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Economic growth in ND expected for 2022, despite stagnant national economy

Downtown Bismarck
Downtown Bismarck(KFYR)
Published: May. 23, 2022 at 6:56 PM CDT
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BISMARCK, N.D. (KFYR) - It’s a good time to live 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 nearing bear territory and talk of a nationwide recession.

The forecast model the report is based on uses trends that follow historical data, which indicate wage and salary growth, an expanding labor force, strong tax collections, falling unemployment rates, and a gross state product that’s on the rise.

“When the rest of the economy is hitting a recession, we’re often experiencing growth. And that’s what we see on a lot of the most recent analysis, is that North Dakota is actually looking to have economic growth while the rest of the economy is hitting a recession,” said Dr. Jeremy Jackson, professor of economics at NDSU.

Dr. Jackson says one reason to expect economic growth in 2022 is that North Dakota is one of the few states in the nation that’s a net exporter. For example, when oil prices are high, costs increase everywhere, but in North Dakota, that cost increase is tied to a wage increase.

Professor Jackson publishes new reports on the state’s economic outlook every quarter. The next one will be released in August. To view the report in full, visit https://www.ndsu.edu/centers/pcpe/research/economic_outlook/

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