Economic Profile
Fargo Moorhead's economy consistently ranks among the highest of 381 metropolitan areas in vitality, according to Moody's Economy.com. Gains in income and employment have exceeded the national average for the past five years, and the region has one of the lowest unemployment rates in the nation. Our community benefits from a diverse and solid base of industry that includes national and global names like Microsoft, John Deere, Bobcat, Case New Holland, NAVTEQ, Titan Machinery, US Bank, Bank of the West and Wells Fargo.
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Metropolitan Area Vitality Index: 108% (U.S. average = 100%)
June 2010
Moody's economy.com metropolitan area vitality index measures the contribution of economic factors, which are determined to be important to location decisions. Three categories are considered: current economic conditions, factors pertaining to prospective conditions and potential economic risks.
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Cost of Doing Business: 85% (U.S. average = 100%)
June 2010
|
2005 |
2006 |
2007 |
2008 |
2009 |
| Gross Metro Product ($ billions) |
7.0 |
7.2 |
7.6 |
8.0 |
8.0 |
| Change over previous year (%) |
4.9 |
2.5 |
5.3 |
6.3 |
0.0 |
| Total Employment |
112,600 |
115,600 |
118,700 |
121,900 |
120,900 |
| Change over previous year (%) |
2.7 |
2.6 |
2.7 |
2.7 |
-0.8 |
| Unemployment Rate |
3.0 |
2.8 |
2.8 |
3.0 |
4.3 |
| Personal Income Growth (%) |
5.9 |
7.4 |
6.4 |
8.0 |
1.5 |
| Source: Moody's Economy.com, June 2010 |
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|
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|
|
| Industry |
Number Employed
June 2010 |
Change from
June 2009 |
| Total Non-Farm |
120,700 |
100 |
| Total Private |
103,900 |
-500 |
| Goods-Producing |
15,400 |
-1,000 |
| Service-Providing |
105,300 |
1,100 |
| Private Service-Providing |
88,500 |
500 |
| Natural Resource and Mining & Construction |
6,900 |
-800 |
| Manufacturing |
8,500 |
-200 |
| Trade, Transportation & Utilities |
26,100 |
-200 |
| Wholesale Trade |
7,800 |
100 |
| Retail Trade |
14,000 |
-400 |
| Transportation, Warehousing & Utilities |
4,300 |
100 |
| Information |
3,600 |
0 |
| Financial Activities |
8,800 |
0 |
| Professional & Business Services |
13,300 |
0 |
| Education & Health Services |
18,500 |
500 |
| Leisure & Hospitality |
13,200 |
100 |
| Other Services |
5,000 |
100 |
| Government |
16,800 |
600 |
| Source: Job Service N.D., Current Employment Statistics, June 2010 |
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|
| Occupation |
Employment |
| Management |
5,450 |
| Business & Financial Operations |
4,390 |
| Computer & Mathematical Science |
2,930 |
| Architecture & Engineering |
2,020 |
| Life, Physical & Social Science |
1,220 |
| Community & Social Services |
2,250 |
| Legal |
430 |
| Education, Training & Library |
6,550 |
| Art, Design, Entertainment, Sports & Media |
1,910 |
| Healthcare Practitioners & Technical |
6,110 |
| Healthcare Support |
3,610 |
| Protective Service |
1,500 |
| Food Preparation & Service Related |
11,240 |
| Building and Grounds Cleaning & Maintenance |
4,280 |
| Personal Care & Service |
3,490 |
| Sales and Related |
13,250 |
| Office & Administrative Support |
21,690 |
| Farming, Fishing & Forestry |
470 |
| Construction & Extraction |
6,080 |
| Installation, Maintenance & Repair |
4,850 |
| Production |
7,590 |
| Transportation & Material Moving |
8,880 |
| Source: BLS, Occupational Employment Statistics, May 2009 |
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