FARGO, N.D., Feb. 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: Q1 2021 report:

• Economic forecasts for North Dakota show a state that is approaching a possible recovery from economic impacts of the COVID-19 pandemic.
• Over the forecast time period, increases are expected for total wages and salaries, the labor force, gross state product and total tax collections.
• Similar effects can be seen for North Dakota’s metro areas, with variances between different regions of the state. Detailed forecasts and summaries for Fargo, ND-MN; Bismarck, ND; and Grand Forks, ND-MN; can be found in the quarterly report. 

Read the full report.  

“The North Dakota outlook shows signs of economic recovery and growth in the coming months,” said Jackson in the report.

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 2021 report used data available from the St. Louis Federal Reserve on Feb. 5, 2021.

The views expressed in this report do not represent the views of North Dakota State University.

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Contact

Kali Christianson, Outreach Specialist
701.231.7790  /  kali.l.christianson@ndsu.edu