In case you missed it... ND Bucks Economic Head Wind

Forum Editorial:
North Dakota’s economy is thriving in the face of an economic downturn across the Midwest. That’s the good news from Creighton University’s Mid-America Economic Survey, one of the more reliable and credible economic assessments of the nine-state region.
Professor Ernie Goss of Creighton said the region’s overall economic signs are not unlike those that preceded a recession in 2001. His Business Conditions Index for November dropped below neutral 50 to no-growth 49.1, the first sub-50 reading since 2002.
But North Dakota bucked the trend with a remarkable 71, a jump from October’s 69.3. North Dakota’s index was the strongest in the surveyed region, and Goss attributed the state’s strong economy to the Canadian dollar (shoppers coming south), a great year on the farm and continued expansion of the energy sector.
The news from the Creighton survey comes just days after an excellent post-Thanksgiving shopping weekend in North Dakota’s major cities. The pace of shopping has not slipped, despite a few days of bad weather and record-high gasoline prices. When holiday shoppers come out and spend, it means they have disposable income and are anticipating the good economy will last. Consumer confidence confirms the Creighton findings.
Other factors contributing to the economic strength in North Dakota include job growth and export sales. The state has added some 3,300 good-paying manufacturing jobs in the past few years. The state’s ranking for exports and export businesses jumped last year, as entrepreneurs took advantage of state support to find and exploit new overseas markets.
Among the “head winds” that are slowing the national and regional economies is the subprime mortgage lending debacle. Again, North Dakota bucked the trend by not jumping on to the subprime bandwagon. Banks with state roots and home-grown bankers exercised traditional caution and did not get sucked into the storm that is buffeting the national economy. Free of that negative factor, the state’s increasingly diversified economy continues to thrive.
Today’s issue:
Regional survey finds North Dakota economy is in excellent shape.
Our position:
Diversification will help state weather a looming national downturn.
Forum editorials represent the opinion of Forum management and the newspaper’s Editorial Board.