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Oil boom and housing bust alter state-by-state US spending as North Dakota soars, Nevada lags

Consumer spending has soared since the Great Recession ended five years ago in U.S. states with oil and gas drilling booms and has lagged in states hit especially hard by the housing bust.

The figures come from a new annual government report that for the first time reveals consumer spending on a state-by-state basis. They point to substantial shifts in the economy since the recession.

Spending jumped 28 percent in North Dakota, the largest gain nationwide, from 2010 through 2012. It surged nearly 16 percent in Oklahoma.

By contrast, spending rose a scant 3.5 percent in Nevada, the weakest for any state and far below the 10.7 percent national average. Arizona's 6.2 percent increase was next-weakest. Home values plummeted in both states when the housing bust hit in 2006.

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Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.93% dw 4.15%  
15 Y Fixed Graph 3.03% dw 3.12%  
30 Y Fixed Jumbo Graph 4.19% up 4.18%  
5/1 ARM Graph 3.27% up 3.19%  
5/1 Jumbo ARM Graph 3.14% dw 3.19%  
Loan Type Graph Rate +/- Last Week
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$50K HELOC Graph 4.06% -- 4.06%  
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$50K Loan Graph 4.49% dw 4.50%  
$75K Loan Graph 4.51% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% -- 3.46%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 3.04% -- 3.04%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.38% -- 0.38%  
1 yr Graph 0.71% -- 0.71%  
5 yr Graph 1.50% dw 1.52%  

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