There’s no shortage of bad economics news these days. Take your pick: In August there were no new jobs created, retail sales were flat, consumer confidence plunged to recession-era lows, and it was reported this week that the nation’s poverty rate last year rose to the highest level since 1993. Amid all of the national “gloom and doom” there is an amazing story of America’s most successful state economy - North Dakota, and I have been following that story for the last several years.
In my post today at The Enterprise Blog, I outline 8 recent facts about North Dakota’s economy, which is flourishing as a direct result of the booming oil and gas production in the state’s oil-rich Bakken formation. Here's one of those facts:
While the national economy struggles to add jobs in the current "jobless recovery," jobs in North Dakota are increasing at a record-setting pace, and not just oil-related jobs. The overall state employment level reached an all-time high in August and is 9.2% above the pre-recession level in 2007. In contrast, U.S. payroll employment is still 5% below the December 2007 level (see chart).