FARGO, N.D., Dec. 15 – 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: Q4 2021 report:
- The North Dakota outlook shows signs of economic recovery and growth for 2022. This includes growth for wages and salaries in the state, as well as a growing labor force, decreasing unemployment and strong total tax collections. Gross state product is looking weak in the coming quarters but should begin to grow in the middle of next year.
- The economic outlook for North Dakota’s metro areas is positive, with wages and the labor force forecast to grow in Fargo, ND-MN; Bismarck, ND; and Grand Forks, ND-MN.
- 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.
“Overall, economic forecasts for North Dakota continue to show an economy that has the potential for economic growth,” said Jackson. “Growth in the labor force and wages and salaries, as well as strong total tax collections, could point to strong potential for growth in the new year.”
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.
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