FARGO, N.D., May 2 – The Center for the Study of Public Choice and Private Enterprise has released an updated Economic Outlook Quarterly Report using 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.
The report includes economic forecasts for the state of North Dakota and its three largest metro areas: Fargo, ND-MN; Bismarck, ND; and Grand Forks, ND-MN. For the first time, this report includes a forecast for Minnesota and the Minneapolis metro area.
Here are some key points from the Economic Outlook: Q2 2022 report:
The North Dakota outlook shows signs of economic growth in 2022. Forecasts show increasing wages and salaries, a low unemployment rate and an expected increase in the labor force. The outlook for tax collections remains strong, especially with recent trends in oil markets.
The economic outlooks for Fargo, Bismarck and Grand Forks are positive.
The Minnesota economic outlook is mixed, while the outlook for Minneapolis is positive.
The national economy shrank in the first quarter of 2022 and shows signs of entering a recession. Consumption, net investment and corporate profits are projected to decline, while increases in the unemployment rate and inflation are expected.
This report represents forecasts based on the most recently available data when the model was run on April 28, 2022. These forecasts serve as a projection for how the economy will respond to current economic conditions based on historical data and trends.
“We continue to see North Dakota’s economy responding countercyclical to national trends,” said Jackson. “As unemployment and inflation are expected to rise nationally, North Dakota is showing signs of strong economic growth in 2022.”
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. As of May 2022, the model also includes outlooks for the state of Minnesota and the Minneapolis, MN, metro area. 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 2022 report used data available from the St. Louis Federal Reserve on April 28, 2022.
The views expressed in this report do not represent the views of North Dakota State University.
Kali Christianson, Communication Coordinator
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