Property boom in North Dakota, USA

Once a sleepy town of Williston has now transformed into a boomtown of USA.

With the use of Hydraulic Fracturing and Horizontal drilling, North Dakota is producing almost a million barrel of black gold every day; number 2 in U.S only after Texas.

The boom created jobs for hundreds and thousands of job hungers, current unemployment rate in the oil boom state is less than 1%. Amidst the joy lies the unforeseen problem, properties are occupied as fast as they are built. The demand for proper accommodation had drove up the property prices in North Dakota, especially in the town of Williston. Rents per square foot some areas are higher than in Manhattan, Silicon Valley or London.

Farmland used to be sold for USD$5,000 an acre in North Dakota. Now a decent plot near a road can go as high as USD$50,000 per acre. A three-bedroom family home that would have sold for USD$60,000 five years ago can now fetch as high as USD$275,000. These prices will only rise in the years to come.

Developers on the other hand are taking advantage of the demand, developing in North Dakota and providing accommodation for the oil workers.