Built up by oil boom, North Dakota now has an emptier feeling

About eight years ago Williston North Dakota was a small town of about 12,000 people.  At that time we were in the peak of our last recession and oil prices were high. This was an economic boom for the town as oil drilling started to bring in billions.  Companies built “man camps” where workers would live; some held more than 2000 people.  Workers and new investment poured in from everywhere and good paying jobs were available. But with the recent drop in oil prices, drilling has been on a decline and jobs are much more scarce.  During the boom the town over built and now the businesses are struggling. Business is down 40 percent at local restaurants and stores, and people are losing their jobs. Just two years ago hotel rooms were booked and you had to wait in line to get seated. Now it is more of a ghost town, and doesn’t seem to be changing fast.  Williston’s revenue is down 23 percent from a year ago, and the housing market is also taking a hit. They have roughly 400 homes for sale and the prices on them are falling. Although times are bad in the town for now, there is some hope for the future. Once oil prices raise again it drilling will rise and there will be more jobs available. The town is ready for another boom as they now have plenty of space for new people.

http://www.nytimes.com/2016/02/08/us/built-up-by-oil-boom-north-dakota-now-has-an-emptier-feeling.html?ref=business&_r=0