That North Dakota is reaping major economic benefits from oil and gas development in the state is not exactly news, but sometimes it is worthwhile to take a step back and consider just how profound an impact it has been.
Research scientist Dean Bangsund and Dr. Nancy Hodur, Research Assistant Professor at the NDSU Department of Agribusiness and Applied Economics, put together a study for the North Dakota Petroleum Council detailing the benefits for the state.
Among them is $43 billion in commerce in 2013, and more than 80,000 jobs (full time and full time equivalent jobs).
Just to put that 80,000 figure in perspective, it represents roughly 20 percent of North Dakota’s total number of employed workers in 2013.
That’s an enormous impact, and all the more reason why the health of the industry in the state is important. A profoundly positive impact could quickly turn profoundly negative if oil prices don’t recover, or if the state doesn’t maintain a reasonable tax and regulatory environment.
The NDPC put together an infographic on the data which you can see below.