Business News: GF tax…EGF grants & GFPH accreditation

The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said in an upgrade from its previous estimate. The Commerce Department’s revised measure of the nation’s gross domestic product — the total output of goods and services — confirmed that the economy decelerated from its sizzling 4.9% rate of expansion in the July-September quarter.

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North Dakota held on to its #1 ranking as having the lowest seasonally adjusted unemployment rate in February. The 2% mark was up slightly from the previous month and compares to a 3.9% rate nationwide. A total of 403,137 people were employed in the state during the month. South Dakota came in 2nd place – with an unemployment rate of 2.1 percent.

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Grand Forks sales tax collections topped the $2.5 million dollar mark in March. That pushes year-to-date collections to $8.62 million dollars – up 4.91%. With three months in the books the ¼% restaurant/lodging component of the tax is up 15%.

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The cost of housing and a meal program at UND will jump 400 dollars for the 2024-25 academic year. The NDUS Board approved the increase at its recent meeting. The fall 2023 occupancy rate of residence halls was 85%. That was a 3.8% increase from the previous year.

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UND has been designated as a National Center of Academic Excellence in Cyber Research institution through 2029. The designation means that UND is committed to increasing the number of cybersecurity professionals dedicated to reducing vulnerabilities in the national infrastructure. It marks the first time the University has received such a designation and comes on the heels of increased cybersecurity research projects on campus.

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A new grant program is designed to assist small businesses in northwest Minnesota. The Northwest Minnesota Foundation will administer the so-called PROMISE Act state funds. A total of $86.4 million dollars will be awarded as grants in multiple rounds statewide. The money can be used for working capital to support payroll expenses…rent of mortgage payments…utility bills…equipment…and other expenses. Businesses will be awarded grant funds based on gross annual revenue in the prior year.

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Grand Forks Public Health (GFPH) has been awarded national accreditation through the Public Health Accreditation Board. The national accreditation sets standards against which the nation’s governmental public health departments can continuously improve the quality of their services and performance.

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The Minnesota State Fair and the Minnesota Farm Bureau will recognize 97 Minnesota farms as 2024 Century Farms. Qualifying farms have been in continuous family ownership for at least 100 years and are 50 acres or more. Century Farm families receive a commemorative sign, as well as a certificate signed by Minnesota State Fair and Minnesota Farm Bureau presidents and Governor Tim Walz. Since the program began in 1976, more than 11,000 Minnesota farms have been recognized as Century Farms.