The monthly Grand Forks Herald column by Ralph Kingsbury, local economist and former member of the State Board of Higher Education, came out in today's paper. Each month, Kingsbury looks at various aspects of the local economy to try to get a picture of where we are as a community. He also looks at regional and national trends that could have an impact on the community. Take a look at the column. I know I look forward to his analysis each month.
Some interesting points:
•Again this month, Grand Forks building permits are another huge success story. Compared with June 2005, the permit values for June 2006 are up in excess of 83 percent. The significant factor is the increase is across all categories. There are not one or two huge projects that made the difference.
•Single-family dwellings and townhouses are real nice figures for the year. Both categories, as I have mentioned before, bode well for a growing population for Grand Forks.
•Looking at all the housing categories over the last several years, and knowing each organization's past history, I believe a census would come out with a population much closer to the Metropolitan Planning Organization's estimate of 53,000 than the State Data Center's 49,000.
•From what I understand, different areas of the Grand Forks economy are doing well. Motel vacancies are low, and restaurant business is good.
•We could see oil at $100 a barrel before winter. I don't know how much more the economy can absorb before it becomes serious trouble.