Statewide Business Pulse

Workforce ▲
Agriculture ▲
Energy ▲
Transportation ▬
Construction ▲
Retail ▲
Healthcare ▲
Finance ▲
Government / Policy ▲
Local Business Activity ▲

Today’s Signals (What Changed)

• ND Legislature interim activity is ramping up

Committees are beginning to schedule interim studies and hearings.

Source:
https://ndlegis.gov/assembly/69-2025/interim

Why it matters
This is where future laws start forming before the next legislative session.

• ND Housing financing programs moving forward

State housing tools (including LIFT program) continue supporting development projects.

Source:
https://www.ndhfa.org/programs/developers/low-income-housing-tax-credit

Why it matters
Housing availability directly impacts workforce attraction and retention.

• Regional banks signaling tighter lending standards

Midwest banking trends show increased caution on business lending.

Source:
https://www.kansascityfed.org/surveys/small-business-lending-survey/

Why it matters
Impacts:

• expansion
• equipment purchases
• operating lines

• Healthcare workforce adjustments continuing

Regional systems continue adapting staffing and capacity.

Source:
https://www.aha.org/news

Why it matters
Healthcare access affects workforce stability and employer costs.

• Business formation remains elevated

New business applications continue at strong levels nationally.

Source:
https://www.census.gov/econ/bfs/

Why it matters
Indicates continued competition and economic activity.

Industry-Specific Watch

Agriculture ▲

Fertilizer supply remains tight globally.

Source:
https://www.reuters.com/business

Why it matters
Impacts input costs, planting decisions, and margins.

Construction ▲

Housing and development activity continues.

Source:
https://www.ndhfa.org/

Workforce ▲

Labor demand remains steady but more selective.

Source:
https://www.jobsnd.com/news

Retail ▲

Spring activity returning to normal levels.

Source:
https://www.census.gov/retail

Energy ▲

Energy markets stable, but revenue uncertainty remains.

Source:
https://www.eia.gov/

Finance ▲

Tighter lending conditions emerging.

Source:
https://www.kansascityfed.org/

Transportation ▬

No new disruptions reported.

Two Numbers & a Nudge

Two Numbers

• Legislative interim underway
https://ndlegis.gov/assembly/69-2025/interim

• Lending standards tightening
https://www.kansascityfed.org/surveys/small-business-lending-survey/

Nudge

If policy is forming and financing is tightening at the same time, acting early matters.

Headwind / Tailwind

Headwind
Tighter capital + workforce + housing constraints

Tailwind
Ongoing development and strong business formation