id=94


11 posted on 07/04/2011 6:59:20 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: SeekAndFind

“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.


12 posted on 07/05/2011 6:22:01 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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