Get your business listed on the Best Local Business Listing Network on the web!  

The Economy of North Dakota Is Recovering

North Dakota’s economy is exhibiting indications of recovery and expansion, according to a new quarterly review released this week.

Moreover, according to the North Dakota State University’s economic forecast study, pay and salary increases, as well as an expanding workforce, reduced unemployment, and increased overall tax collections are all expected.

As previously noted by the Bismarck Tribune, the last quarterly report, which was issued in August, stated that the state’s economy was exhibiting symptoms of stagnation and that the state’s recovery from the coronavirus epidemic was progressing slowly.

Professor Jeremy Jackson of North Dakota State University’s Department of Economics and head of the Center for the Study of Public Choice and Private Enterprise stated the state’s general economic outlook has improved since the previous study was released. According to the prediction, the dangers of a shrinking workforce have been eliminated, and the labor force is now expected to rise. North Dakota’s gross state product, on the other hand, continues to be at risk of declining in the near future.”

According to the research, overall wages and salaries have been increasing at a rate of around 2 percent every quarter, a trend that is likely to continue and maybe accelerate in the third quarter.

Over the past year, the work force has shrunk by around three-fourths of a percent, but the trend is expected to reverse in the near future. The unemployment rate in North Dakota is expected to continue its downward trajectory, with the possibility of reaching pre-pandemic levels by late 2022.

Scroll to Top