ND doing better in a 'Goldilocks' economy
A “Goldilocks” economy.
That’s how Creighton University economics professor Dr. Ernie Goss characterizes the June Mid-American Business Conditions Index. That index includes North Dakota and eight other states.
Under his formula, an index over 50 indicates economic growth. For the region, the June index was 62.3 – up from May’s 55.5. For North Dakota, the index rose from May’s 53.9 to June’s 67.2.
Goss said he thought health care reform and tax reform were needed to get the economy moving.
"But, all in all, other factors are increasing," Goss said. "That would be international trade. And in North Dakota, oil prices -- even though they are down, hovering between the $40 and $45 per barrel range -- that's above break-even. So we're seeing businesses linked to energy doing better."
Goss said farm income, while it is still not up, it has stabilized.
Goss saids he would like to see better employment growth in North Dakota, but that’s constrained by a lack of a trained workforce.