American consumers absorbed another surge in prices in May — a 0.6% increase over the past month and 5% over the past year, the biggest 12-month inflation spike since 2008. The May rise in consumer prices reflected a range of goods and services now in growing demand as people increasingly shop, travel, dine out and attend entertainment events in a rapidly reopening economy. The increased consumer appetite is bumping up against a shortage of components, from lumber and steel to chemicals and semiconductors.
Mortgage rates remained near historic lows this week. The benchmark 30-year home loan held below the 3% mark amid further signs of the economy’s recovery from the pandemic recession. Mortgage buyer Freddie Mac reports that the average for the 30-year loan rate dipped to 2.96% from 2.99% last week.
The Grand Forks council on Monday will consider liquor license applications for two new restaurants. La Cantina Tex Mex Cuisine is looking to set up shop in the former El Rocco site at 1730 13th Avenue North. According to the staff report LaCantina currently has locations in Mayville and Grafton. The other license application is for the House of Punjab at 3000 32nd Avenue South.
The North Dakota Department of Human Services announced it is operating a cooling assistance program through September 2021 for qualifying lower-income households. Cooling assistance aid is focused on adults age 60 and older and other individuals with qualifying medical conditions. The Low-Income Home Energy Assistance Program serves households with incomes up to 60 percent of the state median income. A household of two can earn up to $41,118 a year and qualify for LIHEAP.
The state-owned Bank of North Dakota reported a profit of $141.2 million in 2020, down from $169 million in 2019 with a return on investment of 15%, according to information presented to the Industrial Commission. This past year the Bank’s total loan portfolio increased slightly to $4.7 billion. The agriculture loan portfolio increased by $116 million, primarily due to the Ag Disaster Relief Program. The business loan portfolio increased by $194 million, with a majority of that growth coming from COVID-PACE Recovery I loans.
North Dakota Governor Burgum has signed-off on a $20 million dollar investment for Vantis to further the buildout of the statewide UAS network. Vantis Executive Director Nick Flom says the funding will help expand the state’s UAS network to Cass…Traill…and Grand Forks counties. In addition to the $20 million Flom says another $7 million will go to the Grand Sky Tech Park and $3 million to the Northern Plains Unmanned Test Site.
American Airlines says it will invest in a company that’s working on a small, electric-powered aircraft that could someday carry people from city centers to airports by taking off and landing vertically like helicopters. American said Thursday that it plans to invest $25 million in U.K-based Vertical Aerospace, which plans to sell stock to the public later this year. American values a “pre-order” for up to 250 vertical aircraft at $1 billion.
The U.S. government’s highway safety agency approved a request by General Motors to recall four 2021 vehicle makes due to a malfunctioning air bag warning light. The National Highway Traffic Safety Administration said Friday that the cars in question include the Buick Envision, Cadillac CT4 and CT5, Cadillac Escalade and Escalade ESV, Chevrolet Corvette, Suburban and Tahoe, and GMC Yukon and Yukon XL.
The Grand Forks JDA has agreed to chip in $10,000 dollars to the Rendezvous Region Tourism Council. The goal of the RRTC is to market and brand tourism for northeast North Dakota. One of the 2021 goals is to further develop a marketing and long-term action plan. The Grand Forke CXVB is chipping in another $5,000. The region serves Grand Forks…Nelson…Walsh…and Pembina counties.
After being cancelled in 2020 the organizers of WE Fest in Detroit Lakes are making upgrades to the facility ahead of the festival in August. The general admission area will be larger and 200 feet closer to the main stage; the stage is undergoing upgrades to improve sight lines; the Saloon will be open to all ticket holders and a new deck has been added; and additional food options will be available this year. WE Fest will be held August 5-7 at Soo Pass Ranch in Detroit Lakes featuring headliners Florida Georgia Line, Dierks Bentley and Blake Shelton with special guest MC, Kellie Pickler. (For tickets to the event check out Forks Deals on the KNOX website)
Jacob Isaacs, Ph.D. joins the Crookston campus as the new Director of Student Success and Academic Advising. Prior to his arrival last week Isaacs was the Assistant Director of Student Life Residential Education Research and Communication at Purdue University, West Lafayette, Indiana.
The 30 colleges and seven universities of Minnesota State will waive application fees during “Minnesota State Week,” set for June 21 to 25, 2021. During the week, special information events and introductory campus tours will be held at all of the colleges and universities of Minnesota State and online, and all of the Minnesota State colleges and universities are waiving their application fee.
In the final days of the recent North Dakota legislative session, lawmakers authorized access to almost $352 million in federal resources to transform the state’s Emergency Rent Bridge (ERB) into a more comprehensive rental assistance program. Called ND Rent Help. The program’s income eligibility was increased from 60% of area median income (AMI) to 80% of AMI, which equals an annual income of up to $80,000 for a family of four depending on the county in which they are located.
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