Bakken North Dakota Oil Boom: The Makings of a Great Emerging Investment Market
Looking for investment property opportunities in the Williston, Bakken ND area? We have a great selection of turnkey real estate investment opportunities in this hot, hot market (housing units are being built at a pace of 6 per day with over 2,000 being built each year in attempts to try and keep up with demand for housing). Within the Bakken (Oil Boom) regions of North Dakota lies the small but rapidly growing city of Williston. A nice mix of sales and office workers and now a rapidly growing sector of construction workers make up this region. Many consider Williston to be a more affluent area based on income compared to the rest of North Dakota or even the U.S. as a whole
Oil Put Williston On The Map
The Oil Boom has put Williston on the map with almost 8,400 wells and a growing production of over 237 million barrels of oil per year. This is the largest continuous oil deposit the U.S has ever seen. It is estimated that they will be able to uncover 7.4 Billion barrels of oil and 6.7 Trillion cubic feet of natural gas from the region. This corner of North Dakota is starting to resemble that of the early Gold Rush.
The Economic impact of Oil
North Dakota has the lowest unemployment in the country at around 3%, with Williston only around 1%. The economic impact that oil brings to the state is estimated at over 34 Billion dollars. With salaries easily obtained for $100,000 plus per year, the high paying jobs and huge demand for workforce has brought massive amounts of quick growth. Temporary housing camps have sprung up everywhere while this work force looks for permanent housing.
Commercial Real Estate Developers Buying Up Land
Commercial real estate developers are gobbling up land all over to develop and build retail stores to accommodate the needs of this large workforce. With population growth of 50% plus expected over the next 20 years, this is truly the makings of an emerging market.
HOUSING IS A SIMPLE LAW OF SUPPLY AND DEMAND
Housing units are being built at a pace of 6 per day with over 2,000 being built each year in attempts to try and keep up with demand for housing.
As we stated, unemployment is under 3% in ND and under 1% in Williston. Businesses are reporting sales doubling year over year. Record setting oil production has created the quickest economic expansion this country has ever seen.
North Dakota is second largest crude oil producer in the U.S pumping around a million barrels each day and the North Dakota economy is now growing at a pace 5 times that of the U.S. average.
Jobs Are Paying Well
An Oil Workers Average Salary Is Around $112,000. Entry level work like McDonalds and Walmart are paying in excess of $17.00 per hour. Huge investments by big retailers are coming in (Walgreens, Home Depot, Tire kingdom and many other retail outlets.
Many Jobs Being Created In Williston Area
All professions and all ages are coming to North Dakota to capitalize on the many jobs being created here. Everything from healthcare, engineers, transportation, specialized skills to retail sales and everything in between are now in demand. With such massive growth in population there are professions of every industry now in need to satisfy the daily needs of all the people coming to the area.
Housing shortage is the challenge
With all the influx of people housing shortage is the challenge. Rents have soared to an average of $2,000 per month for a small 2 bedroom rental. With huge population growth salaries over $100,000 per year and affordability of these high rents make this market a true emerging market and sweet spot for the real estate investor.
Find out how to invest in this booming emerging real estate market! Give Larry a call today to be on the front lines (+1 941-718-7761) or join the Equity Builders Buyer Group to get access to available properties first!
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photo of Bakken Oil Rig courtesy of Lindsey G on Flickr