Report says North Dakota’s 2022 economic outlook is strong

BISMARCK, N.D. (AP) - The latest economic outlook report for North Dakota is showing continued improvement for 2022, despite a national economy that shrank in the first quarter and is showing signs of entering a recession.

The quarterly report by the University of North Dakota predicts growth in wages and salaries, as well as a growing labor force with decreasing unemployment rates, strong total tax collections and a rising gross state product. The report says that consistent with the previous forecast, the labor force grew by nearly 1% in the first quarter of 2022. This growth is expected to continue over the next year.

The state unemployment rate is forecast to hold steady near its current level of about 3%.