FARGO, N.D., March 10 – 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: Q1 2022 report:
The North Dakota outlook shows signs of economic growth in 2022. This includes growth for wages and salaries in the state, as well as a growing labor force, decreasing unemployment rates, strong total tax collections, and rising gross state product.
The economic outlook for North Dakota’s metro areas is positive for Fargo, ND-MN and Bismarck, ND; but neutral for Grand Forks, ND-MN.
The national economy shows signs of slowing down.
This report represents forecasts based on the most recently available data when the model was run on February 25, 2022. These forecasts serve as a projection for how the economy will respond to current economic conditions based on historical data and trends.
“North Dakota’s economy is often countercyclical to the national economy, and that is what we are seeing in this quarter’s forecast,” said Jackson. “North Dakota is showing signs of economic growth, while the national outlook is lackluster.”
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 Q1 2022 report used data available from the St. Louis Federal Reserve on February 25, 2022.
The views expressed in this report do not represent the views of North Dakota State University.
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