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North Dakota posts year-over-year taxable sales increase for 3rd quarter

Fourteen of the state's 15 major sectors experienced a year-over-year tax increase, while Fargo had the greatest increase in taxable sales and purchases of North Dakota's four largest cities.

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BISMARCK — Third quarter taxable sales rose by 12.1% from 2020 to 2021, a new report from North Dakota Tax Commissioner Brian Kroshus detailed.

Taxable sales and purchases for July, August and September of 2021 totaled $5.32 billion, whereas taxable sales and purchases from the same time period in 2020 were $4.74 billion.

“The upward trend in the third quarter shows economic growth,” Kroshus stated via news release. “I am optimistic that the trend will continue, as the economy stabilizes from the impacts of the pandemic.”

Fourteen of the state's 15 major sectors saw a year-over-year increase in taxable sales. The greatest percentage increase was in the mining and oil extraction sector, where taxable sales rose by 37.3% or $111 million. Taxable sales in retail trades climbed by $140 million, a 7.5% year-over-year rise.

The utilities sector was the only one to record a decrease in year-over-year taxable sales. Taxable sales dropped from $178 million to $36 million, a decrease of 394%.

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According to Kroshus, the year-over-year increase indicates that the economy is moving in the right direction after being battered by COVID-19 in 2020. “It’s encouraging to see the quarterly increase, as well as the positive growth in specific industries, such as retail trade; arts, entertainment, and recreation; accommodation and food services; and mining and oil extraction,” Kroshus stated. “With almost all of the industries showing growth, the overall economy is moving in a positive direction.”

Of North Dakota's four largest cities, Fargo had the greatest third quarter year-over-year increase, with taxable sales rising 12.9%. Taxable sales increased 5.6% in Bismarck, 4.6% in Minot and 2.4% in Grand Forks.

Among North Dakota's 50 largest cities, Watford City had the greatest increase in year-over-year taxable sales at 37%, followed by Grafton, Wishek, Williston and Park River.

Renville County experienced a 37.6% increase in taxable sales from the third quarter of 2020 to the third quarter of 2021, the largest increase of any county in the state.

Taxable sales and purchases rose marginally from the second quarter to the third quarter in 2021, climbing by $16.3 million.

To view the office's full report, visit tax.nd.gov/data .

Related Topics: RETAILNORTH DAKOTA
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