For those that do not know, this is the name of the Fed’s regional condition summary (available here). The Ninth District summary (which includes North Dakota) concludes that economic performance is mixed. Strength came from manufacturing, energy and mining, consumers, and a few others. The weaker sectors included construction, farming and real estate.
Time to bore the readers with numbers. I was on Al-Jazeera in America last week talking with Ali Velshi regarding North Dakota’s energy sector. I have to admit that a live television interview was really exciting. Let’s get on with the numbers though.
Housing is a common topic of discussion in Grand Forks. Many questions surround the topic, too many in fact. As a frequent contributor to the Jarrod Thomas program (1310 AM Grand Forks), I receive a fair share of these questions. For every question I answer, or attempt to answer, it seems like two take its place. All this because, as I maintained throughout these last few years, we are not asking appropriately defined questions.
Seventeen years ago the Red River flooded caused immense damage in Grand Forks and East Grand Forks. It seems natural to take a look at the state of the economy. Certainly there were major changes, and it is important to note which changes had more impact or longer durations than others. The time patch of the Grand Forks experience is also important. Lessons for other communities about what went right, and what went wrong could be gleaned from this nearby history.