Economy
Minot's economy thrives on the Air Force Base located 13 miles (21 km) north of town making the city's economy more robust than other cities of its size due to its large service area; however, it is beset by significant problems with enterprise capital and wage standards. About 30% of Minot residents work two or more jobs, and two-thirds of households earn less than the national median household income.
ING/ReliaStar established a service center in Minot in December 1998.
"ING chose Minot for our expansion because our service center employees have demonstrated that they can provide unsurpassed customer service. I think this decision speaks volumes about Minot and the caliber of people who live and work here," Tom McInerney, CEO, ING U.S. Financial Services.
Minot has seen a huge increase in population and infrastructure investments in the last several years with the expanding drilling (using the 'frac' petroleum extraction technique) of oil in the Bakken Formation and Three Forks Groups. The State of North Dakota has a website detailing daily oil activity.
Read more about this topic: Minot, North Dakota
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)