Posted on 09/29/2015 6:22:54 PM PDT by posterchild
Real estate developers were too late to the party in North Dakota.
Just a few years after fracking sparked a shale oil frenzy that lured thousands of unemployed workers to North Dakota in the hopes of landing high-paying jobs, plummeting oil prices have sapped some oomph from the boom.
As workers streamed into North Dakota, temporary camps popped up to meet the demand, and real estate developers followed suit with plans to create thousands of permanent apartments.
Related: The North Dakota Boom That’s Going Bust After Oil’s Plunge
But crude oil prices have fallen more than 50 percent in the past year. In response, the region’s drilling-rig count has fallen to a six-year low, Bloomberg reports. The average occupancy rate in the once booming municipality of Williston is now 65 percent. Even so, there are another 1,300 units in the pipeline for construction.
“We are overbuilt,” Williston County commissioners Dan Kalil told Bloomberg. “I am concerned about having hundreds of $200-a-month apartments in the future.”
(Excerpt) Read more at thefiscaltimes.com ...
Well they had their fun. Now back to reality. North Dakota rode the greed train for a few years. They don’t deserve sympathy.
The price of oil will bounce back.
I hope not. I want the 90’s back again. Under a buck a gallon.
An emp like that will take out Mexico, parts of Cuba and much of the Carribean islands as well. The effects of an EMP that could take out the US will be hard to limit just to the Conus. Hawaii and Alaska would be spared. Central America and Venezuela may not be!
My ex-boss from a university job 2x divorced would probably help. I’d rather live in a box on the street than be associated with that person.
Definitely has both qualifications, inside and out.
A housing surplus brought to you by greedy realestate dealers who fought man camps. With man camps, which were well operated and maintained, workers had an affordable jobsite home with food, laundry and maintenance service. When the job ended, the man camp operaqtor packed everything up and took it away. With the realators program, apartments were built to be rented at ssNY City prices. These are often used extremly hard by the occupants and when the job ends, are left vacant; a blight on the community and the tax base.
You know of course that this is how opec keeps out alternative energy, don’t you?
Sometimes I'm amazed to find some people that call themselves FReepers.
I guess you don't have any understanding of a time and place where demand greatly exceeds the supply of labor, housing, etc. Those things don't just magically appear. You have to pay extra to get them brought in from other areas.
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