10 Ways the U.S. Shale Oil Boom has Made North Dakota an "Economic Miracle"

Email

Thanks to the U.S. shale oil boom, some parts of the country are experiencing growth comparable to emerging markets.

The best example of this high-powered economic surge is in North Dakota.

North Dakota is the epicenter of the Bakken shale oil boom. Since 2009, it has had the fastest growth in personal income, tax revenues, jobs and home prices of all the 50 states. The state also has enjoyed both a population surge and the lowest unemployment rate in the country.

According to July 2012 figures from the U.S. Census Bureau, the state's population rose by 4% in just two years – compared to 1.7% for the nation as a whole. The western part of the state, where the Bakken is located, may see its population jump 50% over the next two decades, according to a North Dakota state survey.

For North Dakota as a whole, at the end of 2012 the unemployment rate was only 3.2%. In the 12-county Bakken region of the state, unemployment stood at a mere 1.8%. In Williams County, which is at the heart of the Bakken shale oil boom, unemployment was at a miniscule 0.9%

This is why some have called North Dakota an "economic miracle."

10 Facts on the Economic Power of the U.S. Shale Oil Boom

Here are 10 ways the shale oil boom has helped North Dakota's economy outshine the rest of the United States:

Join the conversation. Click here to jump to comments…

Leave a Reply

Your email address will not be published. Required fields are marked *


× eight = 56

Some HTML is OK

© 2014 Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201, Email: customerservice@MoneyMorning.com