Summary
North Dakota is the third largest oil-producing state in the country behind New Mexico and Texas.
Data Dashboard
| Mar 2024 | Pct. change from a year earlier | |
|---|---|---|
| North Dakota | 32 | 22% |
| Montana | 2 | 100% |
| Mar 2024 | Pct. change from a year earlier | |
|---|---|---|
| Cushing, OK WTI Spot Price | $81.28 | 11% |
Summary
Oil drilling has followed oil prices closely since 2014.
Data Dashboard
| Jan 2024 | Pct. change from a year earlier | |
|---|---|---|
| Bakken Oil Counties | 35 | 5% |
| Rest of Montana | 0 | -25% |
| Rest of North Dakota | 1 | -25% |
Summary
The Bakken area represents most of oil production in Montana and North Dakota.
Data Dashboard
Employment (Thousands)1
| Feb 2024 | Pct. change from a year earlier | |
|---|---|---|
| Bakken Oil Counties | 76.30 | 3.6% |
| Rest of Montana | 546.57 | 1.4% |
| Rest of North Dakota | 344.31 | 0.4% |
Summary
Employment doubled in the Bakken from 2009 to 2015; however, employment levels fell steeply in 2015 and 2016 as oil drilling slowed, before resuming a slow climb until early 2020.
Data Dashboard
Unemployment Rate1
| Feb 2024 | Pct. point change from a year earlier | |
|---|---|---|
| Bakken Oil Counties | 1.8% | -0.2% |
| Rest of Montana | 3.0% | 0.3% |
| Rest of North Dakota | 2.0% | -0.1% |
Summary
The decrease in the Bakken unemployment rate following 2009 was sharper than other areas. After increasing with the decline in drilling from 2015 to 2017, unemployment resumed its downward trajectory prior to the COVID-19 pandemic.
1 12-month moving average
Data Dashboard
Average Weekly Wages
| Second Quarter 2022 |
Pct. point change from a year earlier | |
|---|---|---|
| Bakken Oil Counties | $1,468 | 4.0% |
| Rest of Montana | $1086 | 0.4% |
| Rest of North Dakota | $1,141 | -0.2% |
Data Dashboard
Construction
| 2014 | Pct. change from a year earlier | |
|---|---|---|
| Williston building permits | 422 | 79% |
Summary
Construction activity for commercial buildings and residential units began rising sharply in the city of Williston in 2010.
Data Dashboard
Construction
| 2014 | Pct. change from a year earlier | |
|---|---|---|
| Stark county housing units authorized | 601 | 5% |
Summary
Stark County, which includes the city of Dickinson, posted rapid gains in housing units authorized in 2012. Stark County housing units authorized comprised 18 percent of all North Dakota units authorized in 2012. For perspective, Stark County has about 4 percent of the state population.
Data Dashboard
Deposits at Median Institution
| First Quarter 2017 |
Pct. change from a year earlier |
|---|---|
| Bakken Oil Counties | -3.6% |
| Rest of Montana | 3.7% |
| Rest of North Dakota | 1.3% |
Summary
Deposit growth at Bakken area banks was particularly strong during 2012 and picked up again in 2014.
Data Dashboard
Construction & Land Development Loans at Median Institution
| First Quarter 2017 |
Pct. change from a year earlier |
|---|---|
| Bakken Oil Counties | -11.8% |
| Rest of Montana | 12.5% |
| Rest of North Dakota | -20.4% |
Summary
Commercial and development loans at Bakken area banks increased faster than those at other banks in Montana and North Dakota since 2007.
Data Dashboard
Incidence of severe mortgage problems
| Jan 2017 | Pct. point change from a year earlier | |
|---|---|---|
| Bakken Oil Counties | 2.84% | 1.82% |
| Rest of Montana | 1.68% | -0.31% |
| Rest of North Dakota | 1.36% | -0.03% |
Summary
The incidence of serious mortgage problems in the Bakken paralleled mortgage problems in the rest of Montana and North Dakota relatively closely until 2010, when it dropped sharply compared with more modest declines elsewhere.
Note: Mortgages that are 90+ days delinquent, in foreclosure, or post-foreclosure but associated with real estate owned (REO) by lenders, as a percentage of outstanding mortgages. Unlike other data in the Banking section, these data are not restricted to mortgages made or held by Bakken-based banks.
Last Updated April 18, 2024
