Winter Institute Discusses Impact of North Dakota’s Oil Boom on St. Cloud Area
ST. CLOUD - The 52nd annual Winter Institute held a discussion on Thursday to discuss the North Dakota Oil Boom and how it economically impacts Central Minnesota.
Local economists and business owners met at the St. Cloud Kelly Inn for a round table discussion to talk about the positive and negative impact North Dakota has on St. Cloud's economy.
Several local businesses seem to be benefiting thanks to increased traffic on I-94 and an increased need of resources in the area. Many North Dakota businesses get their supplies from St. Cloud and other Minnesota companies.
Director of construction for Coborn's, Lisa Ellis, says the company has recently opened stores in West North Dakota and that it's focusing on the area.
American Heritage bank has also recently started financing projects in the state after noticing its long term potential.
On the negative side, the panel discussed how businesses are sometimes shifting their focus to North Dakota, creating a loss of resources and services in Minnesota.
The panel added that North Dakota is attractive for business due to fewer taxes and government regulations.