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Meeting Residential and Business Needs in North Dakota Will Take Time

on January 31, 2013

The rapid growth and challenges related to development of North Dakota’s vast oil reserves continue to draw national attention.

One of the most recent news stories appeared in the Sunday, Jan. 27 issue of the Minneapolis StarTribune, under the headline “North Dakota Struggles to Cope with Prosperity.”

The story, which carried a Watford City, N.D. dateline, underscored day-to-day living challenges for people living in the service-starved communities on the Bakken Formation.

“Housing is the region’s biggest problem,” the StarTribune reported. “Most apartments and extended-stay hotels command rents that only those with lucrative oil field jobs can afford – not government or retail jobs.”

The Hegg Companies Inc. is among the regional businesses working in the Bakken to help reduce the shortage of residential and commercial facilities in rapidly growing communities such as Watford City.

A lot of work lies ahead to serve the area’s booming population because experts say there’s no end in sight to the oil boom.

Posted in Investment Insights | Tagged Bakken Formation, Hegg Companies, Housing, Minneapolis StarTribune, North Dakota
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