In this case, North Dakota has a diversified economy with a major energy component. How has the Bakken affected North Dakota's diversified economy?
The 1Q16 taxable sales and purchases data has been released by the state and this note: "First quarter 2016 is nearly 50 percent greater than the same timeframe in 2010.”
For newbies, this is the timeframe:
- 2000: the Bakken boom begins in Montana
- 2007: the Bakken boom begins in North Dakota
- 2012: the Bakken hits its stride
- early 2014: the Bakken setting new records, almost every month
- late 2014: the Saudi Surge
- 2015: the Bakken re-trenches
- 1Q16 taxable sales 50% greater than 1Q10
- mid-2016: the Bakken bottoms out -- at least that is what the tea leaves suggest
The full report is here.
- Cass (Fargo): $643,058,308
- Burleigh (Bismarck): $362,191,851
- Williams (Williston): $280,809,315
- Grand Forks: $262,939,803
- Ward (Minot): $238,532,521
- Stark (Dickinson): $171,710,392
- Morton (Mandan): $56,835,128
But you know, when I see 1Q16 taxable sales 50% greater than 1Q10 for North Dakota, I can't get too concerned. A lot of infrastructure has been put in place. We are probably at the nadir of this particular cycle. Yes, it could get worse, but the tea leaves don't suggest that.
A Note For The Granddaughters
Wow, this brings back memories: the magic of Britain's least-used train stations.
We were stationed as a family in England from 1986 to 1989. I was then back to England multiple times between 2002 and 2004. While there alone, I hiked a lot and I took the train frequently. I visited some of those least-used train stations.
The Brits (or, perhaps, better said, the English) love "the three P's": pets, plants, and planes. I would add "passenger trains" to continue the alliteration, but in fact the English love trains of all sorts, not just passenger trains. Perhaps one could add "the three T's": tea, trains, and taxes.
Wow, wow, wow! Such pleasant memories.