Economic activity expanded modestly from October through mid-November, similar to the pace of growth seen over the prior reporting period. The continued drag in single-family permits is concerning, as the housing market is already chronically undersupplied in our region, especially for affordable new housing. The market is demanding a surge in affordably priced homes to ease the supply. Local home building experts also pointed to wintry weather a month ago after what proved to be the slowest March for new residential construction permits in four years. Others believe the hit to the family farmers in North Dakota and Minnesota due to the tariffs on exports to China, is hindering the local economy. Big agriculture still plays a large role in the local economy and the lack of confidence in a trade truce hurts. Employment continued to rise slightly overall, even as labor markets remained tight across the U.S. Prices rose at a modest pace during the reporting period.
West Fargo ND was the most active city in the region for residential home construction.
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