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:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“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)