Minot Sales Tax Revenue Grows in Spite of Oil Downturn, ND Up Also

In the first quarter of 2014, North Dakota’s sales tax revenue grew by 2.26% over the same period in 2014. And Minot was one of the fastest growing communities with over 10.75% growth in the same period. The official news release from the North Dakota Tax Commissioner’s office follows below.

— Official News Release, ND Tax Commissioner —

Tax Commissioner Ryan Rauschenberger announced today that North Dakota’s taxable sales and purchases for the first quarter of 2015 saw a slight increase over the first quarter in 2014.  Taxable sales and purchases for January, February and March of 2015 were $5.826 billion, a 2.26 percent increase over those months in 2014.

“With declining oil prices in the first quarter of this year, we expected to see negative economic impact including a decrease in North Dakota’s taxable sales and purchases,” stated Rauschenberger. “An increase of 2.26 percent is a good sign.”

Nine of the 15 major sectors reported taxable sales and purchases gains when compared to the first quarter a year ago.  The most noticeable increases were to the retail trade industry with a $43.5 million increase (3.12 percent increase), the manufacturing industry with a $41 million increase (16.95 percent increase), the utilities industry with a $26.1 million increase (59.78 percent increase), and the accommodation and food services industry with a $25.6 million increase (6.13 percent increase).

“The retail trade industry continued to stand out in the first quarter,” noted Rauschenberger. “The 3.12 percent increase is still well above the rate of inflation.”

Of the 50 largest cities in North Dakota, the highest percent increases for the first quarter of 2015 (compared to the first quarter of 2014) were as follows:

  • Walhalla – Increase of 39.77 percent
  • Linton – Increase of 19.65 percent
  • Cavalier – Increase of 18.15 percent
  • Larimore – Increase of 17.72 percent
  • Minot – Increase of 10.76 percent

Counties with the highest percent increases for the first quarter of 2015 (compared to the first quarter of 2014) were as follows:

  • Sargent County – Increase of 41.83 percent
  • Sioux County – Increase of 27.45 percent
  • Bottineau County – Increase of 20.94 percent
  • Sheridan County – Increase of 17.98 percent
  • Dunn County – Increase of 17.30 percent

The complete first quarter 2015 North Dakota Sales and Use Tax Statistical Report can be accessed online at www.nd.gov/tax.

Taxpayers can stay up-to-date on North Dakota tax-related matters by visiting the Office of State Tax Commissioner’s website at www.nd.gov/tax or by connecting on Facebook, Twitter, LinkedIn and YouTube.

 

Josh Wolsky

Editor and Publisher of TheMinotVoice, Developer of the #ForMinot Network,  Co-Host of #GoodTalk Minot, Advocate and Friend of the Souris River, and clearly -- all things #MakeMinot.

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