FARGO, N.D. -- Two recent news reports seem to bolster the notion that North Dakota is weathering the national economic downturn better than most states.
The first was a surprising increase in post-Thanksgiving shopping revenues in retail centers across the state. The second was Creighton University's Midwest economic indicator showing North Dakota's economy is growing while the rest of the region is not.
In North Dakota, economic diversification and fundamental strength fueled by agriculture and energy development have made the difference. And the positive affect of tumbling gasoline prices cannot be minimized in a retail market that depends on shoppers driving many miles to urban centers.
Creighton University's Midwest indicators confirm North Dakota's economic status. On an index that ranges from zero to 100, 50 is neutral. Below 50 indicates a contracting economy. North Dakota's number for November was 55.7, down from 63.9 in September, but still in the growth range.
The state certainly is in a mild slowdown, according to Creighton's analysis, but certainly not in recession. It's always risky to project today's good news into the future, but trends in energy, agriculture and the overall diversified economic base suggest North Dakota's economy is well-positioned to avoid full participation in a national recession.
