The Federal Reserve released the Beige Book today, which is a summary of their comments on economic conditions. The report contains information related to each district, and there is some information specific to North Dakota mentioned in the Book. I am just highlighting a few of the more notable elements here. The link to the full report is above.

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In a post last week I compared the allocation of economic activity in North Dakota with the United States. North Dakota has a larger share of activity in agriculture and extractive industries, but less in industries like information. There are many factors that influence the share of economic activity including resource endowments, transportation networks, and the list goes on. Consequently you need to be careful drawing policy conclusions from differences in allocations between two geographies. It could be very easily explained by resource endowments, such as oil in the ground.

Continue reading Economic Diversification in North Dakota and the United States

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