The president of the Federal Reserve Bank of Minneapolis says that’s what he’s been hearing from North Dakota business leaders about the state’s economy. Narayana Kocherlakota met with some of those business representatives during a trip to Bismarck. He says there is confidence that – even though oil prices are soft, the long-term outlook is very good.
"This is not only an oil state; this is not only an ag state," Kocherlakota told Bismarck reporters. "It's a more diversified economy."
Kocherlakota says the more the state can do to diversify, the better.
"I believe it's important to be thinking about how to use the benefits of this oil windfall to facilitate tha diversification," said Kocherlakota. "More human capital oriented growth in your economy as we move forward."
Kocherlakota says the outlook among Minnesota’s business community is more of a cautious optimism. He says the state’s economy is doing well – but is still feeling the effects of the 2008-2009 recession.