Although the entire U.S. remains mired in slow growth, perhaps even a double-dip recession, there are places in the country that are seeing rapid job and economic growth. One of those places is the Bakken Oil fields of North Dakota. Another place is Pittsburgh. Why have those two areas seen such growth and economic prosperity? Hydraulic fracturing. In the case of North Dakota, it’s hydraulic fracturing of oil wells. In the Pittsburgh area, it’s hydraulic fracturing of Marcellus Shale gas wells.
Below is an recent email sent by PittsburghTODAY speaking about Pittsburgh’s economic comeback:
Building on the good jobs news we reported earlier this month, February preliminary job numbers show that Pittsburgh had the highest job growth rate for a second straight month. The year-over-year increase was 2.18 percent or 23,700 jobs, the highest of any region. In addition, the two-year job growth rate was positive for the first time since perhaps the recession began.
Of particular note, private jobs were up 2.46 percent, goods-producing jobs were up 3.18 percent and service jobs were up 2.04 percent. Natural resources, mining and construction was up an astounding 7.17 percent, and leisure and hospitality jobs were up 4.62 percent. In fact, every sector had year-over-year gains except for Information.
Furthermore, data from the Federal Housing Finance Agency for the 4th quarter of 2010 show that Pittsburgh again had the highest 1-year and 5-year appreciation rates at 1.6 and 9.0 percent respectively.
Lastly, bankruptcy filings in the federal court district that includes Pittsburgh were down 3.18 percent year-over-year in the 4th quarter of 2010. That was the steepest decline of any region and most regions actually saw increases.
Jobs way up, housing prices going up, bankruptcies going down—thank you hydraulic fracturing and Marcellus Shale drilling.
*PittsburghTODAY email – More Signs of Recovery