From today’s Wall Street Journal (subscription), “For Energy Producing States, Prices Yield a Boom.“
Regions that produce energy and other commodities are enjoying higher employment and faster-rising incomes. In North Dakota, Montana, Wyoming, Oklahoma and Texas, personal income, which includes income from wages and investments, grew between 6.4% and 7.4% in the fourth quarter of last year from the year before, before adjusting for inflation. Incomes in the country as a whole grew 5.9%.
Most states with thriving economies didn’t have a sharp run-up in housing prices and so have avoided precipitous declines. Now, as high energy prices spur production from oil and natural-gas wells once too costly to be profitable in Texas and other states, there is strong demand for new workers — and for hotels and restaurants to accommodate them. Newcomers flocking to jobs in labor-short markets help buoy housing markets.
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