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Business News: EGF growth…GF loan & Big Ring dollars

By Doug Barrett Dec 4, 2022 | 4:57 PM

The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes. The economy added 263,000 jobs, while the unemployment rate stayed 3.7%, still near a 53-year low. November’s job growth dipped only slightly from October’s 284,000 gain.

The unemployment rate in Grand Forks County during October was 1.5%.  North Dakota Job Service says 26 of 53 counties reported rates below the state level of 1.7%.  A total of 544 residents were in search of work.  The Grand Forks County workforce totaled 36,531.

The average long-term U.S. mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.49% from 6.58% last week. A year ago the average rate was 3.11%.

New construction added over $6.8 million dollars in additional valuation throughout East Grand Forks in 2022.  City officials say $6.1 million came via residential building and just over $700,000 dollars on the commercial side.  The numbers are consistent with new construction valuation in recent years.

North Dakota Governor Doug Burgum is expected to release the details of a new report on the economic impact of agriculture in the state this week.  The analysis was compiled by researchers from the North Dakota State University (NDSU) Department of Agribusiness and Economics and the NDSU Center for Social Research. It encompasses data on agriculture’s share of the state economy and jobs.

North Dakota was ranked 3rd in a recent analysis of the best states to start a business in 2023.  The report from Forbes Advisor looked at 18 metrics ranging from costs and economy to workforce and financial accessibility.  The state had high marks for corporate and personal income tax rates.  Minnesota was ranked 33rd.

Three finalists for the position of dean of libraries and information resources will be at the University of North Dakota for on-campus visits, Dec. 7-9.  Rebecca Bichel is the dean of libraries at the University of Texas at Arlington.  Sian Brannon is the associate dean for collection management at the University of North Texas Libraries.  Rhona Huisman is currently dean of university library at St. Cloud State University, in St. Cloud, Minn.

The City of Grand Forks recently secured a $54.6 million dollar loan to expand the wastewater treatment plant.  The North Dakota Clean Water State Revolving Fund covers a 30 year span with an interest rate of around two-percent.  The city is currently working with a Construction Manager at Risk (CMAR) on the project costs.  Preliminary estimates are expected later this month.

Amazon says the Thanksgiving holiday shopping weekend was its biggest ever, aided by a record number of shoppers looking for deals amid high inflation. The company does not typically share how much it earns during its sales events and did not disclose its overall revenue from the weekend. It said independent businesses that sell on its site generated more than $1 billion in sales.

The Salvation Army’s “Big Ring” event generated $32,744.33 in donations this year.  First initiated by Leighton Broadcasting in 2004 the “Big Ring” has partnered with Valley Dairy since 2008.  In addition to traditional Red Kettles the money was raised through a silent auction and a cash match for every gallon of gas sold.  This year’s Big Ring featured two locations:  4701 South Washington and the store near Washington and University Avenue.

Caribou will open its coffee cabin near the intersection of 32nd Avenue South and 31st Street on Monday.  Caribou cabins are just under 600 square feet with “Caribou-blue” exteriors. They feature drive-thru and walk-up windows only (no interior seating).  There will be a grand opening celebration at the new Grand Forks location with special offers Friday, Dec. 9.

Dusterhoft Family Stores is donating proceeds from its “Go Pink for a Cure” fundraiser to support local breast cancer patients at Altru’s Cancer Center.  This year’s donation totals $1,175.  This was the tenth year of the event.

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