Sales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices and a still tight supply of properties on the market. The national median home price rose 8.4% in September from a year earlier to $384,800.
The number of Americans applying for unemployment benefits fell last week and remains historically low even as the U.S. economy slows in the midst of decades-high inflation. Jobless claims for the week ending Oct. 15 declined by 12,000 to 214,000 from 226,000 last week. The Labor Department reported the four-week moving average rose by 1,250 to 212,250.
North Dakota’s unemployment rate slipped to 1.7% in September. That compares to 2.2% the prior month and 2.6% one year ago. Despite the low number a total of 6,805 residents were in search of work during the month. North Dakota typically sees a decrease in unemployment between August and September.
A lot has been made about labor shortages in North Dakota and Minnesota but a new study suggests the two states fare better than many others in attracting workers. An analysis by the financial website WalletHub ranks the 50 states and District of Columbia on the rate of job openings. The study ranks Minnesota 26th on the list where employers are struggling the most in hiring….North Dakota sits at 40th. Here is the study link: https://wallethub.com/edu/states-employers-hiring/101730.
Wages grew even faster in Minnesota in September than in August, up 5.7% overall, although still slower than inflation, with the CPI at 8.2% in September. Teen (16-19) labor force participation, at 53% in September (12-month moving average) has made gains in the last two years. Teen unemployment is also very low at 6.2%, indicating this group of workers is in demand and could help fill jobs employers are having more difficulty finding adults to fill in a very tight labor market.
Grand Forks pocketed $2.83 million dollars from the local sales tax in October. The latest check pushes the year-to-date total to just shy of $26 million dollars. That’s up 9.7% over one year ago. The latest tally was the 8th highest on record. The ¼ percent restaurant/lodging component of the tax is up nearly 16% over the year.
East Grand Forks businesses will be able to share in over $421,000 dollars to help repair or renovate property and related site amenities under a program administered by the Northwest Minnesota Foundation. Grants can cover up to 30% of the project costs. Renovations or construction must begin by January 5, 2024, and must be complete by June 30, 2026. The application deadline is December 20th.
North Dakota’s eight commercial service airports posted a total of 84,925 airline passenger boardings during the month of September. This is a 13% increase from the 74,943 boardings t in September, 2021. It is also only 5% below September 2019’s pre-pandemic passenger counts of 89,925. The GFK had 6,081 passengers go through the gates last month. Boarding for the year in Grand Forks are up nearly 31%.
The Grand Forks County Commission has approved bids on a pair of construction projects for Grand Sky. A taxiway apron repair and a drone operations pad for smaller UAS test flights will cost a combined $2.52 million dollars. RJ Zavoral & Sons submitted the low bid for both projects.
Bill Adams has joined the Grand Forks Region Economic Development Corporation (EDC) as its Unmanned and Autonomous Systems (UAS) Development Officer. Adams will execute strategies to support primary sector business recruitment and expansion in the aerospace sector. Adams recently graduated from the University of North Dakota in May 2022 with a Bachelor of Science in Aeronautics in Unmanned Aircraft Systems with Aviation Safety emphasis.
Families are looking forward with dread as winter approaches with high energy costs and tight fuel supplies. Some worry whether heating assistance programs will be adequate for struggling families. Last month, Congress added $1 billion to Low Income Home Energy Assistance Program, bringing the total to at least $4.8 billion. The federally funded low-income program helped 14,430 qualifying North Dakota households last season.
Starbucks is selling its Seattle’s Best Coffee brand to Nestle for an undisclosed amount. The company said acquiring Seattle’s Best will offer customers more choice. Nestle also owns the Nescafe, Nespresso and Blue Bottle coffee brands. Starbucks acquired Seattle’s Best Coffee in 2003 for $72 million, giving it a lower-priced brand. But Starbucks is currently focused on a costly makeover of its U.S. stores.
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