News Releases for April 2004
April 1, 2004
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Hoeven: North Dakota Adds Almost 3,000 Jobs
BISMARCK, N.D. - Gov. John Hoeven today welcomed new data indicating that North Dakota’s economy is growing and adding new jobs.
According to a recent report by Job Service North Dakota, the state added 2,850 new jobs in 2003. During the same period South Dakota gained 900 jobs, Minnesota lost 3,200 jobs and the region lost 50,250 jobs.
“What we are seeing is the results of our efforts over the past three years to enhance North Dakota’s business climate and invest in our people,” Hoeven said. “It’s clear that we’re moving in the right direction, and we need to continue to build that momentum.”
In separate economic news, Creighton University’s Mid-America Business Conditions Survey showed that North Dakota’s overall economic index rose to 66.3 percent in February, up from 59.8 percent the month before. That marked the 28th consecutive month, excluding August 2002, that North Dakota’s index was above 50, signifying general economic growth.
At the same time, per capita personal income in North Dakota last year grew at a rate more than double the national average, according to the U.S. Bureau of Economic Analysis. North Dakota was identified as one of the ten fastest growing states.
February state revenues reflected the economic growth, exceeding projections by more than 10 percent. Biennium to date revenues rose $13 million. With a one-time $50 million federal fiscal relief package, revenues are ahead of projections by more than $63 million.
“Based on our survey, I expect positive job growth for the second quarter of 2004 for North Dakota,” said James Knudson, assistant professor of economics at Creighton University. “At the same time, the state’s unemployment rate will decline slightly in the months ahead.”
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