Statewide Business Pulse
Workforce ▲
Agriculture ▲
Energy ▲
Transportation ▲
Construction ▲
Retail ▲
Technology ▲
Healthcare ▲
Outdoor Economy ▬
Government / Nonprofit ▲
Legend: ▲ new signal · ▬ stable
Today’s Signals
• The U.S. Census Bureau reports new orders for durable goods increased modestly in the latest release, signaling continued (but cautious) business investment in equipment and manufacturing.
Source: https://www.census.gov/manufacturing/m3/
• Applications remain open for North Dakota’s Talent Pipeline Fly-In Grant Program, offering funding to help businesses recruit out-of-state workers.
Source: https://www.commerce.nd.gov/workforce/find-good-life/talent-pipeline-fly-grant-program
• Global fertilizer supply continues tightening due to export restrictions and geopolitical disruption, increasing input pressure heading into planting season.
Source: https://www.reuters.com/business/russia-imposes-restrictions-some-nitrogen-fertiliser-exports-2026-03-24/
• The National Federation of Independent Business reports ongoing labor shortages, with hiring demand still exceeding available workers.
Source: https://www.nfib.com/surveys/small-business-economic-trends/
Pattern Watch
The signal today is “investment is happening—but carefully.”
Businesses are still buying equipment, still hiring—but doing so with more caution due to labor, cost, and financing pressure.
Industry Briefs
Manufacturing / Construction ▲
New Census data shows durable goods orders increasing, indicating continued investment in:
- equipment
- machinery
- infrastructure
Source: https://www.census.gov/manufacturing/m3/
Why it matters
This is a forward-looking signal that businesses are still planning growth—even if cautiously.
Workforce / Labor ▲
Hiring demand remains strong, but labor shortages persist across multiple industries.
Source: https://www.nfib.com/surveys/small-business-economic-trends/
Why it matters
Recruitment and retention remain key competitive advantages.
Agriculture ▲
Global fertilizer supply constraints continue to tighten, with export limits and geopolitical disruption affecting availability.
Why it matters
Producers may face:
- rising input costs
- reduced application
- margin pressure
Retail ▲
Consumer behavior remains active but price-sensitive, with continued focus on value.
Energy ▲
Energy demand signals remain strong heading into spring, supporting transportation and agricultural activity.
Finance / Lending ▲
Businesses continue to approach expansion cautiously due to:
- borrowing costs
- economic uncertainty
Technology ▲
Ongoing investment in AI and digital infrastructure continues to support long-term project development.
Healthcare ▲
Workforce shortages continue to impact service capacity, especially in rural areas.
Transportation / Logistics ▲
Freight demand is expected to increase with seasonal activity and broader economic movement.
Government / Economic Development ▲
Workforce recruitment funding (Fly-In Grant) remains one of the most actionable state-level tools currently available.
Source: https://www.commerce.nd.gov/workforce/find-good-life/talent-pipeline-fly-grant-program
Outdoor Economy ▬
No new major developments surfaced today.
Two Numbers & a Nudge
Two Numbers
• Durable goods orders rising — signal of continued business investment
Source: https://www.census.gov/manufacturing/m3/
• Labor demand still elevated — ongoing hiring pressure
Source: https://www.nfib.com/surveys/small-business-economic-trends/
Nudge
If businesses are still investing in equipment while facing labor shortages, the advantage may go to those who improve efficiency and productivity—not just headcount.
Headwind / Tailwind
Headwind
Labor shortages and rising input costs (especially fertilizer) continue to pressure operations.
Tailwind
Business investment is still happening, signaling confidence—just at a more cautious pace.