The big story for North Dakota is not just about oil in western North Dakota, it is about the adjustments to the underlying economic dynamics in the state. Consider the situation of labor markets in two North Dakota cities, Williston and Grand Forks. These data are for the Williston micropolitan area and the Grand Forks metropolitan area from 1997 to the end of 2013.
The approaching holiday season means many will now renew their focus on the retail sector for a clue to strength in the economy. What does this mean to North Dakota? There are many factors working to the positive for ND right now. The exchange rate with Canada is one of them, seen here:
Had a laugh with this in my department. My caption was, “And in further news, the search ended for the next actor to portray Pinnochio.”
Recently, the Economist had a special feature on economic growth. One of the consequences they pointed out related to growth was improved survival of endangered species. I do not think we need to verify that work at this time, though it got me thinking about the consequences of economic growth for economic policy.
It seems odd to think that we should now feel happier given that the responsibility for solving the immediate fiscal mess falls to the Senate. The House and the Senate Republicans have been at odds with each other publicly over the last several weeks. A significant part of the issue is the difference in electoral concerns for Senators when compared to the Representatives from the House. Larger electoral districts generally include more diverse sets of opinions and as a result the entirety of a state requires differing approaches from the House districts.