|FOR IMMEDIATE RELEASE||Contact: Kathy Strombeck, Supervisor, Research & Education, 701.328.3402|
|Wednesday, September 28, 2011||Beth Boustead, Public Information Specialist, 701.328.3039|
Fong: 2nd Quarter Taxable Sales and Purchases Grow $1 Billion
BISMARCK, N.D. – Tax Commissioner Cory Fong announced today that during April, May, and June retail sales grew to $4.5 billion, driving a combined growth of over $1 billion for all fifteen industry sectors for a 32 percent growth in total taxable sales and purchases compared to the same months in 2010.
"North Dakota experienced a remarkable second quarter for taxable sales and purchases," said Fong. "Even with the onset of statewide historic flooding during the second quarter, North Dakota's economy continued to grow and consumer confidence remained strong, bucking the national trend of lackluster consumer spending."
Twelve of the fifteen major sectors reported gains when compared to the same time one year ago. The wholesale trade sector grew by 51.1 percent, representing the largest dollar increase of $410 million; while the financial, insurance, real estate, rental and leasing sector reported the largest percentage of growth of the major sectors, rising by 116.4 percent when compared to the second quarter of 2010.
Other sectors showing gains include: transportation and warehousing increased by 116.1 percent; mining and oil extraction grew by 83.1 percent; construction was up 31.1 percent; utilities grew 23.5 percent; manufacturing was up 23.5 percent; accommodation and food services increased 11 percent; retail trade grew 9 percent; and professional, scientific, technical and management services increased 4 percent.
Three sectors reported declining numbers – education, health care, and social services declined 9.7 percent, information industries was down 6.3 percent, and arts, entertainment, and recreation decreased by 4.3 percent.
"North Dakota remains in a healthy growth cycle. We are the bright spot in the nation in terms of economic growth coupled with the nation's lowest unemployment rate and strong building sector," said Fong. "We are cautiously looking ahead to the third and fourth quarter reports which will more accurately reflect the effect of the statewide flooding and the impact of excessive moisture on our farmers and ranchers."
Of the 50 largest cities, the biggest percentage increases for the second quarter of 2011 include Stanley, up 114.1 percent; Tioga, up 106.1 percent; Williston, up 75.2 percent; Crosby, up 68.1 percent; and Watford City, up 66.9 percent.
Of the 50 largest cities, only two reported second quarter decreases – Cavalier, down 18.3 percent; and Larimore, down 11.2 percent.
Counties with the highest percentage increases were Sioux, up 410.8 percent; Mountrail, up 109.2 percent; Burke, up 88.7 percent; Williams, up 81.6 percent; and McKenzie, up 64.3 percent.
The counties with the biggest percentage decreases were Steele, down 10.7 percent; and Pembina, down 2 percent.
Complete North Dakota Sales and Use Tax Statistical Reports from Second Quarter 2011 can be accessed on the web at: www.nd.gov/tax/salesanduse/pubs.
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