Economic Outlook: Q1 2021
North Dakota Forecast Model | Released February 2021
- 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.
- The unemployment rate shows the possibility of increasing, demonstrating lingering difficulties in the labor market.
- Similar effects can be seen for the 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, are included in the quarterly report.
Economic Outlook: Special Report
A forecast of the effect of COVID-19 on North Dakota | Updated August 2020
The COVID-19 pandemic has disrupted the global economy. Many predict the United States will experience an economic downturn alongside a historic increase in unemployment. These factors alone suggest concern for the North Dakota economy. Moreover, these events are coinciding with a collapse in oil prices, a critical source of revenue for the state of North Dakota. This report details the possible effect of expected increases in national unemployment and a decrease in oil prices on the North Dakota economy. We use the North Dakota Forecast Model to estimate a series of scenarios. The model predicts North Dakota will experience a decrease in salaries and wages, a decrease in the labor force, an increase in the unemployment rate, a decrease in gross state product, and a decrease in total tax collections.
Released November 2020
Released August 2020
Released April 2020
The views expressed in these reports belong to the researchers and do not represent the views of North Dakota State University.