Business News: GF Home Sales…Hourly Wages & U-Haul Moves

The number of Americans applying for unemployment benefits fell last week as the labor market continues to show resilience despite elevated interest rates. Jobless claims fell to 202,000 for the period ending Dec. 30, down by 18,000 from the previous week. Weekly unemployment claims are a proxy for layoffs.   (AP)

The Labor Market Information Center has released the latest Online Job Openings Report from Job Service North Dakota’s labor exchange system. North Dakota had a total of 14,326 open and available job openings in December 2023, a change of +6.4 percent (+862) from the prior month and -11.2 percent (-1,807) compared to one year ago.  Grand Forks County had 1,367 openings – down a total of 167 from 2022.

The average long-term U.S. mortgage rate edged higher last week, ending a nine-week slide that gave prospective homebuyers some breathing room after home loan borrowing soared to the highest level in more than two decades. The average rate on a 30-year mortgage inched up to 6.62%.  A year ago the rate averaged 6.48%.  (AP)

Home sales in Grand Forks / East Grand Forks slowed in 2023.  A total of 673 homes…condos…and townhomes were completed last year.  That compares to 868 in 2022.  Only the month of November saw sales exceed the year ago levels.  The average sales price in December was $286,569 dollars.

Minnesota’s average hourly wage was $36.29 in November. Over the year, average hourly earnings increased 3.4%, and they are up 13.2% over three years. Nationally, average hourly wage is $33.99, up 4.0% over the year and 14.2% over three years. The CPI inflation index rose 3.1% over the year and 18.0% over three years.  Over the year Minnesota has gained 47,829 jobs – up 1.6%.

American consumers bought 15.6 million new vehicles last year. The numbers indicate car buyers were undeterred by high prices, rising interest rates, autoworker strikes and a computer-chip shortage that slowed assembly lines. The tally is 12% more than in 2022, and the biggest increase in more than a decade.  Average auto sales prices peaked in December of 2022 just over $47,300.   (AP)

No changes will be made to the leadership of the Grand Forks Planning and Zoning Commission.  The board re-elected Steve Wasvick as President and Alex Reichert as VP for 2024.  Commissioners are appointed to five-year terms.
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South Central Judicial District Judge Bruce Romanick has announced that he will not be running for reelection in 2024.  Judge Romanick was first elected district judge in 2000.

The Northland Potato Growers Association has named Jacey Kuersteiner as the interim executive director of the organization.  Kuersteiner previously served as the office and finance manager.  Former Executive Director Donavon Johnson has departed organization.

North Dakota was ranked as the 32nd growth state in the U.S. according to the latest migration trends data compiled by U-Haul – up five spots from the previous year.  The U-Haul Growth Index analyzed one-way moves and found customers arriving in North Dakota fell 8% from 2022 while departures fell 10%.  With fewer residents leaving the state saw a jump in the rankings. Do-it-yourself movers arriving in North Dakota accounted for 49.8% of all one-way U-Haul traffic in and out of the Peace Garden State (50.2% departures).  Minnesota ranked 20th.