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Growth of Oil-Production Jobs Spurs Need for Housing

on February 5, 2013

A lot has been said lately about the projected increase in rigs and wells in oil-production hotbeds such as McKenzie County, N.D.

Along with the increase in oil-drilling activity in the western North Dakota oil patch has come a jump I the area’s population.  Related needs, such as housing for new workers, also have soared.

It’s not hard to understand why our company is getting involved in the developing apartment complexes in communities in and around the Bakken area.

The initial boom in oil work has passed.  A steadier rate of growth is settling in.  Communities such as Watford City in McKenzie County are expected to continue to experience population growth for years.

Five years ago, there were fewer than 2,300 oil-production jobs in McKenzie County.  That number jumped to a 2013 level of approximately 11,900.  The number is projected to increase to more than 12,600 in 2018 and 13,700 I 2023.

For a more detailed look at projected oil-production jobs, click here to check out the McKenzie County Economic Development website.

Add to those job totals an accompanying growth in the number of workers in business such as stores, restaurants and professional offices that will be needed to serve oil workers.

Dealing with such growth-related issues is a challenge many parts of the United State would love to have.  We in the Upper Midwest, even those of us based in neighboring states, are fortunate.

Posted in Investment Insights | Tagged Bakken, Housing, North Dakota, Oil work rate of growth
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