Robert Gavin, CEO of award-winning US property developer the NDD Group, gives My Making Money Magazine his insight.
The Bakken Formation in North Dakota, US, has been transformed since 2006 and this is largely due to the ‘Oil Boom’. Since these early days of the Oil Boom, population, job vacancies and the need for suitable accommodation in the region have all rapidly increased. Today, the population is still expected to grow further, with the United States Census Bureau predicting it reaching a mammoth 842,000 by 2025.
In our experience of developing purpose-built housing solutions for oil field workers in the region, modular construction has been the most beneficial method through which to answer this demand efficiently. Using the modular method also means that should the need for new accommodation move elsewhere, other than where it was initially constructed, so can the modular developments, it is portable, and this obviously saves a great deal of time and money. One of the other benefits of using this method is the ability to modify it to suit the surrounding conditions, in our case being the harsh winter conditions felt in North Dakota, but this can be applicable elsewhere and in fact to any environmental condition.
Like any steep increase in demand for housing, the State of North Dakota in particular found these new demands difficult to catch up with. With this in mind, state officials have been keen to ensure that plans are in place to stabilise growth rather than offer an instant, knee-jerk reaction to the boom. Whilst the early years of the boom saw dramatic increases, this was inevitably due to slow down as the steep increases could not be maintained. However, in light of the slowdown this has allowed towns in North Dakota to ‘catch up’ with themselves and put in place the infrastructure needed to sustain the increasing demands and population increase on the county.
With the growing population in North Dakota, there comes a need for many other industries to flourish to maintain the ever growing demand required. Workers are needed in order to complete these infrastructure changes. Oil companies who know the industry have factored in a potential slowdown – which means that jobs are still available. With fracking techniques advancing at a rapid pace, oil can now be extracted at a fraction of the previous cost, this means sustainability long term which will have a positive impact on future growth.
The future remains bright for North Dakota – and local housing solutions for the growing workforce will continue to be successfully developed in line with this by companies such as the NDD Group.
NDD Group’s specialist workforce accommodation solutions include Transhudson Hotel – Parshall (www.nddgroup.com/project-details/1/Transhudson-Hotel—Parshall) which will provide 408 suites with double beds, en suite bathrooms and kitchenettes. Alternatively, the Transhudson Apartments – Williston Heights (www.nddgroup.com/project-details/5/Transhudson-Apartments—Williston-Heights) will include a further 570 units, mixed between studios and one bedroom apartments.
For more information, call +44 (0) 845 053 7498, email info@nddgroup.com or visit www.nddgroup.com