Greater Cheyenne Chamber of Commerce Business Journal Q4 2014 | Page 40

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• Projected 2014 GMP change: 2.3% (tied-144th best)
• Unemployment rate: 5.2% (61st lowest)
The St. Joseph metro area’s economy grew by almost
10% in 2012. And while the area failed to grow at the same
pace last year, the unemployment rate in the area, as of
November, was just 5.2%, well below the national rate.
The area is a major center for agricultural sciences and
animal health businesses. According to IHS estimates,
construction activity in area is expected to increase
substantially in the next few years, while wages are
expected to rise steadily as well.
6. Bismarck, N.D.
• 2013 GMP change: 4.9%
• 2013 change in employment: 3.0% (25th best)
• Projected 2014 GMP change: 3.5% (27th best)
• Unemployment rate: 2.4% (the lowest)
North Dakota has been going through one of the largest
economic booms of any state in the last few years due
to increased activity in the Bakken formation. Bismarck
has reaped the benefits of this boom. The metro area’s
GMP grew by 8.5% in 2012, the seventh largest growth
rate of any metropolitan area that year. As of November,
no metropolitan area had a lower unemployment rate than
Bismarck, where just 2.4% of the labor force was without a
job. According to The Bismarck Tribune, the pace of the oil
boom in the region has slowed but is still expanding rapidly.
IHS estimates Bismarck’s GMP will increase by 3.5% this
year, still one of the largest increases of any metro area.
5. Fargo, N.D.
• 2013 GMP change: 5.0%
• 2013 change in employment: 3.2% (20th best)
• Projected 2014 GMP change: 3.2% (44th best)
• Unemployment rate: 3.0% (2nd lowest)
Although on the other side of North Dakota from the
Bakken formation, Fargo has also benefited from the state’s
oil boom. In each of the past two years, the Fargo metro
area’s economy has grown by at least 5%. Employment
growth has been solid as well, at around 3% per year in
the last two years, while the unemployment rate in the
area is projected to be just 3% in 2014. Casselton, a small

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town outside Fargo, has become a major hub for oil
transportation, which has shifted to trains because the
U.S. lacks pipelines to move oil from North Dakota.
However, a recent 400,000 gallon oil spill in the town
has prompted safety concerns.
4. Sioux Falls, S.D.
• 2013 GMP change: 5.2%
• 2013 change in employment: 2.0% (tied-65th best)
• Projected 2014 GMP change: 2.9% (70th best)
• Unemployment rate: 3.1% (tied-3rd lowest)
While South Dakota has not benefited from the oil
boom as North Dakota has, parts of the state still
recorded robust growth last year. The economy of
Sioux Falls, the state’s largest city by population, grew
by 5.2% last year, and it is projected to grow another
2.9% this year. One of Sioux Falls’ strengths has been
its financial sector. Citibank has a substantial presence
there, as do several other banks. As of November, 11%
of the metro area’s jobs were in the finance sector. The
city’s population has been growing, and Sioux Falls set
a city record for construction in 2013 at $588.2 million
worth of building permits issued.
3. Pascagoula, Miss.
• 2013 GMP change: 6.2%
• 2013 change in employment: 3.1% (23rd best)
• Projected 2014 GMP change: 2.3% (tied-144th
best)
• Unemployment rate: 9.0% (54th highest)
Shipbuilding is a major industry in South Mississippi
and the Pascagoula area. Located in Pascagoula,
Ingalls Shipbuilding claims to be the state’s largest
manufacturing employer, with 11,000 workers. The
U.S. energy boom has benefitted Pascagoula as well.
Shipments of liquefied natural gas through the Port of
Pascagoula have been rising, although exports are