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Forecasting Gross State Product: A View from North Dakota
Last modified: 2021-02-15
Abstract
Forecasting gross state product required an analysis of economic indicators that affected state activities in North Dakota. In this study, I conducted a multiple regression analysis that analyzed the relationship between the rate of change of total employees in five sectors of the North Dakota economy. Using time-series employment data between 1997 and 2007, I forecasted the rate of change in North Dakota gross state product. Calculating the rate of change of the variables and data from the manufacturing, energy, transportation, agriculture, and life services industries, I was able to forecast with statistical significance, the rate of change in North Dakota gross state product with a large R2 = .9536.
Keywords
Economics, North Dakota, Forecasting, Predicting, Gross State Product, Manufacturing, Energy, Transportation, Agriculture, Life Services