Business News: GF sales tax…homes sales & hockey

The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.

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Home sales in Grand Forks /East Grand Forks in May hit a seven year low with just 64 transactions being finalized. That compares to 97 homes…townhomes…and condos one year ago and 95 in 2021. According to the Grand Forks Area Association of Realtors sales to date total 217 compared 318 at the same time in 2022. The average sales price in May was $287,340 dollars. The number does not include private sales.

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The average long-term U.S. mortgage rate has climbed to its highest level since November, driving up borrowing costs for would-be homebuyers at a time when the housing market is being held back by a near record-low inventory of homes on the market. Mortgage buyer Freddie Mac reports that the average rate on the benchmark 30-year home loan rose to 6.79% from 6.57% last week.

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Grand Forks sales tax collections were down but up in May. The local tax generated $1.96 million dollars – the lowest payment to date in 2023. It was also $208,000 less than the same month one year ago. With five months in the books the tax has generated $12.4 million dollars which is up 6.6% over 2022 tally. The one-quarter percent restaurant/lodging component of the tax is up 14.22%.

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Minnesota’s labor force grew by 3,634 people over the month, bringing the total to 3,087,713 people in April. The labor force is 40,890 people smaller than in February 2020, when the participation rate was at 69.9%. Trade…transportation…and utilities led all sectors with the largest gain of 2,800 jobs

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Construction is underway in Grand Forks on an interactive basketball training site called Shoot 360. The business will be located near South Washington on 40th Avenue South. The training emphasizes shooting and passing skills through the use of state of the art technology. (Pictured)

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Grand Forks is ranked as the 25th best place for hockey based on an analysis by the financial website WalletHub. The survey of 75 U.S. cities was based on 21 key indicators ranging from team performance and fan engagement to attendance and stadium capacity. The metrics included cities with at least one college or professional team. When focused only on NCAA sites Grand Forks was ranked #2 behind Boston. By comparison Bemidji was 20th…Minneapolis 22nd…Duluth 36th…and St. Cloud ranked 39th. Grand Forks was in a five way tie for having the highest NCAA season ticket prices. https://wallethub.com/edu/best-worst-cities-for-hockey-fans/13283

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A consumer class action lawsuit claims Delta Air Lines inaccurately billed itself as the world’s “first carbon-neutral airline” and should pay damages. The complaint alleges the airline relied on carbon offsets that were largely bogus. Polluting companies often buy carbon credits to cancel out their emissions with projects that promise to absorb carbon dioxide out of the air, or prevent pollution.

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A dedication ceremony was held Friday to name the University of Minnesota Crookston Library after long-time legislator Roger Moe. The Crookston native spent 30 years in the House and Senate representing residents in Becker…Beltrami…Clay…Clearwater… Mahnomen…Norman…Polk…and Red Lake Counties. The book building will now be known as the Roger D. Moe Library. Moe also turned 79 on Friday.

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Ford is telling owners of more than 140,000 SUVs in the U.S. to park them outside because they can catch fire even when the engines are turned off. The company is recalling certain Lincoln MKC SUVs from the 2015 to 2019 model years. Ford says a short-circuit can develop in the 12-volt battery monitor sensor. It can overheat and cause an engine compartment fire.

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Artfest returns to University Park on June 10th & 11th. Over 100 vendors are expected to participate in the event. Artfest draws as many as 20,000 patrons from throughout the region.