FARGO — The Center for the Study of Public Choice and Private Enterprise at North Dakota State University has released an updated Economic Outlook for the North Dakota economy that hints at a possible recovery from economic impacts of the COVID-19 pandemic.
The outlook report for the first quarter of 2021 forecasts economic trends for the state of North Dakota and the metro areas of Fargo, Bismarck and Grand Forks.
The 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.
"The North Dakota outlook shows signs of economic recovery and growth in the coming months," Jackson said in the report.
Highlights of the report include:
- 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, however, demonstrating lingering difficulties in the labor market.
The report said similar effects can be seen for metro areas as well, with variances between different regions of the state.