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Monday, October 24, 2016

What New York City Can Learn From North Dakota

March 9 (Bloomberg) — The U.S. unemployment rate is 8.3 percent. In North Dakota, however, it was just 3.3 percent in December, the latest month for which figures are available. There’s no mystery about why North Dakota is booming: They’ve struck oil!

Production has increased more than fourfold since the beginning of 2008 and shows no signs of slowing down. And where there’s an oil boom, a jobs boom follows.

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  • MichelleHackler

    One of the problems with the construction business is that a lot of the time there is money to build new office buildings and homes in areas where there is no market for them. The new homes may get owners and new business buildings may get businesses while throughout the whole urban area there still are many empty houses and office buildings deteriorating and standing empty. Many of these vacant buildings especially the older ones need repair to make them usable again but their owners are stuck with these deteriorating buildings because their rent is to high or they do not meet up to the new businesses design of what their buildings should look like. Instead of opening up new land for new buildings which will go empty when the current business leaves or the home owner abandons their home for whatever reason, the governmental body should deal with the vacant buildings and either see that they are repaired for new occupants or that they are torn down so the lots can be rebuilt on. Where I live there is lots of vacant real estate but instead of utilizing these properties or lots new land is being stripped of trees and prepared for new building. These new areas are not any better locations for these business or housing developments than the older locations which have been abandoned.

    Many businesses spaces are being created without any new business being planned to move into them, while there are empty business spaces just around the corner.