GF Business News: Consumer spending… new restaurants and GF tourism

US consumers absorbed a further surge in prices in May – an increase of 0.6% over the last month and 5% in the past year, the largest 12-month inflation increase since 2008. The consumer price hike in May now reflects a range of goods and services. in increasing demand as people increasingly shop, travel, dine out and attend entertainment events in a rapidly reopening economy. Increased consumer appetite is hampered by a shortage of components, from wood and steel to chemicals and semiconductors.

Mortgage rates remained near their historic lows this week. The 30-year benchmark home loan has held steady below the 3% mark amid further signs of economic recovery from the pandemic recession. Mortgage buyer Freddie Mac reports that the 30-year average loan rate has fallen to 2.96% from 2.99% last week.

Grand Forks council will review liquor license applications for two new restaurants on Monday. Cantina Tex Mex Cuisine is looking to move to the former El Rocco site at 1730 13th Avenue North. According to the staff report, LaCantina currently has locations in Mayville and Grafton. The other license application is for the House of Punjab at 3000 32nd Avenue South.

The North Dakota Department of Social Services announced it is running a cooling assistance program until September 2021 for qualifying low-income households. Cooling assistance is intended for adults 60 years of age and over and others with eligible health problems. The Low-Income Household Energy Assistance Program serves households with incomes reaching 60% of the state’s median income. A two-person household can earn up to $ 41,118 per year and qualify for LIHEAP.

The public bank of North Dakota reported a profit of $ 141.2 million in 2020, up from $ 169 million in 2019 with a return on investment of 15%, according to information presented to the Industrial Commission. Last year, the Bank’s total loan portfolio increased slightly to $ 4.7 billion. The agricultural loan portfolio increased by $ 116 million, mainly due to the agricultural disaster relief program. The business loan portfolio grew by $ 194 million, with the majority of that growth coming from COVID-PACE Recovery I loans.

North Dakota Governor Burgum has approved a $ 20 million investment for Vantis to further develop the statewide UAS network. Vantis executive director Nick Flom said the funding will help expand the state’s UAS network to Cass… Trail… and Grand Forks counties. In addition to the $ 20 million, Flom says an additional $ 7 million will go to Grand Sky Tech Park and $ 3 million to the Northern Plains unmanned test site.

American Airlines has announced that it will invest in a company that is working on a small, electrically powered aircraft that could one day transport people from downtown areas to airports by taking off and landing vertically like helicopters. American said Thursday it plans to invest $ 25 million in UK-based Vertical Aerospace, which plans to sell shares to the public later this year. American is pricing a “pre-order” for up to 250 vertical planes at $ 1 billion.

The U.S. government’s highway safety agency has approved a request by General Motors to recall four makes of 2021 vehicles due to an airbag warning light malfunction. The National Highway Traffic Safety Administration said on Friday that the cars in question included the Buick Envision, Cadillac CT4 and CT5, Cadillac Escalade and Escalade ESV, Chevrolet Corvette, Suburban and Tahoe, and GMC Yukon and Yukon XL.

Grand Forks JDA has agreed to donate $ 10,000 to the Rendezvous Area Tourism Board. The goal of the RRTC is to market and promote tourism in northeastern North Dakota. One of the goals for 2021 is to further develop a marketing and long-term action plan. The Grand Forke CXVB brings in an additional $ 5,000. The area serves Grand Forks… Nelson… Walsh… and Pembina counties.

After being canceled in 2020, organizers of WE Fest in Detroit Lakes are upgrading facilities ahead of the festival in August. The general admission area will be larger and 200 feet closer to the main stage; the stage is undergoing upgrades to improve lines of sight; the Saloon will be open to all ticket holders and a new deck has been added; and additional food options will be available this year. WE Fest will be held August 5-7 at Soo Pass Ranch in Detroit Lakes with headliners Florida Georgia Line, Dierks Bentley and Blake Shelton with special guest Kellie Pickler. (For tickets to the event, check out Forks Deals on the KNOX website)

Jacob Isaacs, Ph.D. joins the Crookston campus as the new Director of Student Success and School Boards. Prior to his arrival last week, Isaacs was deputy director of residential education research and communications for student life at Purdue University in West Lafayette, Indiana.

All 30 colleges and seven universities in the state of Minnesota will waive application fees during “Minnesota State Week,” scheduled for June 21-25, 2021. During the week, special informational events and campus tours will take place in all colleges and universities. from the state of Minnesota and online, and all colleges and universities in the state of Minnesota waive their application fees.

In the final days of the recent North Dakota legislative session, lawmakers allowed access to nearly $ 352 million in federal resources to turn the state’s Emergency Rental Bridge (ERB) into a more comprehensive rental assistance program. I called ND Rent Help. The program’s income eligibility increased from 60% of the region’s median income (MAI) to 80% of the MAI, which equates to an annual income of up to $ 80,000 for a family of four, according to the county in which they are located.

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