GF Business News: Beacon…job & closings

The average long-term U.S. mortgage rate climbed further above 7% this week to its highest level since 2001, another blow to prospective homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market.  It’s the fifth consecutive weekly increase for the average rate.  A year ago, the rate averaged 5.55%.

Developers of the Beacon in downtown Grand Forks hope to incorporate a hotel as part of a third project building.  The hotel would front DeMers Avenue and sit adjacent to a planned public plaza.  The five story building would feature 110-140 rooms per hotel with upscale living options on the top floor. The move would downsize and plaza slightly.  The city council will review the modifications on Monday.

Grand Forks sales tax collections topped $3.2 million dollars for the month of August.  It marked the third time in 2023 that the monthly check exceeded the $3 million mark.  The bulk of the sales occurred during the month of June.  Collections for calendar year are up just shy of 10%.  The one-quarter percent restaurant/lodging component of the tax is up roughly 13%.

The unemployment rate in Grand Forks County in July was 1.8% – unchanged from one year ago.  A total of 702 residents were in search of work last month.  The labor force totaled 38,309 in July.  Rollette County had the highest jobless rate of 9.2%.  Dunn County has the lowest rate at an even one-percent.

Commercial airline boarding numbers for July 2023 reached 99,448 passengers, representing a 12% increase from the same period last year. Seven of the commercial service airports also had higher passenger numbers than one year ago.  A total of 7,390 passengers passed through the gates of the Grand Forks Airport last month.  That was a 13.45% increase over 2022 figures.  Year-to-date boardings at the GFK are up 5.32%.

The long awaited pet enclosures for dogs have arrived at the Circle of Friends adoption center at 910 South Washington.  COF opened the center in September but were prevented from permanently moving dogs on site until the enclosures were delivered.  Previously dogs were housed at the Medical Center site on North Washington.  COF is currently raising funds for a fenced exercise area for the animals staying at the adoption center ($15,000).  Circle of Friends sees between 800 and 900 animals go through its doors on a yearly basis.

Agriculture Commissioner Doug Goehring has awarded 21 grants totaling over $3 million to promote the development, cultivation, production and sales of specialty crops in North Dakota.  Among the recipients was the North Dakota Potato Growers Association.  The award of $150,000 will help with the messaging and marketing to increase awareness and sales of North Dakota-grown potatoes.

Minnesota retail service stations looking to increase sales of motor fuel blends containing at least 15% ethanol are encouraged to apply for funding through the Minnesota Department of Agriculture.  The program will award up to $3.335 million to offset the cost of replacing or upgrading current station equipment.  Applicants may must commit at least 35% of the total project cost as a cash match.  The application deadline is October 12th.

Xcel Energy announced today that Timothy Welsh has been elected to the company’s board of directors.  Welsh currently serves as vice chair for U.S. Bancorp’s Consumer and Business Banking.  He holds a master’s degree in business administration with distinction from Harvard Business School and a bachelor’s degree in social studies from Harvard University.

Minnesota Department of Revenue Commissioner Paul Marquart has appointed Chris Henjum as Revenue’s Taxpayer Rights Advocate. He takes over for Halla Elrashidi who took an attorney position at Hennepin County.  The Taxpayer Rights Advocate Office was established in 1990 as a place for taxpayers to receive an independent review of their tax situation.

Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one: The Mitsubishi Mirage. And even the Mirage appears headed for the scrap yard. At a time when Americans increasingly want pricey SUVs and trucks rather than small cars.

Stamart has closed its location at 1212 N 47th Street.  The travel center placed a notice on its front door thanking customers.  The statement goes on to say they are sad to announce that the doors are closing for good.

Subway is being sold to Roark Capital, a private equity firm with expertise in restaurant management. Subway has more than 20,500 locations across the US.  Other brands owned by Roark through holding companies… including Dunkin, Baskin-Robbins, Arby’s, Sonic, Auntie Anne’s Cinnabon and Carvel.

The seasonal drink that made pumpkin spice a star is marking two decades in the world. Starbucks’ Pumpkin Spice Latte is back.  It’s the coffee giant’s most popular seasonal beverage. And it has spawned a huge and growing industry. U.S. sales of pumpkin-flavored products reached $802.5 million for the year ending July 29th.