|FOR IMMEDIATE RELEASE||Contact: Cory Fong, Tax Commissioner, 701.328.2770|
|Friday, January 4, 2008||Kathryn Strombeck, Research Analyst, 701.328.3402|
Fong Reports Robust Growth in Taxable Sales & Purchases for 3rd Quarter
BISMARCK, N.D. – Tax Commissioner Cory Fong announced today that taxable sales and purchases made during July, August, and September 2007 were $2.703 billion, up $321 million or 13.5 percent compared to the third quarter 2006.
“This is a remarkable report that shows strong growth, overall,” said Fong. “Businesses and consumers are continuing to spend at a healthy pace.”
Retail trade, the sector often looked to as a measurement of consumer confidence, continued to grow, reporting a gain of 7.03 percent compared to the same period for 2006. Inflation during the same time was 4.3 percent.
According to Fong, the third quarter statistical report marks the 18th consecutive quarter of growth in taxable sales and purchases in North Dakota.
“We’re on a roll,” said Fong. “We’ve been on a path of steady and sustained growth for quite some time and taxable sales and purchases are just one of many signs that our North Dakota economy remains strong.”
All industries reported growth during the third quarter of 2007. Compared to third quarter 2006, the wholesale trade sector had the largest growth in terms of dollars, growing $79.4 million, while the mining and oil extraction sector experienced the largest percentage of growth, rising by 106.1 percent. The third quarter gains reported in other sectors include: utilities, up 37.6 percent; financial, insurance, real estate, rental, and leasing, up 20.5 percent; construction, up 19.9 percent; transportation and warehousing, up 13.6 percent; miscellaneous, up 12.5 percent; arts, entertainment and recreation grew 10.4 percent; manufacturing, up 10.2 percent; professional, scientific, technical, and management services up 9.3 percent; information industries, grew 8.9 percent; accommodation and food services, up 8.4 percent; educational, health care, and social services up 7.4 percent; retail trade grew 7 percent; and other services increased 6 percent.
“Early reports indicate that the holiday shopping season got off to a good start,” said Fong. “A steady job market coupled with a strong Canadian dollar should have been helpful to our retailers during the recent holiday shopping season.”
Of the 50 largest cities, the biggest percentage increases for third quarter of 2007 were: Kenmare, up 102 percent; Cooperstown, up 59 percent; Tioga, up 53.7 percent; Northwood, up 39.4 percent; and Stanley, 32.3 percent.
The biggest percentage third quarter decreases for the 50 largest cities, were in Cando, down 16.6 percent; Cavalier, down 12.7 percent; Washburn, down 5.5 percent; Bowman down 4.9 percent; and Garrison, down 1.3 percent.
Counties with the highest percentage increases were Dunn, up 104.9 percent; Griggs, up 50 percent; Mountrail, up 33.2 percent; LaMoure, up 33 percent; and Sioux, up 32.7 percent.
The counties with the biggest percentage decreases were Towner, down 13.7 percent; Pembina, down 6.7 percent; Sheridan, down 4 percent; Ransom, down 2.7 percent; and Bowman, down 2.2 percent.
Complete North Dakota Sales and Use Tax Statistical Reports from Third Quarter 2007 can be accessed on the web at: http://www.nd.gov/tax/salesanduse/pubs/reports/2007-3-stat-report.pdf.
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