In May, Bismarck, North Dakota had the lowest unemployment rate for any major metropolitan area in the country at 2.5 percent (compared to the national rate at 8.2 percent) according to the Bureau of Labor Statistics.
Bismarck’s energy, medical and technical service industries are booming, and its supply of rental housing is low, according to Justin Hammer, director of residential property management for Minot, N.D.-based IRET Properties.
“There is a seemingly unlimited amount of work to be had in the energy industry in North Dakota and the high paying salaries they provide offset the price of living,” he says. Hammer doesn’t see the housing shortage in Bismarck to be a problem in the long run, either. “With the number of housing units being developed, the housing shortage should see some relief,” he says.
The following cities might not show up too often on a builder’s radar, but with the current economic climate, maybe they should. Here’s a look at the five cities with the lowest unemployment rates:
Bismarck, N.D. 2.5%
Fargo, N.D. 3%
Lincoln, Neb. 3.4%
Burlington, Vt. 3.5%
Iowa City, Iowa 3.6 %
Source: Multifamily Executives