North Dakota, Alaska Job Markets Fueled by Oil and Gas Boom
Some states could be nearly a decade behind others in returning to the peak number of jobs they had before the recession, according to a new analysis from IHS Global Insight, an economics information and forecasting firm.
Alaska, North Dakota, Texas, and Louisiana have all returned to their peaks, while Arizona, Florida, Michigan, and Nevada are all 9 percent or more away from hitting that milestone. According to the analysis, Nevada, Michigan, and Rhode Island may have the longest to wait before recovery, with their returns to their former job levels expected after 2017.
North Dakota, Alaska, Texas, and Louisiana may not seem to have much in common geographically or culturally, but they all are boosted by a booming oil industry.
Energy is responsible for these states’ job recoveries “to a very large degree,” says Jim Diffley, senior director of U.S. regional services at IHS Global Insight. “In North Dakota and Alaska, [the energy sector] is predominately very much the single most important factor.”