N. Dakota Oil Sets Another Record in March; Will Probably Surpass Alaska This Summer for No. 2 Spot
As a result of the ongoing oil boom in the Bakken area, North Dakota continues to lead the nation with the lowest state unemployment rate at four-year low of 3.0% in March, and more than five percentage points below the national average of 8.1%. There were 10 North Dakota counties with jobless rates at or below 2.5% for March, and Williams County, which is at the center of the Bakken oil boom, boasts the lowest county jobless rate in the country at just 0.9%. The exponential growth in North Dakota oil production has fueled exponential growth in the state's "Natural Resources and Mining" employment, which has tripled in less than three years, and reached 21,000 in March.
Bottom Line: The ongoing record-setting oil production in North Dakota continues to make it the most economically successful state in the country, with record levels of employment and income growth, a labor shortage, increasing tax revenues, the lowest foreclosure rate in the country, a strong real estate market, and jobless rates in many counties of the Bakken region below 2.5%.