I get many questions about local economic development these days. The specific geography is usually either Grand Forks, city, county or metropolitan area, or the counties in northeast North Dakota. These questions come on the radio, from newspaper reporters, and general conversations from the public. The basic form of the question is, “What can or should Grand Forks do to grow and develop?”
The December numbers for employment came out and I thought we would look at the mining category (which includes logging) against the West Texas Intermediate crude price per barrel. What we see is the following:
So employment data in North Dakota occupied most of my thoughts over the last week or so. I thought it time to take a quick look at earnings data from the Bureau of Economic Analysis. Quite often I hear people mention the concept of diversification with a local economy as if it represents a buffer against downturns. I am still thinking about; I am not sure I buy it either in part or in whole. That will need to wait for another day.
A little follow-up to the postings on employment, particularly for the one about Grand Forks (here). Talking with JT on the radio today, or maybe it was off-air, the difference between city and county came up. So let’s take a look at this: