Business News: UND Research…Alerus update & GF Liquor License

The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserve’s 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years. Compared with its February 2023 projections, CBO’s report predicts weaker growth and lower unemployment. (AP)

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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying. Retail sales rose 0.3%, in November from October, when sales were down a revised 0.2%. That’s according to the Commerce Department. Economists were expecting a 0.2% drop for November. (AP)

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ND taxable sales and purchases climbed 5.5% during the third quarter of 2023. S & P’s for July…August…and September exceeded $7.1 billion dollars. Tax Commissioner Brian Kroshus says “After eight consecutive quarters of strong, double-digit growth, the most recent quarter suggests economic activity in the state is moderating.” Twelve out of 15 major industry sectors reported over the year increases. Among the major cities Minot recorded a 4.8% increase….Grand Forks had a 1.8% bump….Bismarck was up .1%….and Fargo was down 1.8%.

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UND researchers have produced 10 pounds of rare earth elements (REES) from North Dakota lignite coal at a pilot production facility off Mill Road. Critical minerals are used in a wide variety of electrical products, including smartphones and electric vehicles, as well as industrial magnets. The lab is funded through an $8 million dollar DOE grant. A potential REE extraction facility could attract another $134 million dollars in funding.

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The Minnesota Department of Revenue has announced the adjusted 2024 individual income tax brackets. For tax year 2024, the state’s individual income tax brackets will change by 5.376% from tax year 2023. This annual adjustment is designed to prevent taxpayers from paying taxes at a higher rate solely because of inflationary changes in their income. The policy dates back to 1979.

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A total of 41 Minnesota organizations will receive Small Business Assistance Partnership funding to help small businesses grow and thrive. The Minnesota Department of Employment and Economic Development will award $12.5 million in state funding to be matched by $21.6 million from local…private…and federal sources. Among those receiving grants: Advance Thief River in Thief River Falls ($100,000)…AURI in Crookston ($40,000)…and Viden Center for Rural Development in Crookston ($214,000).

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The Alerus Center is looking to spend some cold cash on a new chiller and central plant. The apparent low bid on the project is around $7.75 million dollars. That’s less than the $8.1 million dollar engineer estimate. The bid was released prior to the 2024 budget year in anticipation of potential supply chain shortages and delays. The Events Center Commission will review the bids this week (Wednesday).

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The Community Foundation and Greater Grand Forks Young Professionals will dole out grants totaling some $10,000 to seven health and wellness projects in 2024. A total of 22 applications were received as part of conversations generated through the Longest Table event held in September. The various projects range from Native medicinal gardens to survival packs for the homeless.

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The North Dakota Department of Commerce has opened the Rural Facility Planning Grant program. The initiative will provide crucial funding for planning and developing empty or soon-to-be vacant rural facilities aimed at enhancing community life. The applications are open to cities, counties, economic development organizations, and tribal entities. Funding up to $50,000 with a minimum 10% match. The deadline to apply is February 9th.

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The Grand Forks council is expected to approve a request to transfer the alcohol license for the former Knights of Columbus building at 601 University Avenue on Monday night. KOC Hospitality has agreed to lease the building to a tenant who will operate the restaurant doing business as Las Delicias De La Abuela. The eatery is requesting a Class 4 (food and beverage) license to allow for all ages in the restaurant. The restaurant held a grand opening this weekend.

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The North Dakota Forest Service has named Grace Ivesdal as a Community Forestry Specialist. Ivesdal is based out of Fargo and will serve the eastern part of the state. Her responsibilities include providing technical tree care and community forest management assistance to local communities, decision-makers, and individuals. She will be helping with tree inventories and management plans, Tree City USA, cost-share programs, tree pest questions, and related workshops and outreach.