fedgazette

I'm not bragging, but ...

North Dakota State Roundup

Published March 1, 2009  |  March 2009 issue

I'm not bragging, but ... | fedgazette March 2009 | Federal Reserve Bank of Minneapolis

Though its economy is small, North Dakota continues to resist the recession gripping most areas of the country. Its unemployment rate was well below 3 percent late last year; third quarter taxable sales grew by 28 percent and retail sales by almost 8 percent, over the previous year. Even the construction sector grew.

The state is seeing a trickle of bad news: Layoffs are occurring in the Williston Basin thanks to low oil prices, the number of out-of-state duck hunters last year dropped by 23 percent over the previous year and Bobcat Co. extended a six-week shutdown of two North Dakota plants.

But while most states are seeing big budget deficits and are begging for federal assistance, North Dakota Gov. John Hoeven unveiled a two-year budget that proposed a 19 percent increase in spending. North Dakota's gross state product grew by more than 50 percent from 2000 to 2008, according to newspaper reports.

Ronald A. Wirtz

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