North Dakota economy strong despite likely recession nationwide

North Dakota State Capitol building
North Dakota State Capitol building(KFYR-TV)
Published: Oct. 3, 2022 at 5:15 PM CDT
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BISMARCK, N.D. (KFYR) - There’s a recession lurking just around the corner. But economists in North Dakota say the state’s economy is strong.

According to a quarterly report published by North Dakota State University, the national economy’s outlook is “bleak.” But in North Dakota, unemployment has continued its downward trend to about 2.5% and economist Jeremy Jackson anticipates strong tax collections for 2022.

“Historically, when the United States overall is in an economic decline, that tends to be when the North Dakota economy is booming. The things that we produce in North Dakota tend to be inputs for production in a lot of other places,” said Jeremy Jackson, professor of economics at NDSU.

Although there’s a positive outlook for the state, Bismarck’s economy, while not negative, is expected to maintain a neutral trend.