Business News: GF sales tax…building permits & golf

The Labor Market Information Center has released the latest Online Job Openings Report.  North Dakota had a total of 14,670 open and available online job openings in September.  That’s a change of +4.7 percent (+654) from the prior month and -13.8 percent (-2,340) from the same month one year ago.  The estimated typical average wage of Region 4 job openings with an assigned code – which includes the counties of Grand Forks…Nelson…Walsh & Pembina – is $31.56 per hour.

October is Manufacturing Month in Minnesota.  Minnesota’s 8,500-plus manufacturing firms contributed $58.7 billion to Minnesota’s economy last year, making up 13% of the state’s GDP.  Minnesota’s 8,500-plus manufacturing firms contributed $58.7 billion to Minnesota’s economy last year, making up 13% of the state’s GDP.

The cost of financing a home surged again last week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers. The average rate on the benchmark 30-year home loan rose to 7.49% from 7.31%.

Home sales slowed in Grand Forks / East Grand Forks during September.  According to the Grand Forks Area Association of Realtors a total of 56 single family homes…townhomes…and condos were closed last month.  That compares to 97 one year ago and 87 in September 2021.  The average sales price was $282,738.  Through the first nine months of the year a total of 518 sales have been finalized.

According to a recent survey, 70% of millennials live paycheck to paycheck, and 56% admit to struggling to pay bills, showing that higher living costs are catching up with this generation.  High housing costs have led to 47% of millennials saying they struggle to afford a home and 42% admitting to having difficulty affording groceries.

September’s check keeps Grand Forks sales tax collections over last year’s tally by 5.9%.  The city collected $2.86 million dollars last month pushing the year to date total to $24.43 million dollars.  It was the fourth highest monthly total to date in 2023.  The ¼% restaurant lodging component of the tax is up 8% on a calendar basis.

The city of Grand Forks has issued building permits for a pair of food establishments.  One permit calls for repairs to fire and water damage at the Crooked Pint Ale House.  The dollar amount on the fix is $237,989.  Another permit calls for the fit-up of a Crumble Cookie storefront in the Menard’s Mall at 3750 32nd Avenue South.  The permit lists the remodel at $325,000.

The Grand Forks Park Board has set the rates for playing a round of golf at Lincoln Park next summer.  Under the plan a round of 18 holes will set you back $30 dollars.  That’s up just over $2 from the current rate.  The bill for a quick nine holes will jump from $18.40 to $20 dollars.  The cost for an adult season memberships is set at $450.

Xcel Energy named Chris Church as the company’s new chief nuclear officer, effective December 15, 2023.  He succeeds Pete Gardner, who is retiring at the end of the year after serving in the role since 2020.  Church has served as vice president of nuclear operations since 2020 and was site vice president at the Monticello plant for two years before that.

Concordia College has set the date for the Inauguration of President Colin Irvine for October 15.  Irvine became president of Concordia College in July. He previously served as provost and executive vice president at Augustana University in Sioux Falls, S.D.

Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. income tax credits at the time of purchase. The Treasury Department says the near-instant credits of up to $7,500 for an eligible new vehicle and $4,000 for a qualifying used vehicle should lower purchasing costs for consumers.