Report: North Dakota’s economy showing signs of recovery
BISMARCK, N.D. (AP) — North Dakota’s economy is showing signs of recovery and growth, according to a new quarterly analysis.
The outlook report done by North Dakota State University is predicting growth for wages and salaries, as well as a growing labor force, decreasing unemployment and strong total tax collections.
The previous quarterly report, which was released last August, said the state economy was showing signs of stagnation and a slowing recovery from the coronavirus pandemic, the Bismarck Tribune reported.
“The overall economic outlook for the state has improved compared to the previous report,” said NDSU economics professor Jeremy Jackson, director of the Center for the Study of Public Choice and Private Enterprise. “The risks of declining labor force have disappeared from the forecast, and the labor force is now projected to grow. However, there is still lingering risk of a decline in North Dakota’s gross state product.”
The report says total wages and salaries have been growing about 2% per quarter, a trend that is expected to continue and even pick up in the third quarter.
The labor force has lost about three-fourths of a percent over the past year, but that trend is forecast to reverse. North Dakota’s unemployment rate is forecast to continue its downward trend, possibly hitting pre-pandemic levels in late 2022.