North Dakota’s economy had a significant impact caused by a declining agriculture economy, a drastic reduction in oil prices beginning in the early spring, and on its heels, a global pandemic, hitting North Dakota in mid-March.
September's unemployment rate was 4.4% (seasonally adjusted), down 0.6 percentage point from August, which is the 4th lowest in the nation.
- ND was named among the “top 10 job markets to have weathered the pandemic” by MoneyRates in June.
- As of October, 31 2020 North Dakota had a total of 8,454 continued unemployment claims which is a 5.5% reduction from the prior week ending October 24.
- Consumer confidence in our region (West North Central region), as measured by the October 2020 Consumer Confidence Survey, was above the national average (100.9) but still is below the pre-pandemic levels.
The people of North Dakota are resilient, intelligent and committed to their communities.
The federal government has made billions of dollars available through the CARES Act to individuals, small businesses, healthcare systems, and other important sectors of our economy to mitigate the impact of the pandemic, gaps continue to exist, including consumer reluctance to re-enter the marketplace.
Now we need consumers to repopulate the marketplace and give our businesses the revenue they need to thrive AND sustain employment.
We need to restore consumer confidence and reinvigorate our economy while ensuring the health and safety of customers and employees.
To assist business recovery, the Department of Commerce has developed two grants, Economic Resiliency Grant (ERG) and Hospitality Economic Resiliency Grant (HERG). Learn more by clicking on the boxes below.
Hospitality Economic Resiliency Grant (HERG)
The North Dakota Department of Commerce’s Hospitality Economic Resiliency Grant (ERG) has been created to cover basic operational costs for businesses in the hospitality sector that were closed on March 13, 2020, as a result of Executive Order 2020-06.
APPLICATIONS NOW OPEN