Oil Field Fuels Building in Billings

loansafe reports from Billings, Montana, the city is experiencing a housing boom due to its proximity to the oil boom in western North Dakota. With wome oil field employees working a two-week on and two-week off schedule, Billings is a short plane ride away. The average price for a single-family home rose $14,000 April 2011 to April 2012, hitting $211,479, not including modular homes, which would raise the price even more. Sixty percent of the homes being built in Montana as of April 30 were being built in Billings, and rentals are in short supply. The city expects 300 new single-family homes will be built this year, compared to 197 last year, MHProNews.com has learned. Stockman Bank Billings president Wayne Nelson says, “Billings really is doing very well and the housing is showing it. But we can’t operate on all eight cylinders without the national economy getting back on its feet.”

(Photo credit:  Fotosearch clip art)

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