BISMARCK, N.D. (AP) - A new study by the North Dakota State University presents a grim outlook for North Dakota’s economy as a result of the coronavirus pandemic.
The special report was done by Jeremy Jackson, director of the Center for the Study of Public Choice and Private Enterprise at NDSU.
KFGO reports it uses a forecasting model that indicates total wages and salaries are likely to decline by 20% to 60%.
The study predicts North Dakota’s labor force will decline by 7.5% to 15% and that the unemployment rate could increase by as much as 20%.
The model predicts North Dakota’s total tax collections may decrease by more than 50%. Jackson notes that much is uncertain about what will happen as the pandemic clears and all businesses are open again.
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