GF Business News: GFK…Property Tax & Jobs

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The number of Americans applying for unemployment benefits has slipped to its lowest level in more than a year.  Jobless claim applications fell to 187,000 for the week ending Jan. 13, a decrease of 16,000.  That’s the fewest since September of 2022. Overall, 1.81 million Americans were collecting jobless benefits during the week that ended Jan. 6, a decline of 26,000 from the previous week.  (AP)

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Minnesota’s unemployment rate ticked down two-tenths of a percentage point to 2.9% in December.  Minnesota gained 800 jobs from November to December on a seasonally adjusted basis according to numbers released by the Minnesota Department of Employment and Economic Development (DEED). This is the sixth straight month of job growth in the state.

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Americans stepped up their spending at retailers in December, closing out the holiday shopping season and the year on an upbeat tone and signaling that people remain confident enough to keep spending freely. Retail sales accelerated 0.6% in December from November’s 0.3% increase. Because spending by consumers accounts for nearly 70% of the U.S. economy, the report suggested that shoppers will be able to keep fueling economic growth this year.  (AP)

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The nation’s largest department store chain….is making some major changes to start 2024.  Macy’s is cutting more than 23 hundred employees….about 3 and a half percent of its workforce. Macy says it’s trying to meet the needs of an ever changing consumer and marketplace.

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North Dakota’s commercial service airports finished calendar year 2023 with a statewide total of 1,136,828 airline passenger boardings.  That’s a growth of 108,669 passengers – or an 11% increase from the previous year.  Kyle Wanner of the North Dakota Aeronautics Commission says the current growth in passenger demand bolsters the justification for airlines to look to add more flights, destinations, and seat capacity to North Dakota’s airports.  Traffic through the Grand Forks Airport climbed 5.37% in 2023.

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You’ll soon be getting something in the mail from the City of Grand Forks.  It’s a reminder about the $500 Primary Residence Credit.  The 2023 Legislative Session approved the credit to help offset a 2024 property tax obligation.  To be eligible for the credit you need to submit an application.  The postcard will go out the end of January or the first week in February.  It will cost the city around $6,500 dollars.

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The Grand Forks Region Economic Development Corporation has three new members on its board of directors.  Mylo Einarson, President & CEO of Nodak Electric Cooperative; Sally Miskavige, Vice President of Opp Construction; and Cory Melland, President of PS Industries, Inc.  The board of directors’ members are selected to serve three-year terms, with a maximum of three consecutive terms.

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The price of a First-Class stamp has increased from 66 cents to 68 cents.  Inflationary pressures are being blamed for the hike. The Postal Service is also seeking price adjustments for Special Services Products including Certified Mail…Post Office Box rental fees…money order fees…and the cost to purchase insurance.

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The North Dakota Public Service Commission (PSC) will hold a public hearing on February 1st regarding a proposal to construct a transmission line in Williams County.  Basin Electric Power Cooperative is requesting a siting permit for the construction of a 345-kV transmission line. The line would be approximately 14.6 miles long. Estimated cost of the project is $31 million.

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Sanford Health has named Tommy Ibrahim, M.D., MBA, the new president and CEO of Sanford Health Plan.  Ibrahim most recently served as president and CEO of Bassett Healthcare Network in Cooperstown, New York.  Sanford Health Plan is a provider-owned health plan that is part of Sanford Health’s integrated system of care.  Headquartered in Sioux Falls (SD) the plan provides coverage to more than 220,000 members.