Construction, retailing and manufacturing are robust. Tourism shows increasing strength. As in the previous report, areas where agriculture, mining or forestry predominate have much slower economies than the rest of the region. Crop farmers in particular are under financial stress due to low prices, and there are fears about possible drought in wheat-growing regions. Reports of increases in wages and in nonwage compensation are becoming more prevalent.
Labor markets remain extremely tight in most areas.
In May, such sales were 23 percent above year-earlier levels. For the year to date the increase is 18 percent. One realty spokesperson comments that buyer interest in existing homes is stoked by low interest rates and the long waits facing purchasers of newly constructed homes. N.D. Heavy construction, including roads and bridges, continues modestly above 1997 levels. Extremely favorable weather conditions allowed excavators and road builders to begin somewhat earlier than usual and activity is brisk.