Small Towns Get Boost From Oil, Gas as Wealth Shifts Away From Cities
From The Curious Capitalist
November 28, 2012 - 8:00am
The Great Recession hit small towns hard. Many saw factories close and jobs dry up. But according to a new analysis, small-town America is actually experiencing an economic revival thanks to an oil and gas boom. According to government data analyzed by USA Today, inflation-adjusted income has increased 3.8% per person between 2007 and 2011 for the roughly 50 million Americans who live in small cities, towns, and rural areas. Compare that to almost the same percentage drop (3.5%) in metropolitan areas, and a shift in wealth begins to emerge, one flowing from cities to rural regions. (MORE: Why the Fiscal Cliff is the Wrong Thing to Worry About) The trend is especially strong in places that participated in the recent boom in oil and gas. North Dakota, for example, quickly became the country’s No. 2 oil-producing state over the last several years thanks to a discovery of shale gas there. ...
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