Tuesday, December 10, 2013

Major Building Boom In Fargo, North Dakota; 350 Miles From The Bakken; Oil Boom Said To Be Driving Fargo Development

Prairiebizmag.com is reporting:
A mammoth complex of more than 320 apartment units being built in West Fargo, N.D., is said to be the largest of its kind in the city and perhaps the largest in Fargo-Moorhead.
It’s about the same size as a collection of apartment buildings planned for a south Moorhead, Minnesota, neighborhood that will result in about 316 apartment units.
Fargo, too, expects to see sprawling apartment complexes go up in the near future.
Mega projects aside, Moorhead and Fargo building permit information shows both cities have set records this year for the number of apartment units approved, with Fargo approving 1,170 and Moorhead 274.
By comparison, Fargo approved 743 units in 2012 and Moorhead approved 60.
So, what’s fueling the boom?
City officials and developers offer a variety of answers to that question, from job growth – some of which is related to North Dakota’s oil boom – to attractive borrowing rates for builders and low vacancy rates in the existing apartment market.


Data Points On Fargo From A Fargo Businessman

Agriculture is still the biggest "business" in the state.  Oil is catching.

Fargo has a critical mass. About 200,000 in metro area. 2-3% growth a year is 4,000 to 6,000 new people every year.

Microsoft has about 2,000 jobs.

$500 million new hospital being built.

25,000 college students.

So between, ag, school, tech, hospitals, there is a diversity.

Every week I consult with a taxpayer on  how to be a ND resident for tax purposes versus a Minnesota resident.  No reason at all to live or do business in Minnesota if at all possible.

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