BISMARCK, ND (KFYR) – It’s a good time to be living in North Dakota. According to a new report from North Dakota State University, the state’s economy is expected to grow in 2022 despite the stock market approaching bear territory and talk of a nationwide recession.
The forecasting model on which the report is based uses trends that follow historical data showing wage growth, a growing labor force, strong tax revenues, falling unemployment rates and rising gross government product.
“When the rest of the economy goes into recession, we often see growth. And that’s what we’re seeing in a lot of recent analysis, which is that North Dakota is actually poised for economic growth while the rest of the economy goes into recession,” said Dr. Jeremy Jackson, professor of economics at NDSU.
dr Jackson says one reason for expecting economic growth in 2022 is that North Dakota is one of the few states in the nation to be a net exporter. For example, when oil prices are high, costs go up everywhere, but in North Dakota that cost increase is tied to a wage increase.
Professor Jackson publishes new reports on the state’s economic prospects every quarter. The next will be out in August. To view the report in full, visit https://www.ndsu.edu/centers/pcpe/research/economic_outlook/
Copyright 2022 KJR. All rights reserved.
Comments are closed.