Labor markets are still tight, while wages are increasing at a moderate pace. Overall price increases are moderate, but significant increases are noted for energy, transportation and hotel room rates. Lumber prices are down significantly. The pace of commercial construction activity has picked up since the last report. Building contracts awarded in the Dakotas and Minnesota increased 4 percent for the three-month period ending in October compared with the same period last year.
Commercial construction is strong in the La Crosse, Wis., area, according to a bank director.
However, housing units authorized were down slightly in the district for the three-month period ending in October compared with a year earlier. Real estate loan demand is flat to down in several parts of North Dakota, said a bank director. The average sales price of a home in the Duluth, Minn., area, was up about 8 percent for the first nine months of 2000 compared with last year. Consumer Spending and Tourism Retailers report modest growth this fall, but are optimistic for holiday sales. A mall in Bismark, N.D., reported sales up 3 percent to 5 percent in October compared with a year earlier.