America's New No. 2 Oil State - North Dakota - Sets More New Oil Production Records in April
The "Economic Miracle State" of North Dakota pumped another record amount of oil during the month of April at a rate of almost 610,000 barrels per day, which was an increase of 5.5% compared to March. North Dakota's oil production in April was noteworthy for several reasons: a) it was the first time the state's oil output exceeded 600,000 barrels per day, b) it was the largest year-over-year increase in the state's history at 73.5%, and c) it was the second straight month that North Dakota produced more oil than Alaska, after surpassing Alaska in March for the first time to become the country's No. 2 oil state.
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 April, and more than five percentage points below the national average of 8.2%. There were ten North Dakota counties with jobless rates below 2.0% in April, and Williams County, which is at the center of the Bakken oil boom, boasts the lowest county jobless rate in the country at just 0.7%. 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 almost 22,000 in April.
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 ten counties of the Bakken region below 2.0%. Call it the "Dakota Model" of job creation and economic prosperity.