January 2013: Business Indicators

The number of active oil drilling rigs in the state continues to decline as older, less efficient rigs are replaced. However, despite the declining rig count, oil production and the number of producing wells continues to climb. The number of wells increased nearly 30 percent in the past twelve months; the volume of oil produced… [More…]

November 2012: Business Indicators

The North Dakota economy continues to grow at a phenomenal pace. In sharp contrast with the rest of the nation, the North Dakota construction industry is booming – residential building permits are up nearly 40 percent from last year. The labor market remains the strongest in the nation. Personal income growth is outpacing the national… [More…]

September 2012: Business Indicators

North Dakota’s economic growth continues at an unprecedented pace. Our unemployment rate is the lowest in the nation at a mere 3 percent, compared to the national average of 8.1 percent. In some areas of North Dakota, specifically those impacted by booming oil development, a severe labor shortage exists. For example, in Williston, the unemployment… [More…]

August 2012: Business Indicators

The national economy continues to languish between recovery and recession. Employment is stable, but lacks the robust growth needed to move the economy forward into recovery. Unemployment is down from a year ago, but remains above 8 percent. Consumer confidence is lacking. Retail sales are up modestly over a year ago, but down in recent… [More…]