Taxable sales and purchases show growth
BISMARCK – North Dakota’s economy grew at a healthy pace during the first quarter of 2014, a report released Thursday says.
North Dakota’s total taxable sales and purchases during the quarter were $5.688 billion, up $239 million from the first quarter of 2013, an increase of 4.4 percent, the report from Tax Commissioner Ryan Rauschenberger said.
The report covers January, February and March.
The wholesale trade sector showed the most growth, with the total rising $176 million. Retail trade grew the second most in dollars, increasing by $40 million, or nearly 3 percent.
Mining and oil extraction, down $29 million, was the sector with the most significant drop in taxable sales and purchases. The construction sector fell $11 million, down 7 percent.
“This decrease reflects a continuation of the maturing of the Bakken Play, including the use of more efficient, less costly drilling methods,” Rauschenberger said. “Similarly, the construction sector is showing moderation as well.”
Of the 50 largest cities, the biggest percentage increases were Kenmare, up 93 percent; Cando, up 46 percent; Watford City, up 32 percent; and Dickinson and Lincoln, both up 24 percent.
The complete report is available at www.nd.gov/tax.