The state of North Dakota has experienced a significant
increase in oil production recently. The Midwestern state ranks as the 2nd
largest producer of oil in the country. Advancements in drilling methods have
brought on the changes in North Dakota’s oil yields. Because of the increase,
western North Dakota is undergoing major transformations in economic growth.
One of the most notable changes occurring in the western
portion of the state is housing development. The substantial oil production of
the Bakken shale field and the Williston Basin has prompted the expansion of
housing in the surrounding areas. North Dakota authorities are now focusing on
construction and development in order to sustain the momentum in the state’s
economy.
In an effort to bring in new construction to western North
Dakota, government officials, investors, lenders and developers assembled at
the Bakken Housing Summit in May. The goal of constructing 5,000 houses in two
years was set into motion. Due to the encouraging response from the community
and Bakken Housing Summit attendees, the housing and construction market in and
around the Williston area is set to expand.
The overall reaction to the summit was positive, and
attendance was impressive. Numerous deals were made between investors, builders
and lenders. Connections within the community stimulated the housing market in
a significant way. Companies providing modular construction have begun building
in a variety of areas. This focus on rapid development will bring continued
support for the growth of the community.
Modular building is a key factor in the expansion of western
North Dakota and productive shale oil fields are the basis for success, but
efficient and cost-effective construction is essential. Residential andcommercial housing has been scarce in the Williston area. Companies buildingmodular structures are generating a substantial change in the overall stability
of the community.
Construction projects that may provide the greatest advancement in economic growth include subdivision, apartment and condominium development. As the state of North Dakota focuses on housing, its economical ranking rises. The goal of building 5,000 homes in a two-year time frame is likely to be met if oil production and community involvement continue to move forward.
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