The Bureau of Labor Statistics (BLS) released data on employment and unemployment from the Current Employment Statistics survey. North Dakota was number one in the country with a 4.4% increase in total nonfarm employment from year ago levels. That is 12 consecutive months where the year-over-year percent change was at or above 3%, and something like 55 months in a row that the number was positive. This is a pretty stellar performance.
Housing remains a frequent topic of discussion for people in North Dakota. Most of the discussion falls under the heading of “affordability”, a suitably vague term essentially guaranteeing little to no progress on the issue, if it is a problem at all. What is the affordability issue? My suspicion is that people are thinking of something similar to the following graph:
The subtitle for this post could be why we need to resist the “temptation” to meddle with housing markets in North Dakota. There are times and places for interventions, but you need clear standards for action, clear goals, and clear exit strategies.
North Dakota’s economic performance and success is not news anymore. Well, alright, its news, but most people know about it. I have given interviews to media outlets around the country and the world about it, as have many others. So it is not a secret. So if there was an economic motive to migration, and there often is, people already know about it. Here is a graph of ND population change, migration in, and migration out. I calculate migration out as the difference between migration in and total population change.
Housing issues of all sorts are a hot topic nationally, not just in Grand Forks or North Dakota. I thought we could look at price levels for three different geographic regions. The first is the Grand Forks metro area since that is one of the topics most frequently mentioned in my appearances on the Jarrod Thomas Show (1310 KNOX radio in Grand Forks). The next area is North Dakota and the last is the United States as a whole.