Economist Patrick Barkey, Director of the Bureau of Business and Economic Recovery, presented the Montana Business Quarterly report Thursday, December 13th at the Montana Taxpayer Association meeting. The findings, which highlighted income and industry growth around the state, were especially positive for natural resource development. Department of Commerce figures show a boost of 6,037 jobs over the past decade in mining, oil and gas work.
“Among the more encouraging signs of strengthening recovery are: Robust energy investment. A wide variety of significant energy projects, from completion of the Montana Alberta Tie Line (MATL) electrical transmission line to the increased drilling activity in the Elm Coulee oil fields in the Bakken, have continued at full pace throughout the year.”–Excerpt from Barkey’s report.
The largest spike in income over the last year was recorded in eastern Montana, where the entire region saw more than a 6% rise in wages thanks to development in the Bakken. When compared to income growth in Richland County, wages in the rest of Montana appeared almost stagnant.
The Montana Petroleum Association is optimistic about the future of natural resource development in the Treasure State. There is a clear and direct relationship between energy and the economy. When development is thriving, the economy prospers. We lead energy-intensive lives, dependent on fuel and power for everyday activities. The oil and gas industry provides a necessity, an essential. That’s why the Montana Petroleum Association will continue to advocate for a business environment that’s friendly to job creators like those who’ve provided a significant boost to our state’s economy.
Numbers don’t lie. Montana’s economy is recovering, fairing far better than most other places in the country. That’s because we’re rich in resources. The general fund balance at the end of June was $457.1 million, more than $200 million higher than anticipated. We’re in the black now; public policy on responsible development that respects environmental integrity will keep it that way.
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