North Dakota has the lowest unemployment rate in the nation at 3.5%. Ten counties in ND have less than 2% unemployment. They have an oil and gas extraction boom going on, though their low unemployment rate predates that growth in oil and gas jobs.
Critics like to claim that ND is having a temporary boom that will shortly be followed by a bust. But while ND certainly is benefiting from an oil and gas boom, the depletion rate is slow, and the expansion of wells is dramatic -- they've barely started their boom. This boom ain't busting for many, many years to come. The petroleum extraction in ND is essentially now illegal in anti-business, "pro-environment" CA.
But perhaps more interesting is SOUTH Dakota (SD), which has no oil and gas boom. Their unemployment rate hasn't been over 5% in over a decade -- and currently is 4.5%. The state is very business friendly with low taxes (including no corporate or personal income tax). They "steal" businesses from neighboring high-tax Minnesota with monotonous regularity.
The US Bureau of Labor Statistics (BLS) has tracked the state unemployment rates since 1976. In South Dakota, unemployment peaked in 1983 (in a recession) at SIX PERCENT.
http://www.bls.gov/web/laus/lauhsthl.htm
The sustained low unemployment rate in South Dakota is no boom. It's an ongoing benefit of having a business friendly, low tax state. Indeed, the SD governor recently visited the San Diego area seeking to poach new businesses for his state, apparently with some success.
http://www.nctimes.com/business/economy-governor-sells-local-business-leaders-on-moving-to-south/article_a8790ba3-cdbc-515d-ada2-81f30a20880f.html
Can California learn from such clear-cut examples of how to return the Golden State to its former prosperity? You betcha!
Will it? Naaahhhhhh.
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