Real estate prices in Billings, as in the rest of the country, are continuing to slip.
The average and median price of single family homes has dropped four percent during the first six months of this year, and closed sales in the Billings market in the first six months is down 18 percent compared to the same period last year.
MDU Resources Group, Inc. announced the acquisition of 20,000 additional acres of leaseholds in the Bakken oil play. The new leaseholds are in Richland County, Montana. The company now holds a total of approximately 90,000 net acres of leaseholds in the Bakken.
Billings, Montana-based Central Montana Resources, LLC (CMR), announced the closing of a placement of $27 million dollars of its common equity led by Maverick Capital, a multi-billion dollar private investment fund.
The $27 million dollar equity investment brings the total common equity capital raised by Central Montana Resources since February of this year to approximately $47 million in gross proceeds.
The Bakken is booming, and so are Billings businesses.
How much opportunity is there in the Bakken for businesses in Billings or other areas of the state?
That was the question for a group of people who went on tour of the Bakken recently, sponsored by the Big Sky Economic Development Authority (BSEDA).
They came away stunned.
An increase in home affordability throughout most of Montana’s major real estate markets was the main highlight of the annual report on Housing Affordability and Montana’s Real Estate Markets, which was released by the Montana Association of Realtors. The report includes an index that calculates whether the prevailing median household income can afford the median-priced home. An index below 100 denotes less affordability, while one over 100 denotes more affordability.
Billings-based Rimrock Trailways is taking over intercity routes previously served by Greyhound. Starting June 21, Rimrock Stages, also known as Rimrock Trailways, will begin serving routes that Greyhound has provided in the past between Billings and Missoula. Rimrock Trailways is an intercity bus carrier based in Billings, founded by Thorm R. Forseth in 1972. According to Forseth, President of Rimrock, “We currently employ 50 people and estimate that with this change, we’ll be adding up to eight new jobs. We’re excited that Rimrock is making an increasingly positive economic contribution to the Billings area and across Montana. And most importantly, we believe this will improve our services for the traveling public.”
The Montana Contractors’ Association is voicing strong concern about illegal open cut mines (gravel pits) surfacing in several counties in eastern Montana. Several of the pits have reportedly been opened to provide scoria to the oil and gas industry in eastern Montana and western North Dakota.
In a meeting with company representatives from Berry Y & V of Billings, Yellowstone County officials concluded that they will not have to take any special action to accommodate the large loads that the company expects to be making in moving products to market.
County Commissioners pointed out that they already have a process in place to issue permits for any one moving a large load. All they will have to do is request a permit from the county when the company has a load to transport.
The Big Sky Business Journal
P.O. Box 3262
Billings, MT 59103