If there is a problem with the economy North Dakota is not feeling it. With the housing market and jobs market booming, the rest of the country is wondering what this Midwestern state is doing right.
North Dakota’s capital is gaining some well deserved attention in the media as figures show that it has the lowest unemployment rate in the country. With just over 61,000 residents, Bismarck, N.D. has reported an unemployment rate of 3% a whopping 6.1% lower than the rest of the country.
North Dakota Adds 16,000 Jobs
Altogether, the state of North Dakota has a total of 16,000 job openings — 3,000 of which are in Bismarck. So what’s going on? How is this state skyrocketing to the top of economic success while the rest of the country struggles?
There are a number of varying factors contributing to North Dakota’s success, the largest: Oil. According to an ABC News report, North Carolina is expected to jump ahead of California and Alaska to the No. 2 spot in oil sales across the country.
Although the oil boom has definitely had a positive impact on North Dakota, agriculture, manufacturing, the airline industry and even birth rate has seen dramatic jumps. The rest of the country is starting to take notice.
Home Is Where The Job Is
When the jobs market is as weak as it has been, many Americans do whatever it takes to support their families as well as themselves. With the huge boon in jobs, there will more than likely also be an increase in individuals that move out to the area which helps out with yet another thing the rest of the nation is struggling with: the housing market.
Unlike the rest of the country, North Dakota has seen home values go up by 6%. Another increase; birthrate. With one hospital reporting a 2o per month increase totaling approximately 240 more a year.
With the all around increase in production, jobs and spending it looks like those in Washington should maybe pay attention to what’s going on in Bismarck, N.D. and apply it to the rest of the nation.