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:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)