WorldWide Drilling Resource

35 WorldWide Drilling Resource ® DECEMBER 2014 Where the Jobs Are Adapted from Information Provided by the National Conference of State Legislatures Following a harsh recession and an economic recoverywhichhasbeenmediocre at best, December 2013 finally brought a bit of good news from the jobs front. The unemployment rate fell to 6.7%; the first time in fives years it dropped below 7%. However, the number of long-term unemployed (those jobless for 27 weeks or more) remained stubbornly high at 4.1 million Americans. The question on their minds is, “Where are all the jobs?” Many state lawmakers also have questions such as: k What industries are expected to produce the most jobs in the near- to-medium term? k What parts of the country and types of locales are likely to see the fastest job growth? Thanks in large part to hydraulic fracturing opening previously unreach- able natural gas deposits, the energy sector was one of the industries with the most impressive growth. “The grow- ing energy independence of the U.S. means more dollars are spent on domes- tic sources and less on imports,” said Roger Nol l, an emeritus economics professor at Stanford University. Experts predict areas hit hardest during the recession will bounce back strongly in the future; while areas which weathered the storm well may have a more subdued outlook for growth. A key factor promoting economic growth will be the degree to which an area has exploitable natural resources. For example, Texas is blessed with abundant natural gas and other areas are similarly well-situated. “The most prominent factor driving the geographic pattern of employment growth is the petroleum and natural gas industries,” said Michael R. Pakko, chief economist and state economic forecaster at the University of Arkansas-Little Rock. “New technologies are driving signifi- cant expansion in oil and gas explo- ration, which spills over into general economic activity. North Dakota is the most prominent example of this effect.”