Strong Economy in ND Makes for Easy Entrepreneurship

By  | 

Fewer people are starting businesses across the nation. The Bureau of Labor Statistics says more people are finding work, and feeling more confident with a company pay check over investing. But in an already strong economy with plenty of jobs, a start-up involves more than just an investment.

People often times ask themselves, ‘shop small and help local businesses? Or head to the all too familiar big box store to save a couples of bucks on certain items?’

"I think that everybody has enough stuff, so shopping isn't the act of going to accumulate more stuff anymore, and it's more about the experience you get when you do it,” said Michelle Kaufman, owner of Hey Ocean in downtown Bismarck.

Over the first two quarters of 2015, data from the bureau of labor statistics shows a slow-down in the number of start-ups nationwide, because of an improving economy.

“When I started this store, I knew that if it didn't work out I could go get a job any day," added Kaufman.

She started her business four years ago. Just like finding the right fit with a pair of shades or new sandals, the start-up needed the right place.

“If it had been in a bad economy, especially in a retail business, I don't know that I would have done it," said Kaufman.

It's easy to shop for the products you know at big retailers when they're advertised everywhere. But finding out what's at your local shops can be as simple as walking through downtown. Local business investments and the people finding employment with them is keeping the labor status in the state ahead of the game with falling oil prices.

Michael Ziesch with Job Service North Dakota says, “Retail trade is actually doing fairly well. There was some transition from goods producing economy to the service providing economy." A service providing economy that’s seeing more financial commitment to local communities, and getting that same commitment in return.

"Overall it's going better than I expected it to," said Kaufman.

Meantime, Job Service North Dakota says the state now has the lowest unemployment rate based on July's job numbers, passing Nebraska. And expecting to remain number one ahead of Friday’s August Jobs report from the labor department.