Tags: Energy | boom | population | income

US Energy Boom Powers Growth, Income — in Some Parts

By    |   Monday, 31 March 2014 09:28 PM

Regions that are part of the boom in U.S. oil and gas production showed hefty growth in population and income last year, according to U.S. government data.

Most of the growth came in states west of the Mississippi River, the Financial Times reports.

The top 10 U.S. counties in terms of population growth included two in North Dakota, three in Texas, two in Utah, one in Louisiana, and one in South Dakota.

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As for income growth rankings by state, North Dakota led the way, followed by Utah, Idaho, Texas and Oregon, according to the FT.

Many economists hope the energy boom will help the economy sustain a stronger expansion.

"This is an example of dynamism. It’s a wonderful thing about the American economy that it can respond so nimbly to opportunities like this," Michael Strain, an economist at the American Enterprise Institute, told the FT.

"What you’re seeing in some of these areas is whole little economies springing up. In addition to the jobs, there are restaurants and bars, hotels and retail stores opening up. It’s fantastic."

Ken Ditzel, a principal at Charles River Associates, is an optimist, too. "Absolutely the energy sector can be a basis for the U.S. becoming an industrial powerhouse," he told CNBC. "It's clear that the developments in the energy sector are feeding the manufacturing renaissance."

But Michael Madowitz, an economist at the Center for American Progress, expresses skepticism. 

"I think the more likely case is that you have a series of essentially boom towns, and I’m not convinced that the gold rush is the model for a 21st century economy in terms of helping out workers," he told the FT.

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Regions that are part of the boom in U.S. oil and gas production showed hefty growth in population and income last year, according to U.S. government data.
Energy,boom,population,income
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2014-28-31
Monday, 31 March 2014 09:28 PM
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