Attracting Investors to ND | Video

Jennifer Joas | 3/13/2013

It`s obvious the oil and gas industry plays a large role in improving North Dakota`s economy. But, what local communities are still struggling with is attracting companies to invest in western North Dakota. A new study could help in that regard.

More retail, restaurants and permanent homes. Those are all possibilities, if western North Dakota can attract more investors.

The North Dakota Petroleum says it hopes the new study can help that.

"In a small community like we are, and Williston on a national basis is quite small too, is to try to quantify and really prove to the investor world that something is happening here that they do not know about," said McKenzie Co. Job Development Director Gene Veeder.

According to the study, conducted by the NDSU Agribusiness department, the oil and gas industry generated $30 billion for the state`s economy, and created almost 60,000 jobs statewide. The study states for every dollar the industry spends, an additional $1.60 is spent in business activity.

"I think North Dakota is in a envious position. We have got the opportunity to chart our own course going forward. What we are seeing right now is economic development opportunities now and going forward that we have not seen in North Dakota in decades," said NDSU assistant research professor Nancy Hodur.

The Petroleum Council says it thinks the study will attract outside investors, and it may show legislators the needs out west.

"They can make long term investments. That is what the communities need to, is they need long term planning revenue that they can go out and do their bonding for or make their long term projects. So we hope this will be helpful in that regard," said Petroleum Council President Ron Ness.

The study also shows the oil and gas industry impacted personal income growth, government revenues and retail sales.

For the full study, visit ndoil.org.

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