Peace Garden News

The Greater North Dakota Chamber (GNDC) has released the findings of its 2024 North Dakota Economics and Employer Survey. The survey provides insights into the perspectives of business leaders in North Dakota regarding both state and national economic conditions. It highlights a strong confidence in the state's economy, despite challenges such as inflation, workforce shortages, and supply chain disruptions.

The survey reveals that 91% of businesses reported success over the past year. However, 75% experienced inflationary cost increases ranging from 6-20%. More than half of the respondents (58%) do not expect inflation to normalize until 2026 or are uncertain about when it will stabilize.

Regarding workforce growth, 44% of businesses plan to expand their workforce, while 54% aim to maintain current levels. Nonetheless, 70% face difficulties in hiring employees. Areas identified for growth include apprenticeships and childcare support.

Labor availability remains a primary concern for businesses. Additionally, 27% of respondents indicated that affordable healthcare would be the most impactful support that state government could provide.

Arik Spencer, GNDC President and CEO, highlighted the need for proactive policies: “A strong business climate doesn’t happen by accident or overnight. GNDC is committed to advocating for policies that enable businesses to thrive and grow North Dakota’s economy.”

The survey saw increased participation this year, reflecting a need for a robust voice advocating for business climate improvements, infrastructure development, and workforce solutions. Responses were collected in August and September and analyzed in the fall to guide GNDC's policy development process. The results have been shared with members through an infographic included in holiday cards.

Full results and infographics can be accessed at ndchamber.com.