North Dakota's Economy Booms
Written By: Bob Adelmann | Posted: Saturday, September 24th, 2011
Finally, some good news about the economy, from an unlikely place: North Dakota. CNNMoney reported that while the United States' economy grew at less than 3 percent last year, North Dakota's grew by more than 7 percent. And with national unemployment over 9 percent, in North Dakota it is just over 3 percent (and hasn't touched 5 percent there in more than 20 years).
The prime driver is the discovery of vast untapped but recoverable oil reserves in the Bakken Formation, along with improved technology, which is allowing entrepreneurs to obtain access to it: fracing (or fracking). Luke Popovich, a spokesman for the National Mining Association, explains: "North Dakota has a lot of untapped shale oil, and developing that field [has] attracted a lot of investment and a lot of employment into the state."
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