FARGO, N.D., May 24 — The Center for the Study of Public Choice and Private Enterprise has released an updated Economic Outlook for the North Dakota economy.
The Economic Outlook Quarterly Report uses the North Dakota Forecast Model developed by Dr. Jeremy Jackson, director of the Center for the Study of Public Choice and Private Enterprise and professor of economics at North Dakota State University.
Here are some key points from the Economic Outlook: Q2 2021 report:
- The North Dakota outlook shows a growing labor force and increases in gross state product with total tax collections remaining steady. However, there are signs of lingering difficulties in the labor market as total wages and salaries are projected to decrease and the unemployment rate may rise.
- The Bismarck metro area has a positive outlook while both Fargo and Grand Forks show signs of struggling to rebound from the pandemic economy. Detailed forecasts and summaries for Fargo, ND-MN; Bismarck, ND; and Grand Forks, ND-MN; can be found in the quarterly report.
- These forecasts serve as a projection for how the economy will respond to current economic conditions based on historical data and trends. As a result, unexpected changes in economic conditions, public policy or other factors may disrupt the accuracy of the forecasts.
“Economic forecasts for North Dakota continue to show signs of economic recovery and growth in 2021,” said Jackson. “The current forecast shows a continuation of positive trends for the state with variances between the different regions.”
About the North Dakota Forecast Model
The North Dakota Forecast Model uses historical data and trends to predict future economic outcomes for the state of North Dakota and its three largest metropolitan statistical areas: Fargo ND-MN; Bismarck, ND; and Grand Forks, ND-MN. These forecasts focus on key economic indicators such as wage growth, labor force participation, unemployment and the housing price index. The Economic Outlook report is released each quarter with updated data from the forecast model. The model for the Q2 2021 report used data available from the St. Louis Federal Reserve on May 4, 2021.
The views expressed in this report do not represent the views of North Dakota State University.
Kali Christianson, Outreach Specialist
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